3 Common Mistakes New Entrepreneurs Make & How to Fix Them
Everyone makes mistakes in life. That's just a part of being human, and there is nothing wrong with it. Honestly, by making mistakes and failing at things, we learn and grow, so I think it's important that we make them.
But when it comes to building a business, you want to minimize your mistakes and try and learn from others instead. And because there are so many people online sharing their experience, it's very easy to learn from other people's mistakes.
Now, today I wanted to discuss three most common mistakes I see women entrepreneurs make and how to fix them. I hope this helps you save a lot of time and headache and maybe even figure out why some things in your business are not working as you would like them to.
So, let's jump in.
3 Common Mistakes I See Many New Women Entrepreneurs Making & How to Fix Them:
Mistake #1: Not knowing how to price their services & monetize their ideas
Ah, this mistake is one of the most popular I see, and you would be surprised by how many people don't have a clue on how to price their services or even start monetizing.
I have good news for you though, it's not as hard as it might seem, but you need to figure it out before you even start.
Now, making money is what separates business from a hobby. So, if you have a blog and have been growing it or you offer a service and want to make money with it, you need to have a plan on how you're going to make money.
I see a lot of women struggling to charge what they are worth, and honestly, it's very hard to see that. Don't be afraid to charge for your time and your services or products, your time is money, so don't lowball your prices.
And if you're one of those women who have no idea how to start monetizing, I would suggest doing research online on how to monetize your business. There are many ways to do it.
Now, if you're a blogger, you can monetize by offering a service, creating paid products to sell, using affiliate marketing, and much more.
If you know that you want to have a business, find out how you are going to make money with it before you start working on anything else.
Because when things get hard, and you're not getting paid, motivation is usually nowhere to be found and you'll be just another entrepreneur who tried and failed, just because they didn't do their research.
Mistake #2: Not understanding their clients well
It is not enough to know that your target audience is "millennial women living in Lithuania/Europe/etc." You need to understand what are their struggles and understand their inner dialogues.
What struggles, fears, and doubts they have? What other options do they consider? What would make them feel excited about ready to work with you?
Also, think about what ways you can help your potential clients with the issues they might be facing, this way you'll have better luck booking clients.
When I was starting my destination wedding business, I was immediately on the phone with every single potential client who contacted us. After 50 calls, I was pretty much living in the head of a potential bride to be, who is considering getting married abroad. And most of my further business decisions were based on those findings I had during calls.
A successful business is not about the entrepreneur, it's about their clients and customers. If you're helping people make their life better and happier, they'll be coming to you all the time. And the only way to help them is by understanding what their needs are.
Mistake #3: Having too many offers/products
It might be tempting to have a few different offers or products in order to serve a broader audience and solve more issues. But sometimes offering more is not too good for your business.
Don't overwhelm yourself and your customers. Sometimes less is more in business, so before you jump into creating ten different offers, spend your time creating one or two, but very good quality targeted offers.
A great example of this would be Vanessa Lau, a well-known business coach I respect and her offer. She only has one offer that she sells in her business, The Bossgram Academy.
Instead of creating more paid products and courses on different topics, she focuses on this one product and continues improving it and updating it to make it the best quality and value possible.
Some might say she's missing out of a lot of revenue and people who might like a different offer from her, but in reality, she stands out with being known as an expert in what she offers.
Just think about any other aspect of your life. How many times did you end up buying nothing in the store just because you were too overwhelmed with all the options? I don't know about you, but this happens to me every time I visit ASOS.
So, concentrate your energy on creating the best offer in the market/the most exciting product instead of creating a lot of average quality offers.
Final thoughts
So, here you have it. Three mistakes I see a lot of female entrepreneurs make and how you can fix them to improve your business.
Are you making these mistakes yourself? It's OK if you have made these mistakes, as I said, making mistakes is how we grow and improve. We just have to remember to always strive to learn from our mistakes and be better.
If you're ready to start growing your personal brand, I have a free personal brand blueprint that will teach you how to build your personal brand from scratch. It's packed with value, trust me!
Oh, and don't forget you can book a complimentary discovery business coaching call with me where will discuss your business and what things could be improved. You can book your time here.
