A person posted a question on LinkedIn a few days ago. Thank you by the way for asking the question!

“What is your best advice to a woman starting a business? Do you have any great mentor recommendations?” I responded with the following and elaborated the response for this blog. The answer does not apply only to women. The answer will help you to get much further, quicker and will help you avoid some of the barriers that so many new business owners run up against.

1. Know WHY you want to go into business.

  • WHY is probably the most important question you can answer. You must know “why” so you can explain it and help others to understand it. We often times figure out the “what” and “how” before the “why” and that is counter-intuitive. The best business process in the world can not support an unknown “why”.

2. Be able to clearly state who you are and the value you provide! Know it, practice it and live it!

  • How often do you go to networking events and ask people what they do only to get a response such as “umm, well, I ……”? Be convincing so others can help you to support your business and your cause.

3. Clearly understand your target market so others can help you to find them.

  • Be able explain to your colleagues and network who your target market is then how can they help you. “I can help anyone” is not a target market. Identify the characteristics of your best customers and perhaps that is your target market. Who do you like working with best? What group are you passionate about serving? The more specific you are the greater likelihood others will be able to help you find them.

4. Understand the “pains” your target market experiences and know how to help them to address their pains.

  • Addressing a “pain” of your target market and your sales process will be infinitely easier. You can’t create the pain. You need to understand what it is and offer a solution. 

5. Know your worth. Understand the value you provide, the pains you address and the needs you fulfill. Price your services accordingly.

  • This happens constantly. Know your costs, the margin you need to make and then price accordingly. People are less likely to value something they have been given for free. Giving discounts will become an expectation of your customers and you will have difficulty asking for more. 

6. Learn to love yourself (start with liking yourself if that helps) and know when to give yourself a break. Starting your own business is an arduous ride. Celebrate your wins and learn from your mistakes!

  • If you are like so many small business owners we constantly ride ourselves about our misgivings. Loving (or even liking yourself) is tough. People are making millions and millions telling us how to do this.  There is no magic bullet. You learned to hate and berate yourself and you have to learn how to like and love yourself. Baby steps here. It will not happen overnight. We are often our own worst enemy. We wouldn’t have friends that talk to us the way we talk to ourselves. There are lots of remedies out there for “curing” our habit of negative self-talk. Work to find one you relate to and work on improving every day. 

7. Believe in yourself!

  • Ditto the comments above. Believe in yourself so others can to. 

8. Know when to ask for help.

  • You don’t know what you don’t know and you can’t be expected to know everything there is to know about starting your own business. Focus on your strengths and seek others to help in those areas where you don’t possess expertise.

I hope this sheds some light on some of the issues you are struggling with. You aren’t alone. Business owners face these same challenges day in and day out. Find a support group (Mastermind/Power Circle) that can help you work through your opportunities and you will create a greater likelihood for success.

Feel free to reach out to me for additional support.

Thank you for reading!

Julie

http://www.phoenixconsultingalliance.com

Julie@phoenixconsultingalliance.com

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