women-owned small businesses are still in the minority, the numbers are expected to increase with more and more women starting on their own.
Related: How women are progressing in business
Why do so many women start their own businesses? For many of us, the reason is work-life balance. We believe that being our own boss will mean more flexibility and the freedom to order our lives however we want.
The reality is that a small operation can be extremely demanding in its early stages, and more than half of small businesses fail in the first three years. It's tempting to keep your startup small and "manageable," but companies with annual revenue below $50,000 have the lowest survival rate, while those above $10 million or more do well. better chance of survival.
While growth can be scary, we want to see more women entrepreneurs break through that seven- and eight-figure ceiling – and reap the benefits of being your own boss, too.
Don't let these myths keep you from playing a bigger game:
Myth #1:Staying small means staying flexible.
Many female entrepreneurs are driven by flexibility when they decide to become their own boss. Then they discover the reality that running a business is difficult at any size. Early in my career, I felt stuck in my business because all of our clients wanted to deal with me personally; I thought expanding it would make it even harder.
It seems counterintuitive that it will get easier as it grows, but while the company is just you (and a few employees), it depends on your availability and your involvement 24/7. Once you've grown and formed a reliable team to implement what you've developed, you'll have more freedom to walk away from the office on a day-to-day basis.
I've gone through this process with several startups now, and my comfort zone gets bigger every time.
Myth #2:If I want it done right, I have to do it myself.
At work: You will never be free if you insist on being the only face of your business; if you do, your customers will never want to do business with anyone else. It's your responsibility to set the culture so your team learns to run the business like you would.
Partnering with like-minded people is essential to growth, but a partnership perfect is hard to find. Follow a few key principles and you can foster a healthy and powerful partnership based on shared values.
At home: A 2013 study showed that women who earned more money than their partners also did a greater share of household chores. Giving up control of these tasks to your partner, family members, or hired help is not a weakness; it frees you to focus your energy. Focus on areas where you bring unique value and invite others to share your life and care for the rest.
Related: If you want to live more, you have to do less
Myth #3:I don't have the resources to break into the international market.
Bringing your product to the global market can be a huge mental block. But local growth also takes a lot of time and effort. Think about the energy you're going to invest anyway, then think about the most effective way to invest it.
You can sleep in your own bed and knock on doors all day to promote your product to the House. Or you could sleep at night on a plane and expend the same amount of energy on much larger meetings in Beijing or New York.
In my case, my business partner, Janine, combined lifestyle and business by taking an apartment in Los Angeles, from where she can coordinate Gutsii's US product launches to match the Australian launch. Another benefit of not trying to do it alone!
Myth #4:It's better to be a big fish in a small pond.
You will only grow if you are not ready to to be a small fish in a big pond. When choosing who to spend time with, I want to choose people who challenge me. I like working with people who intimidate me a little. These people can teach me something!
It's daunting to seek out people smarter, richer, more experienced, or more risky than you, but the rewards are worth it. You can't predict the kinds of connections you'll make or the people you'll meet.
When Janine took the plunge to move to Los Angeles, she had no idea what awaited her there – she just knew she wanted to be around more inspiring people and see if our products could hold their own in a more demanding market. She was recently named the Wellness Leader in the city, despite only moving there five months ago, which would never have happened had she stayed in her comfort circle.
Taking your business out of its comfort zone carries personal and financial risks and can be an enormous emotional burden. The support of your tribe is crucial, especially for women. We all need a little black book of people we can call on for advice, resources and expertise to help us meet the challenges of rapid growth.
Of course, the best way to expand your tribe and meet more amazing people is to step out of your immediate circle and into a bigger game.
