Women in business have never had as much power, respect and success as they do today. The gender gap is slowly but surely coming to a close; there’s no better time than the present to be a female entrepreneur. Unfortunately, there are many challenges that are unique to women in business that are simply not experienced by their male counterparts. Often, these issues stem from the very qualities that make women so successful in many other aspects of life. Fortunately, if you can identify these pitfalls early, it is possible to overcome them. Learn more about identifying, managing and overcoming the three common pitfalls that plague businesswomen today.
Pitfall #1: Superwoman Syndrome
Superwoman syndrome is by far the biggest enemy to women in business. Juggling the responsibilities of being a mom, wife and entrepreneur can get the best of anyone. This often leads to guilt stemming from shorting one area of your life while nurturing another. In order to put a stop to superwoman syndrome it is necessary to learn how to ‘clock-out’ of one job before commencing another. Try to streamline tasks at home such as having dinner already prepared each night by preparing freezer meals in advanced. Delegate some household responsibilities to your spouse, children or consider hiring outside help. Streamline things in business by hiring an assistant or automating certain tasks. Eliminating the temptation of being all things to all people is another surefire way to save on marketing dollars, increase revenue and minimize stress in the workplace.
Pitfall #2: Being Overly Compassionate
Some women are too compassionate and this can be both a benefit and a detriment in business. Being too compassionate to competitors, employees, suppliers and customers can lead to being taken advantage of and not advancing as quickly as possible. Sometimes the business world requires cut-throat personalities to achieve the highest level of success. Unfortunately, compassion can prevent women from keeping their eyes on the prize. In order to overcome this, remember to always keep your business’ strength as your highest priority.
Pitfall #3: Undervaluing services
The female entrepreneur is often guilty of undervaluing her services due to fear of losing business to the competition. In contrast, however, goods and services with a higher price point are often perceived as offering a higher value, thus increasing your business’ sales volume and revenue per sale. Step out of your comfort zone and charge as much as you know your services are worth to the customer, rather than charging what you need to earn to make ends meet. Raising your prices is easier when you’re targeting your ideal customer, rather than just any customer. There is a difference between marketing to the right customer and marketing to anyone that will listen. Your target demographic understands the value you bring to the table and is willing to pay a reasonable rate for your offerings. As an entrepreneur it is your job to position yourself as an authority within your niche and market to the customer that seeks the value you bring to the table.