Women in the Business Arena™ EP115: (Part 3) Why Only 12% of Women-Owned Businesses are Making Over 100k & How to Change It
“Stability comes in baby steps - slowing down, being more deliberate and strategic. Sometimes it just takes tiny tweaks to really shift the income you’re making.”
The logistics behind creating more revenue in your business.
You are aware of some of the challenges you face in the arena!
So what can you do about it?
In the last two weeks, we have discussed both the external and internal challenges that hold women back from reaching financial stability. Now it’s time to implement the logistics that will empower you to move towards success!
“Real change begins with us. We do have so much power to change our experiences and to tweak things that will allow us to have more profit, revenue, and time to invest in our business.” - Sonya Stattmann (3:31 - 3:52)
It may feel like there is a lot holding you back from financial stability. But you can initiate change!
Here are some steps to shift your financial future and step into a place of power.
- A Clear Mindset. Last week we touched on becoming aware of the underlying beliefs that limit your success and profitability. In order to master the external, you must first navigate the internal. Where do you feel like you hold a place of power, and where are the places that seem to overpower you? Time? Sales? Pricing? Value? Take time to gain more awareness in the areas that need a mindset shift.
- Patience. Stability takes time. The path to long-term financial success involves a gradual development in skill building. Allot yourself a great amount of patience in this very necessary process. Remember, the goal isn’t to be an overnight success. The goal is to consistently accumulate a wealth that will sustain you over time.
- A Solid Foundation. Businesses fail every day. One of the greatest causes is the extensive amount of attention on vanity metrics and lack of real business principles. Sadly, the belief that marketing will bring your business financial stability is an illusion. A clear understanding of your target market, and having strategic packaging and pricing, will provide a solid foundation for revenue growth.
- A Good Business Model. To make a profit you need a good business model in play. There are many variations. What does your current one look like? Is there a way for you to gain more profit? To cut back expenses? Support is available. Ask for help. A business coach or mentor can help you soundproof the structural details of your business model for the best possible outcome.
- Focus. Diversifying your businesses when none of your revenue streams are financially stable is like building a house of cards. It will eventually all fall down. Stop what you’re doing and focus all your attention on one stream. Wait until it is financially stable before moving on to a second stream.
“As an entrepreneur, there’s never one right way, it’s always changing. It’s about being willing and brave enough to let your business teach you.” - Laura Shook-Guzman (23:12 - 23:25)
Our call to action is not for you to work harder and overrule this frustrating statistic.
Our call to action is for you to work more intuitively, in alignment with compassion and curiosity in your journey through the business arena. This is how you find your true power and step into your full potential. It is the most connected way of being you in YOUR business. The truth is you are absolutely 100% capable of shaping a successful business and making over 100k. The question is do you believe in yourself? We do!
Trust in your power.
You have everything you need to take even the tiniest step forward to initiate the greatest amount of change.
How to get involved
- Join the Women in the Business Arena Group on Facebook and continue the discussion starting next week!
- Reach out to us - we’d love to hear more about where you’re at in life and business! Find out more here!
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