Success is about taking risks—the only obstacle is not knowing where to start. Then, you’ve got to navigate through all the mixed information out there for women entrepreneurs. Much of the business advice online is either vague or more inspirational than applicable. I’m aiming to change this issue. I’ve shared my insider experiences with People.com, spoken at universities including Penn State, Ohio State and MSU, and led a wellness workshop with Livestrong. Ultimately, my mission is to help fellow female entrepreneurs find their independence.
Although my heart will always be rooted in coaching gymnastics, I love being a coach of life. I know what it’s like to have goals that challenge your comfort zone. I also understand what it’s like to deal with roadblocks: few resources, low finances, inexperience or discouragement. Here’s some REAL advice for women entrepreneurs that will fire your drive.
Know when you need help
A jack of all trades is a master of none. Are you trying to do it all—tackling every aspect of your business, from marketing and strategy to management and design? Trying to turn a ten-person project into a one-woman show is a recipe for a mental breakdown. The most successful female entrepreneurs know when it’s time to ease the load and hire outside talent.
Decide on your top two or three strengths and, for your weaknesses, hire someone. This person doesn’t have to be an employee; they could simply be a remote contractor you find online. If you’re worried about dipping into your budget, ask yourself: would you rather save some funds but stay stuck in business mayhem, or reach your goals with the right talent? This decision makes a huge difference in your success and confidence as a woman entrepreneur.
Apply for business grants
Extra funds can plant the seeds of business growth. Since most entrepreneurs need a money tree at one point or another, you can get the ball rolling faster with a generous contribution to your cause. We’ve all heard of sites like GoFundMe and Kickstarter, but there are other options too.
Have you applied for any business grants? Apply for multiple grants that relate to your entrepreneurial field, including those dedicated to women entrepreneurs. You might be eligible.
Expect the unexpected
Entrepreneurs need to be prepared for the downhill times. The better you can forecast possible problems in your business, the faster you’ll recover and grow again. Sometimes, as a businesswoman with ambition, you’re more of a forward-pusher than a careful planner. Maybe you prefer focusing on your current goals, so you neglect hypothetical problems. But your progress is equally important to planning for your rollbacks.
Many great businesses fail because of unforeseen issues—overspending, weak marketing, excess inventory and copycats are all common examples of problems that entrepreneurs fail to prepare for. We must be adaptable to change.
When I began multitasking between social media consulting and coaching, my schedule, home life and daily duties became completely unpredictable. Learning to adapt and roll with the waves is something I have pretty much mastered.
Fill the gaps first, then grow
Every business has room for growth. How can you improve? Consider any weak areas in your business: product quality, ad conversions, customer service, target market, sales or SEO. For every problem, there’s a solution. You just need to understand the root of the problem.
Here’s a great story...
A friend of mine started an ecommerce store for organic skincare products that were truly amazing quality. Surprisingly, she was barely making sales. Assuming it was a marketing issue, she continued spending money on Facebook ads, yet sales were still low. Eventually, she had to face the real gap in her business: the brand. Although the products were technically great, other people didn’t see them as special. There were already tons of amazing skincare products out there, so why would consumers switch to hers? She had to accept that her products weren’t unique enough and give them something more special—maybe a cooler ingredient or packaging.
The lesson is that when you get stuck in your comfort zone, you can’t reach the next level in your business. Success isn’t always about smooth sailing. It’s okay to disturb the flow and experiment with improvements. Although you’ll be back to some trial and error, your business can grow instead of staying the same.
That’s what business is all about: trial and error. Improvement comes from continually identifying gaps in your business and finding solutions. Keep making adjustments as you go, so your goals are always on the rise. Entrepreneurship is a lifelong learning curve that never ends.