Women have so many amazing qualities. We are caretakers. We build communities. Our generosity is abundant. We are sensitive and, at times, emotional. We make decisions ultimately on our intuition or, as I like to say – our spidey sense.
So why then, do women struggle in business? The very qualities that make us women and mothers get in our way when it comes to making money in business. The reason is because our special qualities can either SERVE or SABOTAGE us.
My mother is the reason why I am an entrepreneur today. When I was a kid, she started every kind of business you can imagine. She sold copper, Tupperware, Mary Kay, framed art. She made drapes and dresses and she even reupholstered furniture. The thing is, she never made much money at any of those businesses. Why? Because she gave too much of her product away, she never charged enough, she did business with friends and she was way too sympathetic — all too often. My dad used to say that my mother would help anyone: stray dog, stray cat, or stray person. It never mattered to her. She simply believed in helping people.
When starting a small business, women must walk a fine line to do good and do well. Our businesses should exemplify our core beliefs, but at the end of the day, we must have a competitive attitude. We must not ever shy away from what we should be paid or even hesitate to give a quote. If you are not making money in your business, it doesn’t make much sense. If so, you might have only an expensive hobby.
Before we women start a business and become our own boss, we have to change our thinking.
Here’s what I mean:
How we Take Care of Others SERVES us when we create programs and services people want and will pay for. This means we understand need demand. We must be strategic about our products and services. It SABOTAGES us when we push a service that clients may need, but do not value. Or, by over-delivering to the point where we sacrifice our profit margin in order to please our clients.
Our ability to Build Community SERVES us when used to create an online community, membership programs, create a paid mastermind group, and monetize our mailing list. It SABOTAGES us if we build our list and then don’t stay consistent, effect follow-up and keep it organized to really maximize the relationship. Action creates results.
Our Generosity SERVES us when we create irresistible product offers with major pricing discounts for early sign-up or payment in full at the time of registration. It SABOTAGES us if we let people talk us down on price, or don’t charge enough, ask for referrals, aggressively pursue past due invoices, and publicize praise from grateful clients.
Our Sensitivity SERVES us when we focus on the customer’s pain points and respond quickly to the marketplace. It SABOTAGES us if we take things personally, have a hair trigger temper, make business decisions based on emotion and do not keep up-to-date financial information.
Our Intuition SERVES us when we listen and ACT on it. It SABOTAGES us if we confuse fear or doubt with intuition.
If we effectively use the qualities that make us women in a smart way in business, we will create profitable and sustainable businesses that will not fail as expensive hobbies. Being in business after all is about doing what you love and making money, so that you can do for yourself, for those whom you love and for your community.
What else do you think women should consider when going into business?
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Melinda Emerson, known to many as “SmallBizLady,” is a Veteran Entrepreneur, Small Business Coach and Social Media Strategist who hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Her first book Become Your Own Boss in 12 Months was released in March 2010.
What a great post! Tara and I talk about this often. It is our natural instinct to ‘sabotage’ ourselves as you say, particularly in the generosity department! We have to make a conscious effort to stand our ground. If you try to give too much, you end up with nothing left to give – and that’s not good for anyone! Well said 🙂
Christine–
I think not having a competitive attitude is what really holds us back as women in business. It’s our biggest mistake. We must be willing to change for our services. On the airplane when you are travelling with children they tell you to put the mask on yourself first, then your children. I believe the same thing about a business.
Continued success with your business.
Melinda
You are so right that women have to learn how to charge what they are worth. The right clients/customers will pay for great value.
Another great article Melinda! I never really thought of myself as being competitive since I never played sports. But then I started to hear close friends and family comment how I have to accept every challenge and win every competition. A lot. And then I noticed my boys showing the same competitive streak. To me, it is natural but I agree that it is not so in women (in general). I will continue to use it to my advantage tempered with the other natural instinct we have – to be fair.