Advice for Women Business Owners: How to Achieve Success and Sanity
Just imagine yourself as a successful female entrepreneur, running the type of business that keeps you fulfilled in life, while you have the freedom to live your dreams. What does this look like to you? Do you spend your days traveling the world with the love of your life? Do you work remotely from home so you can spend more time with your children while they are still young? Are you setting an example for young women who aspire to reach your level of success someday?
Whatever you envision for your life, owning a business or even teaming up with a franchise can allow you the freedom to accomplish your dreams. Of course, running your own business isn’t easy. Sometimes you must make difficult decisions. Sometimes it can be stressful. Sometimes you find yourself scrambling to pay the bills month-to-month.
If you’re tired of coasting along in your life and you want to finally experience the freedom and success of other businesswomen you look up to and admire, here’s how to get there:
Don’t Be Afraid of Failure.
Arianna Huffington was initially rejected by 36 publishers before launching Huffington Post. Once upon a time, J. K. Rowling was a single mother on welfare who sold the first book in her now popular series for only $4,000 after facing 12 rejections. Iconic fashion designer Vera Wang was overlooked for a top position at Vogue. All of these brilliant women faced rejection, failure, and even humiliation – and bounced back to build successful business empires. You can too.
Stop Saying You’re Fine
“Get out of your own way,” says author Mel Robbins. Robbins is known for coining the “5 Second Rule” which states that it only takes 5 seconds to change your life. She insists that each of us already know deep within ourselves what we need to do to live our dreams. Stop coming up with excuses to stay put, and start taking real action toward your goals.
Prep for Tax Time
Of the list of pitfalls new entrepreneurs encounter, failing to prepare for tax time definitely makes the list. When first starting out, taxes are often the farthest thing from your mind, and if you can’t afford to hire an accountant, taxes can quickly become a nightmare. To streamline the process, keep records accurate and organized throughout the year. If the mere mention of taxes sends you into a confused frenzy, look into using helpful tax software to make the process easier and more foolproof. In the world of entrepreneurship, anything that can make your life easier should be welcomed!
Learn to Overcome Criticism
We all have critics in our lives. That’s not necessarily a bad thing. As a business owner, it is crucial that you learn how to respond to and overcome criticism. Many famous female entrepreneurs and business moguls like Oprah Winfrey and Lucille Ball all experienced critics early in their careers. Of course, they later went on to run some of the most successful businesses and production companies the world has ever seen. Thank goodness they didn’t let their critics get to them!
Choose Your Inner Circle Wisely
Business Insider recommends having a solid inner circle of people who understand and support your vision. Being an entrepreneur is a lot of work, and unfortunately, in the world we currently live in women often face difficult situations and decisions. Having supportive people at your side will only help you in your journey.
Take That Vacation
Unfortunately for businesswomen everywhere, there is a tendency to dedicate long hours to a new business and forgo taking that much needed vacation. However, your brain and body need downtime to recharge and avoid burnout. Leave the stress of work and daily life behind and fly to a fun destination for a couple of days, leaving the work where it belongs – at work. You’ll return with fresh eyes, and set an example for those around you of the importance of a healthy work-life balance.
Revisit your business goals for the year. Pull out your business plan, dust it off, and see if your current efforts are aligned with your vision. If not, make any necessary strategy tweaks and then start immediately taking action to get back on track. With a bit of brainstorming, intention-setting, and action-taking, you can achieve business success and live the life you truly want from your new position as Woman of the Year.
Guest post contributed by Gloria Martinez
SBA Loans - Still Available?
There’s been a lot of negative news these past few weeks related to business lending. You’ve probably heard there’s a credit freeze and you may think that means nobody’s lending. But Don Johnson, owner of Diamond Financial Services, New Jersey, says that’s a misconception. “Our company works with over 25 lenders so we really know what’s going on with the state of SBA and franchise lending. We’re prequalifying a little more carefully, but our success rate is still high. In the media it’s all doom and gloom, but loans are getting approved. You just have to know how to do it. Most people don’t know how to do projections or put together a loan package. Over 80% of loans get declined due to packages that aren’t complete or correct. And the rest is simply not going to the right type of lender. The money is out there, you just have to know where to go.”
Negotiating the Franchise Agreement
Now that we’ve discussed the franchisor’s point of view and arguments towards negotiating the franchise agreement, here are a couple of tips for not wasting time on trying to negotiate items which franchisors do not alter and concentrating on the change-able clauses in the Franchise Agreement.
Business Advice, Financing Tips, and Small Business Trends from a Young Franchisee
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