Tips for women who want to start their own small business.

Post Covid, many of us had to look at ways to replace or supplement our income and starting our own businesses seemed a logical next step. But that can be a daunting task and, for women, there can be additional challenges to overcome. Here are some tips for women who want to pursue their passions and start their small businesses.

 

Research & Plan

Take your time and research the industry and the market thoroughly before you start. You might want to start a company manufacturing stickers, but there may not be a demand for the products or there may be too many competitors in the market. Understanding your target market and identifying possible challenges may be the key to your success. Develop a business plan that covers:

 - your goals 

 - strategies for achieving these goals

 - financial projections  

In addition, it is important to understand your strengths and weaknesses. If you are an introvert like me, you may find it difficult to start a company that requires you to do a lot of public speaking. Focus on your strengths and build strategies to overcome weaknesses.

Focus

You cannot be everything to everybody. Many small businesses fall into the trap of offering or adjusting their offerings to keep a customer happy. While it is important to give excellent customer service, you also have to understand that customers are diverse and if you keep on adjusting your product for one customer, you may lose customers that you have identified as your target market.

Support

Starting a business can be a lonely journey, but it doesn't have to be. Many women have to juggle raising children, running a household and a business. Surround yourself with a network of supportive individuals, such as fellow entrepreneurs, mentors, and family members who can offer advice, encouragement, and resources. Joining business organizations or networking groups can also help you connect with like-minded individuals and expand your reach. 

Finances

One of the biggest challenges in any business is managing your finances. It is essential to keep accurate records, track expenses and income, and develop a budget to ensure your business stays financially viable. Having a contingency fund to cover unexpected expenses can make or break your business. 

Promote your business

No matter how great your product or service is, you won’t be successful if no one knows about it. Create a multi-faceted marketing plan that speaks to your target audience. Be brave and try new strategies to see what works for your business.

Adapt or die

The world is constantly changing and it is important to stay informed of new business trends and changes. Be open to new regulations and educate yourself and your team on new technology and best practices to stay competitive. Don’t be afraid to change your business strategy if required and embrace all opportunities to grow.

 

Running your own business can be challenging but very rewarding. With proper planning, support and marketing you can have a successful business and make your dreams a reality.

 

Direct Selling: Building relationships

As direct sellers, we are often faced with the following dilemma. We are taught that you start by selling your products to friends or family. But what if you have exhausted this avenue or like me, you prefer not to sell to your friends and family. That leaves us with the option of selling to strangers which offers a new set of challenges.

When a customer goes to a shop, she has a specific need and is in the correct frame of mind to buy. She will also most likely go to her preferred shop or shopping centre; a place that she knows with products or services that she trusts. As direct sellers selling to strangers we will need to approach potential customers who don’t know us and in all likelihood will not trust us.

My top tips to convert strangers into customers and building relationships are:

1.  First Impressions last forever.

The way we dress, talk and smell make a lasting impression on a customer. Practice what to say to a potential customer in front of a mirror, or to a family member or friend. That way you will see what they see. It will also help to improve your self-confidence.

2.  Ask open-ended questions.

“What type of perfume do you like?” This will start a conversation where “Do you like perfume?” may end up in a “NO” from a potential customer and an end to your sales pitch.

3.  Respect their opinions & objections.

Objections are a positive element of the sales process. It allows you to engage with the customer.

Example:  A customer may ask you if the perfume will last the whole day, which you can respond to with an offer for the customers to test the fragrance and to buy at a later stage when they have experienced the product for themselves.

4. Keep Record

Make a note not only of their contact information but also important information like birthdays, pay dates, buying preferences etc. This will ensure that you can follow up regularly to get repeat sales.

5.  Follow up

Direct sellers often neglect to follow up a few days after the product was delivered. Doing so, not only allows you to ensure that the customer is still happy with the product but also to ask for referrals. It has been proven that it is ten times easier to sell to a referral than to a new customer.

6.  Make regular contact.

In the new social landscape that we operate in, it is refreshing to receive contact from people that are not always trying to sell something to you. I like to send to all my customers a motivational image to remind them that I think about them. The aim is not to overload a customer with useless information, but to connect with them on a personal level.

7.  Care about their needs.

Put your customer’s needs first. I have on occasion refused to sell a product to a customer because I listened to what they really needed and realized that my offering would not fulfil their need. It is not about what you want, but about what the customer wants!!

Happy customers will become your number one advertisement and keep your business growing from strength to strength.

Happy Selling
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CODE: November 2022
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Don't delay success

When is the perfect time to plant a tree?

There is a popular Chinese quote that says: 

"The best time to plant a tree was 20 years ago. The second best time is now."

 

What it means is that if you want future success, you should act now. It is in our human nature to delay decisions or to procrastinate when we are unsure of the future. There may be many reasons why we are scared to commit and I would like to explore some:

 

1.     Self-doubt:

To experience self-doubt is very normal; we all experience it from time to time. Self-doubt is a lack of confidence in yourself or your abilities and can hold you back from achieving success.

I recently found myself in a situation where I had to make drastic career changes and self-doubt lead to huge anxiety in my life. The following helped me in overcoming self-doubt:

* Self-compassion: We are all human and we all make mistakes along the way. It is okay to make mistakes. We can learn and grow from it. No one is perfect.

* Past achievements: Remind yourself of what you have already achieved in the past especially difficult situations where you have been in and how you overcame them. This will strengthen your belief and supply you with the foundation for overcoming your current difficult situation.

* Support: Surround yourself with people that will support you and strengthen your belief in yourself. Our friends and family will always believe in us no matter what.

 

"Our doubts are traitors, and make us lose the good we oft might win, by fearing to attempt." - William Shakespeare

(Don't let doubt make you quit!)

 

2.     Not the right time:

We often delay decisions because we want to just wait until:

"I have enough money….."

"When the kids are older……."

"In the new year….."

"At the end of the month…."

Does this sound familiar? I think we are all guilty of some sort of procrastination. The best way to start is just to start, even if it is a small step. We cannot stop time and if you want to achieve your goals, you need to start today.

 

"It always seems impossible until it's done." —Nelson Mandela

 

3.     I don't have the skills or tools:

Start where you stand with the skills and tools you have right now. Better tools and skills will be found along the way. Overcome the fear that can prevent you from growing.

* Expand your knowledge by reading about your field of interest.

* Network and ask others in the same industry for feedback,

* Take training courses to improve required skills.

 

"Excellence is not a skill it is an attitude." — Ralph Marsden