Women entrepreneurs talk success secrets

Wisdom outweighs any wealth.” Sophocles

Women in general are givers. Because we hold so many titles and are able to juggle responsibilities, sometimes flawlessly, we mistake our worth. Certain talents come naturally, so when someone comes to us for a product or service we find it hard to sometimes ask for compensation. Well if it’s not you, then I know it’s someone you know.

Isn’t it easy to discuss shoes, handbags, and cute clothes with women we don’t know? Well, that’s how straightforward we should be when it comes to placing a price on our product/services. As a consultant, I’ve found myself asking clients what their budget was and then sometimes lowered my prices by 30% more than what they stated! Elizabeth W. Gordon, author of The Chic Entrepreneur states that, “Money is the language of business, so you need to learn to talk the talk.” I now understand the importance of asking for what I really want – monetarily – and not flinching when I ask. So here are a few common mistakes made by female entrepreneurs and tips we need, so we won’t keep making them.

Mistake #1:

Some female entrepreneurs don’t really understand the importance of cash flow or the education they should receive from a financial planner when starting a small business or operating as an entrepreneur. Do you know someone that can give you advice about Cash Flow Management for your business or for your personal life?

 

Tip: If your personal finances are not in order, there is a BIG chance that your business affairs will be a mess! Manisha Thakor, founder of Women’s Financial Literacy Initiative, has a space online that you should check out. The Sugar Mamma Chronicles, one of my favorite blogspots, has a wealth of information dealing with finances. She states, “I define a “Sugar Mamma” as a woman who is firmly behind the steering wheel of her life. My definition is intended to take a concept that has historically been very denigrating to women (i.e. the “Sugar Daddy”) turn it inside out and upside down, and rebuild it in a way that’s positive for women and men. It is my sincerest hope that posts on this blog will inspire working women (and all the wonderful men who are cheering them on) to live their lives from a position of financial strength.” Take the wheel ladies!!!

 

Mistake #2:

Female entrepreneurs sometimes diminish their value or worth by trying to offer their product or service at the lowest price. The thought process of this concept is to not turn down a sale. And I wouldn’t advise you to; but think about how hard you work if you are a quality-driven individual. Do you sometimes feel overworked and underpaid; but you set the price?

Tip: As a consultant, I provide a FREE consultation but am sure not to give away too much in the initial conversation. So, place a value on your products and services and stick to it. If you run into a client who has a budget, be sure to ask what their budget is and once you figure out the best value you have to offer them, stick to it! If you have a service, be sure to collect a deposit of fifty percent upfront and once services are completed, request the remaining half. That’s the formula, you just have to stick with it. Remember that people pay for what they want to pay for and if you are scared to ask for payment, they will know it!

Mistake #3:

Female entrepreneurs barter more than they collect. Although exposure, branding, and networking is the name of the game, you must strategically build relationships that will place cash into your business account. Do you have 500 LinkedIn connections, 3000 facebook friends and/or likes, or over 2000 followers on Twitter but you are not visualizing the compensation in your business account?

Tip: Your target market is readily available through social media, so target them as Christine Gallagher, of She’s Got Clients, states in this blog post. You must also have a business model that outlines what you are selling, how you are going to sell it, and of course, who you are going to sell it to.
So to my fellow female entreprenistas, now you know, and knowing is half the battle…and you will need it, especially on this journey. Good luck!