Women entrepreneurs make up a significant and growing percentage of small business owners in many countries. According to a report by the National Women’s Business Council in the United States, women-owned businesses make up approximately 42% of all small businesses and generate over $1.9 trillion in revenue.
Female entrepreneurs face a range of challenges on their entrepreneurial journey. Below are the five common pain points that many women in business struggle with: developing a business plan, gaining financial knowledge, creating a marketing and sales strategy, understanding the business basics, and managing time and life balance.
5 Pain Points Women Entrepreneurs Face:
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The Business Plan
Many people want to go out and make it up as they go, but to be successful, you must have a plan. It might be tempting to wing it and go with the flow, but having a strategy gives you direction, helps you set goals, and keeps you on track toward achieving them.
Not only does a business plan provide structure and guidance, but it also helps you communicate your vision to others. Whether you’re seeking funding from investors, pitching your business to potential partners, or hiring employees, having a clear and well-thought-out business plan can help you make a strong case for why your business is worth investing in.
Plus, creating a business plan forces you to research and understand your market, competitors, and target audience. This knowledge is crucial for making informed decisions and positioning your business for success.
I know that creating a business plan can feel overwhelming, but plenty of resources are available to help you get started. There are templates, online courses, and even business coaches who can guide you through the process. (Download SCS Digital Marketing FREE Business Goal Worksheet)
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Financial Knowledge
Some financial issues that women struggle with are how to price products/services, pay themselves, talk about their prices confidently, and budget.
It’s okay if you don’t have a finance or accounting background- plenty of resources are available to help you gain the knowledge you need. You can take courses online, work with a financial advisor or accountant, or read books or articles about finance for entrepreneurs.
Don’t let financial knowledge intimidate you – think of it as a valuable tool to help you achieve your business goals. With a solid understanding of finance, you’ll be better equipped to make intelligent decisions that will help your business thrive.
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Marketing and Sales
Many women have had a negative experience with sales, which has burned them into thinking that ‘sales’ is a bad thing. However, sales are crucial to success. Women can benefit from learning how to reframe sales, including how to sell in an authentic way that makes them feel proud, not pushy.
If you want your business to continue growing and retaining customers, having a solid marketing and sales strategy is essential.
Marketing and sales are all about understanding your target audience and communicating the value of your products or services in a way that resonates with them. This can be challenging, but with the right approach, you can develop a strategy that helps you connect with your customers and build lasting relationships with them.
One key to successful marketing and sales is authenticity. People don’t want to be sold to – they want to feel like they’re making an informed decision based on their needs and desires. By approaching marketing and sales from a place of authenticity and transparency, you can build trust with your customers and create a loyal fan base.
You can use many tools and techniques to develop your marketing and sales strategy, such as social media, email marketing, content marketing, and more. The key is experimenting and finding what works best for your business and audience. (Download FREE Q2 Tactical Plan Worksheet – try it and see if it helps with sales and marketing planning)
Remember, marketing and sales aren’t just about making a quick sale – they’re about building relationships and creating long-term value for your customers. So take the time to develop a strategy that helps you connect with your audience and deliver real value.
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Business Basics
Many women entrepreneurs need a business background, so they are intimidated by legal issues, taxes, trademarks, copyrights, etc.
It’s normal to feel intimidated by the business basics, especially if you need a background in business or finance. But you don’t have to go it alone.
One of the best ways to gain understanding and support for the essential business basics is to build a tribe, community, or network of like-minded women who can share their knowledge and experiences with you.
Having a tribe can be incredibly valuable for several reasons. For one thing, it can help you feel less isolated as a business owner. Running a business can be lonely at times, but knowing that you have a community of people going through the same challenges can be incredibly comforting.
In addition, having a tribe can help you learn from others’ experiences and gain insights into navigating the business basics. Whether you need advice on legal issues, taxes, trademarks, copyrights, or any other aspect of running a business, chances are someone in your tribe who has been there before can offer guidance.
There are many ways to connect with other women in business, such as attending networking events, joining online communities, or even reaching out to other business owners in your area. So don’t be afraid to reach out and build your tribe! By creating a supportive community around you, you’ll be better equipped to tackle the basics and keep your business running successfully.
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Life Balance and Time Management
Women who wear a lot of hats are pulled in many directions and must figure out the optimal way to manage time.
Trying to do it all can be one of the biggest business challenges. It’s understandable to want to be involved in every aspect of your business, but the truth is, there are only so many hours in a day.
That’s why learning how to delegate, communicate, and let go of some of the control is essential.
Delegating tasks to others can be scary, but it’s necessary for keeping your business running smoothly and maintaining your sanity.
Communicating clearly with your team (or yourself, if you’re a solopreneur) about what needs to be done and who is responsible for what can help ensure everyone is on the same page and working efficiently.
And learning to let go of some of the day-to-day tasks can free up your time to focus on the big picture and strategic planning for your business.
Time management is also crucial to achieving a healthy work-life balance. Getting caught up in the day-to-day tasks and letting work bleed into your personal life is easy, but setting clear priorities and boundaries can help you stay focused and maintain balance.
So remember, it’s okay to ask for help, delegate tasks, and let go of some control. Doing so can free up your time and energy to focus on the things that truly matter for your business and your life.
You got this!
As a female business owner, you’ll likely face many challenges on your entrepreneurial journey.
However, by taking the time to address some of the joint pain points, such as having a solid business plan, gaining financial knowledge, developing a marketing and sales strategy, understanding the business basics, and mastering time management and life balance, you’ll be better equipped to navigate these challenges and succeed in your business.
Remember that you don’t have to go it alone. Building a supportive community of like-minded women can be a valuable resource for gaining knowledge and support. And by prioritizing your time and delegating tasks where possible, you can ensure that you’re making the most of your resources and achieving a healthy work-life balance.
I would like to invite you to join our private Facebook group, AccelerateHER! – the supportive, collaborative group of like-minded women to share and support one another in their journey as they work towards their goals of success in business and in life!
With the right mindset and approach, you can overcome these five pain points and build a successful business that brings you joy, fulfillment, and financial prosperity.