Although more and more women are successfully leading and running their own business ventures, they sometimes make a few mistakes that can prove costly.
If you are starting your own business after marriage, you are likely to face some challenges along the way. In your new role as an entrepreneur, you’re likely to make a few mistakes as you navigate your business while managing and juggling family responsibilities. Knowing these pitfalls and taking steps to correct them as you go along can be a simple way to get ahead in business.
So, here are five things that can possibly go wrong and how you can tackle each situation.
1. Trying to do everything yourself
Many women tend to be hesitant about delegating, in part due to perfectionism. Even when they’re stretched too thin, many women avoid delegating. This could be out of fear that the job won’t be completed correctly, or they don’t want to spend the money, or they feel the junior staff doesn’t have as much relevant experience in management. But until you learn to delegate, it will be difficult to focus on work and effectively scale up. You have to make the shift from being a doer to being a leader.
Granted, when you’re starting a new business, it may be more cost-effective to be your only employee. But that type of arrangement won’t work once you start expanding. If you continue to try and do it all yourself, you could be on the fast track to burnout, which is something many women already contend with even without running a business. You can avoid this situation by outsourcing and hiring staff to help.
Related: How I managed my personal finances while running a business
2. Being reluctant to spend money
When your business is in its nascent stage, it’s natural for finances to be thin. But it’s important to note that sometimes in order to make money, you need to spend money. Don’t hesitate to spend money where it could really enhance your operations. Some expenditures are essentially investments that will bring returns in the long run. For example, that expensive software system can really streamline your management functions. Or hiring a professional expert could add immense value and take your business to the next level.
3. Losing faith too early in the business
Businesses are cyclical in nature, and ups and downs are a part of it. Chances are you will face many challenges as you start out. The key is not to let minor setbacks derail your bigger plan. But as an entrepreneur, you will have to learn from your mistakes. Take every failure as a lesson and an opportunity to do better. Although you need to know when to call it a day, don’t let early stumbles demotivate you. Being a successful entrepreneur means learning to adapt. Always have faith in your abilities and vision.
Related: Tips for women entrepreneurs to fund their businesses
4. Struggling to balance work and home life
Starting a business can be just like raising a child. Your new business is your baby too and it needs just as much attention. Married women often struggle to balance parental duties with work responsibilities. It’s important to note that your business may often take precedence over your family and you might have to spend some time away from them to manage work. There would be days when your kids demand more attention – you must not feel guilty about prioritising one over the other. While you cannot hope to do it all, open and honest communication with your kids and judicious delegation on the work front can help. By prioritising your time, you can conserve your energy and stay more productive.
5. Refusing to discuss finances with your partner
Your spouse may not be involved with your business, but a marriage entails equal partnership in all aspects – including finances. It is always good to keep your partner informed and updated about your business. Whether it is profits or expenses or financial challenges, you must feel free to discuss your business. They may even have valuable insights or experiences that can help you. Not involving your partner and keeping your professional life separate is something married women should avoid. 5 Crucial areas to focus on to grow your business as a woman entrepreneur.