Having a niche can transform your business!  Watch this interview to find out how.  

(This article is also featured on Expatica)

Whatever the reason for starting a business, there are several important tips that apply to everyone.  Unfortunately, some women’s ability to execute the advice may be hampered by an underlying belief.

Many women and men are drawn to starting an enterprise because of the desire for independence and the opportunity to reach big goals. Drivers include entrepreneurial passion, personal reward, a wish to escape dissatisfaction in the workplace or simply to have flexibility and create a good work-life balance.

But does advice for men and women differ in any way?

Self-belief

Joan Raymond says in his article in Newsweek (23 January 2008): “Are men smarter than women? No. But they sure think they are. An analysis of some 30 studies by British researcher Adrian Furnham, a professor of psychology at University College London, shows that men and women are fairly equal overall in terms of IQ. But women, it seems, underestimate their own candlepower (and that of women in general), while men overestimate theirs.”

Who is smarter, women or men, isn’t the point. It’s about acknowledging and embracing the capabilities that each person actually possesses.

In the article Furnham reveals, “Men aren’t more clever or smarter. But since they think they are, they are more confident about their abilities. These self-beliefs, however, may be highly adaptive. Who gets a job? A bright woman who doesn’t think she’s smart, or a not-so-bright man who believes he’s capable of anything? Arrogance and hubris are not attractive qualities, but confident, self-belief may be. Certainly, underestimating abilities might hurt you. There’s a good quote from one of your countrymen, Henry Ford. He says: “Whether you believe you can do a thing or not, you are right.” And that is what is troublesome. Beliefs may be more important than actual ability in certain settings.”

Matching confidence with capability

In the quote above Furnham mentions ‘who gets the job’ but the same idea applies to who starts a successful business. As mentioned, the tips for women who want to start their own business are generally the same as for men. But keeping in mind that women tend to underestimate their brilliance, one difference would be that women need to make sure their confidence level matches their true capability. Confidence goes a long way to create credibility, something that every business owner must have.

If this generality doesn’t apply to you and you feel super confident, then there is nothing to stop you from moving forward and creating a successful business. And who knows, perhaps you can inspire other women who aren’t as confident to connect to their true value.

Tips for women who want to start their own businesses:

Write down the vision you have for your business

It’s important to know where you are going. Getting your thoughts down on paper is an excellent way to clarify what you want for your business. Think big and be willing to imagine large possibilities. Having a vision will also help you through the tough periods when you wonder why the heck you started a business in the first place (alas, it’s not always pure bliss).

Create a rock-solid business model

This may seem like a no-brainer, but it’s not uncommon for people to have an idea for a business and not be clear about how exactly it will make money. This doesn’t have to be a lengthy business plan but it does need to contain concrete information about how revenue will be generated and how much profit will be earned.

Have a clear niche and target group

Trying to be everything to everyone simply doesn’t work. Clarify what problems your business solves and for which specific group it solves them. By focusing on one group, creating a profitable business becomes much easier. Having a niche and a target group will allow you to grow faster and you will create expert status for your business.

Realise how critical marketing is, the amount of time it takes

Many business owners think they are in the business of delivering the products or services their business provides. But actually, you are in the business of marketing the products and services your business offers. And yes, if you are a one person organisation you will have to both market and deliver. Starting out you can estimate spending 50 percent of your time on marketing. If you don’t want to do it (or know you won’t do it), hire someone. The point is, it has to get done.

Have a franchise mentality from the start

Even it you have no intention to franchise your business, if you design your business in a way so that it could be franchised, you will make life much simpler for yourself. This concept is all about creating systems and procedures so things flow easily and you’re not constantly reinventing the wheel. After all, you want to create a business, not a job. An exceptional book about this topic is The E-Myth Revisited by Michael Gerber. A must read for any business owner.

Stay focused

As a business owner you wear many different hats. And while that can be exciting, it is easy to get distracted and end up spending time on things that are not going to move your business forward. Identify the high payoff activities and plan them into your schedule.

Be willing to outsource

You don’t have to do it all yourself. In fact, in time you’ll find that it’s nearly impossible to do so. Begin by outsourcing tasks like administration, tax/accounting, and technical issues. As your business grows, you may want to hire employees or contract people for support in more expanded roles within the business.

Make your business bigger and portable using the Internet

If you’re like many female entrepreneurs, you have lived in many cities (or countries) and you are likely to be moving again in the future. By marketing on the Internet you create a portable business you can take with you wherever you go. And even if you plan to stay put, you can dramatically increase the reach of your business by having an Internet presence and marketing on-line.

