When you’re a female entrepreneur, you certainly know this feeling of experiencing business pitfalls: You have an amazing running business — or possibly a great business idea — and it seems like everything is going smoothly. And then, boom! Suddenly, it’s not anymore. Unexpected scenarios and events come your way even when you thought you had everything ready.
This scenario is fairly common. According to research by the British commercial insurer, RSA, majority of small businesses don’t survive after just five years.
Now this can be for countless reasons. When your business fails or succeeds, it is because of a combination of factors and areas that you either neglected which caused the collapse, or nurtured which brought it to thrive.
It’s never just about one thing when you’re trying to scale and grow your business. In fact, there are 9 areas you need to consistently work on in your business if you want it to succeed. This article touches on just 2 of these areas: Area 2, Planning; and Area 6, Team. Learn about all these areas in my system, “The Women’s Blueprint to Business Success.”
There are many business pitfalls that female entrepreneurs experience. And in my 30-year career both as a businesswoman and a business coach for women, I have identified three of the most common ones that you should steer away from.
1. Most businesswomen who experience pitfalls don’t plan ahead
The most common trap businesswomen fall into is not planning ahead or setting long term goals. More often, they find it difficult to prepare and plan ahead because of their already busy schedule.
But that’s exactly the reason why female entrepreneurs should plan ahead. So that in hectic times, they will know how to maneuver the business without stagnating. If you have no goals, no plans, no targeted actions, then everything is but a dream.
To avoid pitfalls in business, create a skeleton plan for the rest of the year. Planning ahead can greatly guide you to map out future actions and decisions better.
If you don’t, soon enough you’ll find yourself encountering unexpected problems that need immediate attention. And that’s how your schedule turns into chaos.
Failing to plan is planning to fail. The root cause of failing to plan however is that there are no long-term, short-term goals and targets.
Goals are the direction you move towards. Most female entrepreneurs have a dream about their business, but forget that creating goals and working towards them will get them closer to achieving this dream.
Set goals, create a plan, and stick to it.
2. Most businesswomen who encounter pitfalls do too much by themselves
I get it. It’s a natural inclination for women to be involved with every detail of their business and putting your heart into everything. We are passionate and we want to always be hands-on. In the long term, however, this may cause more harm than good.
Being an independent businesswoman is admirable, no doubt! But if an emergency arises or you fall ill, then your business could come tumbling down with no one to catch it.
Every woman-owned business needs trusted partners and staff who know your business inside and out and who will be able to fully operate it even without your presence. This way, your business stays operational, earning your needs, allowing you to take time off and fully recover.
Having a trusted team you can delegate work to in your business puts your mind at ease, and gives you the chance to enjoy quality time with your family as well.
3. Businesswomen who tend to lose their focus easily run into business pitfalls
Have you ever heard of the saying, a bird in the hand is worth two in the bush’? This means that if you start to neglect your main business because you have gotten too preoccupied with “side hustles,” your main gig could flop terribly. Don’t feel too terrible if this happens to you — it is a woman thing. We are not wired to have focus. BUT we can learn!
Therefore women should have goals, targets, and action plans. It gives them a roadmap to stay focused. Having a business coach for women, business mentor, buddy, or mastermind group who can keep you accountable will help you to stay razor-sharp and focused on your goals while growing your business.
Staying focused on your main business as it grows is a must. Going into other opportunities to earn more money may be tempting, but if you start to prioritize these things without having systems in place to ensure that your main business runs smoothly, your business is doomed to fail.
Summing it up
Mistakes happen when we have a business — it’s how we learn. But it is always better to learn from the mistakes of others and avoid tumbling into these business pitfalls. By delegating work and planning properly you can make sure your business becomes a huge success.
It’s also important to remember that planning and delegating are just some of the areas you need to work on when you’re scaling and growing your business. For one, planning will not be effective when you don’t have clear goals that are aligned with your core values, mission, and vision. In the same thread, delegating will not be efficient when you don’t have a strong team to work with. These areas are all interrelated. If you want one area to function the best possible way, you need to work on all of them. Want to learn what all these areas are? Check out my system, “The Women’s Blueprint to Business Success.”
My name is Tineke Rensen and I am a business coach for women. I created the system “A Women’s Blueprint for Business Success,” where I work with female entrepreneurs in 9 major areas in their business.
There are many out there who call themselves “business coaches” but have never had their own business. What you need is a business coach who has experience in scaling and growing businesses. And I’ve had plenty. In my 31 years of experience, I’ve become an expert in many areas, and I can help you with whatever topic you need help with. Because it NEVER is about changing just one thing that’ll pivot your business around
If you want to learn more about what makes a good business coach for women check out this article about the 20 questions you should ask a business coach for female entrepreneurs.
Interested to learn how you can work with me one-on-one to build your one-woman gig to a proper business and double your income within a year? Click here now to schedule a quick 15-minute call with me and get started.
About the author:
Tineke Rensen is in business for 29 years. She built an international Outdoor and Survival business from scratch and sold this after 22 years. Tineke was a national whitewater kayaking champion.
She now is one of the most all-round business accelerators you can find. There are very few topics she cannot help you with your business. Many people find it hard to believe when they hear this. How much do you think you know about a topic if you live it day and night for 28 years?
Tineke works with female business owners to grow to their full business potential. She uses her own system the “Blueprint for a Successful Business Makeover”. She is a women’s business coach.
Tineke is the author of “Maximum Business Growth For Women”
If you want to watch business videos with Tineke Rensen you can like the Powerful Business Academy Youtube Channel