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Starting a successful small business is no easy task. With so many small
businesses opening every month and a large percentage of them closing before
their second year in business, it is sometimes best to seek the advice of a
business consultant before the start of your business.
With that said, it is still a great time to open a woman-owned business. The
amount of research you do before you start your business will determine how many
small business pitfalls you avoid.
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The following 5 common women-owned small business pitfalls are presented
along with their solutions:
1.
Marketing
Problem: Marketing is often confused with advertising. Your market is who
you are trying to target with your advertising; direct mail, commercials, signs,
etc. Many do not realize that if you don’t find your niche and your target
market is too broad, you will waste your advertising budget.
Solution: Focus and
narrow your target market to a niche you will be comfortable with and then
advertise directly to them.
2. Time
Management.
Problem: Many women who become self-employed do not realize that until
they hire staff, they will have to wear many hats—Assistant, Messenger,
Executive, etc. Along with family responsibilities, these additional roles can
be very demanding.
Solution: Outsource time-consuming tasks to other individuals-that way
you can focus on growing your business while someone else works on the time-
consuming tasks. This will also provide an opportunity for you to still have
enough time to balance family life and work.
3.
Pricing.
Problem: Quoting fees too low for fear of losing a potential client or not
calling for payment when a client’s invoice is overdue.
Solution: Talk to other women in your field and also find out what
competitors in your area are charging. If you feel uncomfortable contacting a
competitor, ask someone else do it. The same goes for collections. No small
business owner can go without collecting their fees, so if you fear making the
calls have someone make them for you or send letters gently requesting payment.
4.
Networking.
Problem: Not Networking, Not Networking Efficiently.
Solution: Every small business owner needs to network…and broadly. Each
person you meet is a possible referral or potential client. Join the business
organization for your field and a women’s organization. Stay focused while you
are at the networking event and be determined to achieve pre-determined goals,
which were your reason for attending the event. For example: As a florist, not
only do you have to network at floral design trade shows but make it a point to
attend a wedding or event planning expo as well as your local chamber of
commerce and women in business organization.
5.
Clients.
Problem: The inability to turn down potential clients who require
services that you do not offer because you are afraid to say no since you need
the money.
Solution: As a self-employed individual, you have the ability to
choose your work assignments but taking any assignment that comes around does
not give you the opportunity to focus on what you like to do. Stick to projects
that incorporate the services you offer. Let the other assignments go. This will
allow you the time to work on fulfilling projects.
About the Author:
Dana Victoria Sophia, a
New York SOHO (Small Office/Home Office) Consultant to Women-Owned businesses is
offering complimentary Small Business Mini-Makeovers throughout August. Visit her small
business resource site http://www.SmallBusinessSyndicate.com
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