Avoid isolation, get support

Starting your own business can feel lonely at times. Women are experts at creating connections and networking, so be willing to get out there and meet new people. Support can come from many sources. You can create a master-mind group of fellow entrepreneurs that meets regularly to discuss and share ideas. You can network with other business owners at established organisations. And you can get one-on-one support and guidance by finding a mentor or hiring a coach.

Don’t wait until you feel 100% ready

Do the necessary research and preparation before starting your business but do not fall into the trap of waiting until you know “everything” you think you need to know before you start. This is where the lack of confidence can delay, or arrest the decision to begin your own business. There will always be more to learn and some things you can’t learn until you actually begin.

In a 2004 report by UK organisation Aurora on women-owned business, women were asked what the number one best thing was about being a female entrepreneur in Britain. Here is what two of them had to say:

“Breaking the pattern, standing out from the crowd, continually learning, seeking out opportunities, maximising opportunities, succeeding, sharing learning, encouraging others, being inspired, joining a community, making a difference, making it happen, helping, caring, supporting, creating the future…just doing it!”

“The ability to make own choices and decisions about the direction I want to take myself and my company. Running a company means I am not pigeonholed into any one job role, I get to use all my skills, and work in a challenging, enjoyable environment.”

© Stephanie Ward, 2010

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR WEB SITE? You can, as long as you include this information with it: Stephanie Ward is the Marketing Coach for Entrepreneurs who want to set their profits on fire!  Grab your FREE copy of the special report ‘7 Steps to Attract More Clients in Less Time’ plus business building tips, at: http://www.fireflycoaching.com/.

You’ve heard it before; your business needs to have a niche.  But what does that really mean?  Is it about the group your business serves or is it about the solution you offer?  It can be either or both.

I’ve written about creating a niche before, you can read that article here.  Now I want to share a real life example with you that illustrates how powerful choosing a niche for your business can be.

A client of mine, Joke Botman, has been a personal coach for many years.  She has been successful with her business but wanted to serve even more people.  She was determined to take her business to the next level.

Her business was called ‘Loveliest Life’, translated from the Dutch name.  She did have somewhat of a niche; helping women (her group) have more energy, confidence, and courage (her solution).

One of the difficulties she faced was that there aren’t many concrete ways to identify and reach this group.

In talking with her, she realized that many of the women who hire her are experiencing a transition.  That’s a great start and good to know, but it’s also difficult to identify and reach ‘women in transition’ so we had do to some more digging.

I asked her what kind of transitions her clients are in and she came up with several possibilities.  One was that they might be ‘empty nesters’ whose children had recently left the home presenting them with a chance for a new chapter in their lives.

Although this was initially interesting to Joke, after some thought she decided it wasn’t the right group.  For one, she had never had children herself.  In addition she wasn’t sure how to reach this group.

On to the next idea, the transition of women who are retiring.  A great niche indeed and not the right one for Joke.  She didn’t want to limit her group to a certain age group and enjoys supporting working women.

The third transition she thought of, women who are single after having been in a relationship (from divorce, break up, or death).  Wow, the more we talked about this the more excited we both got. 

This was the one!  Why?  Well for one reason Joke has been through a divorce so she can relate to this group.  In addition, this group is not limited by a certain age.  And last but not least, it is a group that can easily be identified and reached – so critical.

Joke can now contact lawyers and real estate agents and create strategic alliances with them for referrals.  There are even divorce fairs these days where she can be a speaker.

Once she decided on this niche, she changed the name of her business to ‘SINGLE After Together’ (it sounds a lot better in Dutch, SINGLE-na-samen (http://www.single-na-samen.nl/).

The solutions she offers to her clients haven’t changed that much although she has been inspired to create some new offerings.

And while the group Joke serves is still women, it’s a much more specific group of women.  And by focusing exclusively on this particular group she will be able to grow her business much faster. 

By building her brand around this group she will become known as an expert in this area.  Having a strong niche will also help her business attract more media attention. 

Claiming this niche also makes it much easier for people to refer clients to her because what she does is so clear.  When someone knows a woman who is recently single and wants to make some big changes, Joke’s business will be the first thing that comes to mind.

Are you starting to see the impact that choosing a specific niche can have on a business?  How can you further define your niche?

Perhaps changing the particular solution you offer will make a huge difference and you can keep the same group.  Maybe you need to tweak your offer as well as your group?  The possibilities are endless.

Make time to take a long hard look at your niche and brainstorm ways you can make it even more distinct.  A clear niche will have a huge impact.  You will grow your business faster and easier and will become known in a big way.

