Women-focused business conferences are FAILING female entrepreneurs.
Jen DeVore Richter, a popular conference speaker and my guest on Your First 100k Podcast, just can’t believe the typical speaking topics.
Jen doesn’t see anything wrong with these topics, but… WHAT ABOUT THE MONEY?!
She calls these topics “soft subjects.” And women do a disservice to other women when they assume their peers only want to hear about soft subjects. THAT ASSUMPTION IS WRONG.
The reason most female entrepreneurs fail is because their business numbers fail. Their numbers fail because no one sits new entrepreneurs down to explain revenue, profit, and cashflow. Financial conversations are what Jen would call “hard subjects.” To all my female followers out there, I know you can handle that conversation!
It’s simple. Your revenues must be higher than your costs. The difference is profit. And profit has to be high enough to sustain a livable lifestyle for both you and your family.
Otherwise, your business model isn’t sustainable.
Maybe you didn’t get a business degree from college. That’s ok. Jen has helped hundreds of entrepreneurs get CLARITY on their financial situations, and she is willing to share her top tips with you right now.
Have the financial conversation
According to Jen, new entrepreneurs make this one mistake over and over again. They make decisions about marketing, product development, or where they’re spending their time BEFORE RUNNING THE BUSINESS NUMBERS.
Startup Nation, you’ve got to do some planning to see if your idea is even possible. Otherwise you’re asking for disaster.
To avoid financial disaster, follow Jen’s three steps.
1. Know your market
Who are the other players in your field? If you’re starting an outdoor clothing brand, you should be familiar with REI and Eddie Bauer. What products will you be competing with? You might also want to learn about common industry distribution chains. How are you going to produce your products and how will customers buy them?
2. Know the problem that you solve for who
Once you know your market, you’ve got to figure out how you fit. What unique product or service do you bring to the table? Who is your target audience? Basically, this step is all about finding your niche.
3. Know your numbers
This is where you have to be detailed and honest. Figure out your breakeven point: the number of sales that lead to profit. How many leads do you need? What’s your conversion rate? What prices do you need to have your solution priced at? How is your payment model going to work? What’s your profit margin (aim for 15%). If you hate working with details like these, then hire a consultant to walk you through your business plan.
Taking two hours to work through Jen’s prompts will be more valuable than reading 100 lifestyle articles (guys, we’re guilty of this, too). To be a serious entrepreneur, you need to get serious about your numbers.
Have the personal conversation
The financial conversation is only half of the entrepreneur equation. Unless there’s something you’re not telling me, it’s safe to say you’re not a robot. To live a fulfilling life, you need more than data and numbers.
You need to grow your emotional and spiritual health.
Jen often hears female entrepreneurs say, “I love what I’m doing so much I’m willing to do it for free.”
She replies with, “Ok girl, I get that your heart’s centered and that you want to make an impact in people’s lives, but if you don’t make money, you’re going to have to get a job somewhere. You’re not going to have freedom in your life, you’re not going to be able to stay home with your kids if you don’t. Revenue is what makes income. Cashflow is what makes a business run. And if you have a heart-inspired business and if you have a message you want to share with the world, you need that fuel in order to get your message out in the world.”
Why do entrepreneurs, especially female entrepreneurs, sabotage their rates and price points?
While I’m not a female entrepreneur, I have coached quite a few. And Jen will back me up when I say that the #1 THING FEMALE ENTREPRENEURS STRUGGLE WITH IS WORTHINESS.
Women, you are worthy! It’s not rude to ask for what you want and deserve it.
If you don’t make above a living wage, you won’t be able to continue serving others through your business, you won’t be able to support the people you love, and you won’t be able to become the person God created you to be.
To the women of Startup Nation, 2020 is your year. Claim your worth and grow that kick-butt business.
To succeed as an entrepreneur, you need to have hard financial and personal conversations. Get clear on your numbers and get clear on who you were meant to be!
The human spirit is more complicated than any accounting formula. Even if you fix your business finances, you might not have your life in order. In fact, most financially healthy people are emotional wrecks. I'm speaking from personal experience here.
And if this also speaks to your experience, then it’s time for a Spiritual Clarity Call.
It’s simple. You and I will jump on a no-cost, 45-minute Zoom call. We will find a time that’s convenient for you.
Typically, a coaching call like this would run about $500. For you, it’s free.
Obviously, the benefits of a Spiritual Clarity Call go much deeper. On our call, we can discuss one or two actionable steps for realigning your personal life with your business life.
After a full coaching boot camp, my clients have avoided devastating divorces, escaped long-term addictions, and overcome serious depression. My clients have also negotiated raises at work, rediscovered their life purposes, and reconnected with their kids. Over time, these positive changes could save you $1,000s.
But both you and I know that your life isn’t measured by a price tag. Your life is about the people you love and the purpose for which you were created. If you feel like you’re missing out in either of these areas, we need to talk.
Ready to get clarity on your life? Click the button below and set up a Spiritual Clarity Call.
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