What Women Need To Know About Starting A Business
- Aug 23, 2022
- 4 min read
Updated: Jan 17, 2024
Written by: Pia King, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Starting a business can be an exciting yet challenging journey. People start businesses for different reasons to solve challenges, to challenge themselves, or to build financial freedom. The number of new women-owned businesses is growing twice as fast as their male counterparts, according to Kauffman Foundation. But what challenges do women face when starting a business?
“A woman with a voice is by definition a strong woman But the search to find that voice can be remarkably difficult.” - Melinda Gates
In short: a big part of the challenges that women face is themselves.
Studies by the US Small Business Administration show that 21% of women are less optimistic when it comes to sales growth and business performance. Similar studies have found that women in business doubt their decisions more often and are more likely to criticize themselves.
Women are also less likely to ask for financing over the lifespan of their business. And when they do ask for business financing, they ask for about $35,000 less than men.
Yet research also shows that women entrepreneurs in the US rank their happiness three times higher than women who are not business owners.
So female entrepreneurs are more likely to doubt their own decisions in business - but the women who do enter business are more likely to be 3 times happier.
Are you thinking about starting a business? Here’s what you need to know.
Consider these tips when starting a business:
1. Trust your intuition. As we have established, women are more likely to doubt themselves. Learn to move past your self-doubt and trust your intuition.
Accept that self-doubt and self-criticism are natural reactions when starting a business.
Why do you doubt yourself? What stories are you telling yourself that lead to these doubts? Are those stories facts or feelings?
2. Strengthen your money mindset. Women have a harder time asking for money than men. To reach your fullest potential as a female business owner, strengthen your relationship with money.
What stories do you tell yourself about money?
Do you have trouble receiving money, asking for money, or raising your prices? Why?
How do you feel about investing in your business? What feelings do you have about paying yourself from your business regularly?
3. Find a support network. Just because you are starting a business does not mean that you have to push forward alone. When starting a business, there will be bridges you have to cross and moments you will want to celebrate.
Join or start your own mastermind.
Become an active member of a business community.
Ask a fellow female entrepreneur out for coffee.
Attend business conferences or events.
4. Be persistent. Unexpected issues and challenges will be thrown your way as you start a business.
Be ready to show up even through difficult times and tough challenges. If you find yourself wanting to give up, there is an underlying reason at the root of that. Learn how to show up even when you want to quit.
Challenge yourself not to take “no” for an answer.
5. Features tell, benefits sell. One of the most important lessons in business is understanding that people buy benefits, not products.
How will your business impact someone else’s life?
What value do others receive as a result of your business?
What transformation will your product or service bring into someone’s life?
Starting a business can be a fulfilling process where you challenge your current beliefs and grow. What’s most important is to not let self-doubt or self-criticism get in the way of getting started.
You don’t have to start a million-dollar business overnight. Start with a commitment to show up each day.
Learn more about your relationship to money and how your beliefs, feelings, and behavior play a significant role here and use the access pass ppd25401.
Follow me on LinkedIn, and visit Your Whole Life Financial Services or MSW Life for more info!
Pia King, Executive Contributor Brainz Magazine
When human beings experience trauma or significant life stressors, it is not uncommon for their lives to begin to unravel. Her greatest passion is bringing healing to people who have been through traumatic/stressful experiences. She believes that the “Almighty can not reach us in a spirit of fear”. She works with her clients, who include youth, adults, and families, to find healthy coping skills and strengthen their self-esteem.
She knows that no single approach is the right one for every individual, and so she has been trained in a range of modalities, including Dialectical Behavior Therapy (DBT), Cognitive Behavior Therapy (CBT), and Stress Management Therapy (SMT), Energy Healing, and Aromatherapy.
Her educational background includes a BA in Mass Communication and a Master of Social Work from Howard University in Washington, DC. She is currently working on her Doctoral degree in Theocentric Psychology/Metaphysical Science at the University of Sedona.
She is a licensed social worker with a concentration in financial and special needs health care services. As a case manager serving the Special Needs community, she realized that many of her clients and families were not only dealing with complex disabilities and behavioral health concerns, but many were struggling with social determinants, including inadequate housing/homeless, unemployment, food insecurities, basic life skills and assess to other types of insurance and financial resources. She realized that communities needed to be educated and gain access to more than just traditional government services. With this in the forefront of her mind, she is obsessed with helping people have more access and level the playing field. For several years, Pia has worked with her clients to establish financial, emotional, and behavioral wellness goals to help get their finances in order.
As a result of her commitment to working with communities of color, Pia launched her private practice six years ago and currently is the Founder of Financially Fabulously Fit, a financial wellness service specializing in credit restoration, assistance with preparing needed information to create wills/trust/SSI-disability and case management.
She is the Executive Producer and Host of Living Life In Mid Life and The Happy Money Table Podcast, speaker, and trainer. She is a published author of several books, including Healing Grace: Through Light and Love- A Journey with Lupus, The Self-Esteem Journal, In Everything Pray- 30 Day Prayer Journal, Change Your Money Beliefs-Affirmations, Mediations, and Financial Planner, Getting Started with Estate Planning, Cha-Ching Financial Planner, Financial Guidebook for the Holidays, and the 7 Day Credit Repair Course. Her books can be found on Amazon, The Book Patch, and Payhip.
Along with her husband, James I. King, Jr, a licensed realtor/investor, and insurance agent, they are Co-Founders of “Your Whole Life Financial Services”.