© Stephanie Ward, 2010

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR WEB SITE? You can, as long as you include this information with it: Stephanie Ward is the Marketing Coach for Entrepreneurs who want to set their profits on fire!  Grab your FREE copy of the special report ’7 Steps to Attract More Clients in Less Time’ plus business building tips, at: http://www.fireflycoaching.com.

Sometimes as a business owner you can get so caught up in running your business that you may no longer have a good overview of where your business is most profitable.

I’m sure you probably know how much money your business is making overall but are you clear about how each of your specific revenue streams are performing?

If I asked you right now which product or service is the most profitable can you answer immediately? 

It you’re not clear about how your business is making money, now is the time to find out.

It is possible that some of your products and services that require the most amount of time and energy are your least profitable.  Or, you may be ignoring a very profitable part of your business that requires hardly any work on your part.

Analysis may not be your favorite thing to do but it can be thrilling if you keep the end goal in mind.  You will discover where you’re making money and increase your profitability by giving that part of your business more attention.

Not only that, you’ll see where you can stop wasting time and money.  If that’s not enough motivation I don’t know what is.

Here are steps to get started:

1. For every product or service you offer calculate the profit each generates (total revenue minus total costs = profit).  You can use the totals from the last twelve months or another time frame that works for your business.

2. In addition to the actual costs, add in the average amount of time you spend to market and deliver each product and service.  Because time is another form of money.

3. Now comes the fun part.  Combine the information from steps one and two and identify which products and services have the highest profitability.

Once you know which of your products or services are the most profitable select the best two or three (or only one if it is significantly more profitable than the others) and focus your marketing exclusively on your choices.

It’s that simple.  Once you know what part of your business is the most profitable, put a laser like focus on that revenue stream.

Taking your focus a step further, find out what makes your most profitable products and services so attractive to your clients.  Is it the content, the packaging, the way it’s delivered?

Once you understand what your clients really want, you can think about opportunities to expand or extend your most profitable products and services.

Another way to extend the focus is to pay even more attention to the clients who purchase your most profitable offerings.  You can do that by staying in touch, providing them with extra value, and delivering the highest level of service.

This is also a good time to seriously consider dropping the products and services that have a low profitability and require a lot of your time.

That will free up time and money you can use to increase the scope and scale of the marketing you are investing in your most profitable products and services.

Don’t delay, schedule the time to find the source of strength in your business and concentrate on it.

The time that you invest to identify your most profitable offerings may be the best investment you’ve made in your business so far this year.

© Stephanie Ward, 2009

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR WEB SITE? You can, as long as you include this information with it: Stephanie Ward is the Marketing Coach for Entrepreneurs who want to set their profits on fire!  Grab your FREE copy of the special report ’7 Steps to Attract More Clients in Less Time’ plus business building tips, at: http://www.fireflycoaching.com.

As a business owner your time is precious.  You probably have multiple requests from people that are pulling you in many directions.  But, if you say yes to every invitation that comes your way, you will not have time for the activities that are critical to growing your business.

What I frequently hear from my clients is that they don’t have enough time for everything that needs to be done in their businesses.  Since we all have the same amount of time, it really comes down to making choices.  So how do you know what to choose?

Start by making a list of the strategic activities that are essential to the growth of your business.  These are the actions to say yes to.  Say no to anything that doesn’t fall under your strategic activities.  This is what it means to set business boundaries.

It may sound simple, but many people find that saying no is an extremely difficult thing to do. 

What’s keeping you from saying no more often?  Some of the reasons people struggle with saying no are:

* Fear of conflict

* Wanting to be liked

* Afraid of not being asked again

* Feeling guilty

* Unsure about how to say it

Have you ever agreed to do something and then later felt angry, anxious, or overwhelmed about it wishing you had said no?  Saying yes when you want to say no is a huge energy drain and distracts you from the things you really want to do for your business.

The good news is that saying no is like any new skill, with practice is becomes much easier.  And even better, it is extremely empowering.  Start with something small and build from there.

Remember, you don’t have to give an answer on the spot.  If someone asks you to do something and you’re not sure, you can always say something like “let me check my schedule and I’ll get back to you.”  That way you have time to consider what is best for your business.

Many times if you’re not sure, this may be an indication that the answer is no.  Have you heard the expression: “Doubt means don’t”? 

In addition, you may be surprised to find that most people respect your answer, even when it is a no.  If they don’t, it may be a sign that it is not a balanced relationship.

Setting boundaries in your business will create more space and energy for you to move forward and reach your goals faster and easier.  And that’s not all; when you set and enforce your boundaries you will have more confidence, be more attractive, and feel more relaxed.

