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.

• Develop powerful habits to increase productivity
• Tips for balancing work and family​
• How to organize your closet

 
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.
​

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.
​

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.

Key Takeaway

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!

​Long before Bill Gates founded Microsoft, he started programming computers in high school. This was before personal home computers. If he wanted computer time, he had to hitch a ride down to the school’s computer lab and spend long nights, after hours, experimenting with code he wrote himself.
 
Bill Gates logged thousands of programming hours before graduating.
 
Startup Nation, if you were sit down with a young Bill Gates and recommend an industry to start with, what would you say? Maybe... computers? OF COURSE!
 
It’s almost too simple, but it’s a principle entrepreneur forget ALL THE TIME. When starting a business, start with something you know.
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​Tim Storey is known as the “Pastor to the Stars.” He works with celebrities like Oprah, Robert Downey Jr., and Kanye West. He’s one of the most thoughtful, genuine men I know.
 
Recently, he shared a lifechanging lesson about slowing down and overcoming anxiety. A stranger taught him this lesson, and it has been so inspirational to him that he thinks about this person every week.
 
I can promise you, Startup Nation, this person is not who you’d expect. 

Quinell Dixon and I share similar life stories. Both of us grew up in poor families, and both of us became entrepreneurs to try and escape that lifestyle.
 
“I didn’t come from a family of money,” Quinell says, “I didn’t have things handed to me." 
 
Quinell recalls one story that truly shaped him. When he was about nine years old, he asked his mother if he could have money to go to the store for a snack. She handed me a five-dollar bill and said, “Quinell, go to the store but please bring me some change back.”
 
That might not sound like a big deal, but when a parent hands their kid five bucks and says, “Please bring me some change back,” the kid knows something is up. The kid knows that his family can’t spare five bucks.
 
Now Quinell isn’t angry about this. He doesn’t blame his parents. Instead, he has developed a powerful WHY, a deeper purpose, that's guided him in his success. 
 
He says, “Moments like that give you the opportunity to say, 'There are things that are bigger than me, there’s a legacy they want you to lead, there’s something deeper within me that wants to be consistent for my family and for my generations to come.'”

I’ll admit, Startup Nation, I’m not an introvert.
 
I love speaking in front of crowds. I get excited to hit the pavement and make sales to scale my businesses. My purpose in life is to talk to business owners like you and help them discover God’s purpose for their lives. 
 
But I also know many entrepreneurs who identify as introverts. If that describes you, don’t worry! I recently hosted Jane Deuber on Your First 100k Podcast and she calls herself an introvert (and has been killing it as an entrepreneur for the past 30 years). Jane Deuber is a sought-after business strategist, two-time author, international speaker, and a respected mentor to mission-driven entrepreneurs around the world.