Why not start saying no today?  Once you know how you want to use your time, it will be easy to identify things you can say no to.  This will create time for strategic action.  When you say yes only to the most important (and profitable) actions for your business you will see your business grow. 

© Stephanie Ward, 2008

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR WEB SITE? You can, as long as you include this information with it: Stephanie Ward is the Marketing Coach for Entrepreneurs who want to set their profits on fire!  Grab your FREE copy of the special report ’7 Steps to Attract More Clients in Less Time’ plus business building tips, at: http://www.fireflycoaching.com.

What’s stopping you from doing the things you know you want to do in your business?  Not enough time and a lack of focus can be obstacles to taking action.  But take a closer look and see if these are the real issues. 

Is it possible that you really do know what you need to do but that fear is stopping you?

Fear is a four letter word but it doesn’t have to mean something bad. Here is an acronym for fear from an unknown author which sheds new light on the word, “Fear: False Evidence Appearing Real.”

You can choose to see fear as a sign.  A sign to take a closer look at the actions you are taking (or not taking) and to decide to make some changes.

Fear can sometimes cause inaction.  When it’s too scary, you may decide to do nothing. So how can you move past the fear and get into action?

Before you can tackle your fears you first have to identify them.  The more specific you can be the better.  Pay attention to your thoughts and notice if you are thinking about fearful outcomes.

Here are some possible fears you may be experiencing.

FEAR OF MAKING THE WRONG DECISION

Does the phrase, ‘What if?’ keep popping into your head when you think about taking an action?  Well, go ahead and ask yourself.  What is the worst thing that could happen?  Usually it isn’t that bad.  And remember, no matter what happens you can probably deal with it.  

FEAR OF FAILURE

Everyone defines failure in their own way.  Personally, I don’t think in terms of failure.  There are just different and new choices.  If you do something and it doesn’t work out the way you planned, you can simply choose a different path.

FEAR OF REJECTION

No one likes to be rejected.  But what if it weren’t possible to be rejected?  What if you shifted your perception and instead of thinking in terms of being ‘accepted’ or ‘rejected’ you thought in terms of finding the right fit.  It’s natural that not everyone will be a fit with your business.  Stay focused on reaching the people who are.

FEAR OF SUCCESS

Yes, this seems strange but is often true.  You may actually be afraid of succeeding.  One reason for this can be your thoughts about what other people will think about you.  Something like, ‘Who does she think she is.’  Another reason can be that you believe that if you do really well, it’s bound to take a turn for the worse and you will be back where you were.  No matter what the reason, you can choose to believe that you deserve to be successful and you can remain so. 

Growing yourself and your business means that you must continually stretch yourself.  And stretching can feel uncomfortable or scary sometimes.  It can also be refreshing and exciting!  When is the last time you felt super charged by an action you took?  Maybe it’s time for a massive injection of fearless action.

Don’t wait another minute.  Take time to discover if fear is keeping you from taking action in your business.  Then get clear about an action you can take that will move your business forward and do it!  Remain attentive and be aware of when fear appears and gets in your way.  The next time it shows up, you’ll know how to tackle it!

© Stephanie Ward, 2007

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR WEB SITE? You can, as long as you include this information with it: Stephanie Ward is the Marketing Coach for Entrepreneurs who want to set their profits on fire!  Grab your FREE copy of the special report ’7 Steps to Attract More Clients in Less Time’ plus business building tips, at: http://www.fireflycoaching.com.

As a business owner, you’ve got a lot going on.  Sometimes it’s hard to know what your top priorities are and where to put your focus.  And since there are only so many minutes in a day, you need to find the best way to utilize your time so you can grow your business.

Figuring out what your priorities are, and then focusing on them, will require an investment of time.  I know, you don’t have any extra time and that’s the whole problem.

The fact is, nothing will change until you decide to do things differently.  If you keep going the way you have been, you’ll stay lost about what is most important to your business and therefore won’t be able to focus your efforts.    

You see, you do have a choice about how you spend your time.  You can make the decision to use your time to think about what is most important for your business (prioritizing) and then choose to devote your time (focus) on those things.

Stephen Covey made a good point when he said, “The key is not to prioritize what’s on your schedule, but to schedule your priorities.”  

There’s no time like the present, ready to get started?  Why not stop what you are doing right now and identify your business goals.  Focus on goals that are connected to the profitability of your business, goals that are close to the money.

Talking through your thoughts is a great way to get begin.  You can do this by writing down your thought process, talking out loud to yourself, or better yet talking it through with someone you trust.

Once you’ve written down all of your business goals, prioritize your list with the intention of selecting the top three goals.

Next to each of your top three goals, write down the things you are doing to reach every goal and how much time you are spending actually focused on those things.  Sounds simple, I know, and sometimes we make things more complicated than they need to be.

Keep this list somewhere you can see it.  Better yet, memorize it.  Start a new habit of stopping to think before you begin doing something and ask yourself this question: “Will this action move me closer to my business goals?”

Here’s another way to think about priorities and focus from Tony Robbins, “It’s not what’s happening to you now or what has happened in your past that determines who you become. Rather, it’s your decisions about what to focus on, what things mean to you, and what you’re going to do about them that will determine your ultimate destiny.”

The point is this, the more time you invest in analyzing what the most important activities are for your business and then planning how you will focus on them – the more profitable your business will be! 

(c) Stephanie Ward 2006

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR WEB SITE? You can, as long as you include this information with it: Stephanie Ward is the Marketing Coach for Entrepreneurs who want to set their profits on fire!  Grab your FREE copy of the special report ’7 Steps to Attract More Clients in Less Time’ plus business building tips, at: http://www.fireflycoaching.com.

I know it’s a radical idea, the death of your to-do list so bear with me while I explain.  Think about it, a long to-do list is a giant energy drain and waste of time.  Have you ever noticed how the list keeps growing instead of disappearing?         

Imagine waking up every morning feeling confident that you have enough time to accomplish the goals you have set for the day.  Picture yourself wrapping things up at the end of the day knowing that you have not wasted your time or energy and that the actions you completed are supporting you in creating a profitable business.         

Intrigued?  The great news is that it is simple to kill your to-do list.  Here’s how.  First, take a long hard look at your massive to-do list and put a number one next to the actions that are high priority (I know, I hear you shouting they are all high priority, trust me they aren’t).

Go through the list again and rank the medium priority actions with a number two and low priority actions with a number three.

Now, get out your calendar and take each high priority action and place it into your schedule.  Choose a date that it will be completed as well as a realistic block of time for completion (start and finish time).  Continue doing this with the medium priority actions and finish with the low priority actions.

This will work for you no matter what kind of calendar you use.  Choose a system that works for you.  The concept of integrating your actions into your planning is much more important than the type of calendar you use.

New opportunities do come up and you can update and adjust your planning as needed.  The difference is that now the things you have planned are already prioritized so if something new comes up, you will be able to consider its importance in relation to existing priorities.  This is much more effective than simply adding another action to the bottom of a list.

Also, make sure you schedule in some free time each day for unplanned things that come up.  If you can’t find a place for some of the low priority actions don’t worry, I have a solution for you below (see benefit number three).

Let me confess something, I know to-do lists don’t work because I am a former owner of a long to-do list (that never got done).  Since I killed my to-do list and consciously thought about what I really want to get done, I am much more productive and feel confident about the direction of my business.

Benefits for you:

1. Doing this forces you to reconsider what you are doing with your time and this allows you to get clear about what your real priorities are.

2. You will have a realistic picture of what you can really accomplish in a certain time period (each day, week, month, etc.).

3.  There will probably be some things that won’t fit into your schedule and this gives you a chance to consider dropping them or delegating them.  I like to call this your “to-don’t” list.  If you are a solopreneur and don’t have employees who can pick up the slack, you can always outsource.

4. You will reduce overwhelm and stress because you will no longer be confronted daily with a giant list of things you know you won’t get done that day.  This way you will get more accomplished, stay on track, and remain focused.

5.  You will feel great about the actions you plan to take each day because you know they are aligned with your long term goals and that doing them will move you forward toward reaching them.

Anyone who is serious about building a sustainable and profitable business needs to be sure they are spending their time and energy on the right things.

Are you are beginning to see that a long to-do list that isn’t prioritized with actions that aren’t connected to a actual dates for completion isn’t efficient?

It can be scary to integrate your to-do list into your calendar and I promise, it is worth it.  What do you have to lose?  Try it and if it doesn’t work you can always go back to the never-ending list of things that never get done.

Stop living in denial about what you can realistically get done and choose to plan and execute profitable actions that will grow your business! 

(c) Stephanie Ward

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR WEB SITE? You can, as long as you include this information with it: Stephanie Ward is the Marketing Coach for Entrepreneurs who want to set their profits on fire!  Grab your FREE copy of the special report ’7 Steps to Attract More Clients in Less Time’ plus business building tips, at: http://www.fireflycoaching.com.