Those are the official stats. But what do they mean?
The reality is that there are thousands of small business owners and sole traders moving in and out of the business cycle: starting, growing, employing and, sadly, closing.
Women with children represent a growing number of new business start-ups. Many are within the multi-level marketing model (such as Isagenix, Thermomix, Herbalife and – until recently – Avon).
And it makes sense. Low start-up costs, flexible working hours and being able to schedule around family commitments is a big attraction for many women with children. So too is the opportunity to gain financial independence, and scale up or down.
Having recently attended a number of Women’s Network Australia events, here are some lessons we can all learn about surviving and thriving in business:
Take a bow. Many of us struggle to accept praise – even if it’s the one thing we crave most! Any time you receive a compliment, reply with “thank you.” It’s a simple, but powerful phrase. One way to learn to take compliments is to give them.
Network for ideas. Some people are great at networking. For the rest of us, networking is a terrifying, disabling prospect. As Janeen Vosper told one nervous networker: “What’s the worst thing that can happen? You go home and never see those people again. So what!” Her point was, we just need to get over ourselves! Networking is not a popularity contest. And it’s not about signing up customers – although that’s always a bonus. Networking is about building your support base, being inspired by others, and sharing ideas and opportunities. Yes, it’s a step out of the comfort zone. But it’s one step closer to the top of your mountain.
Look close to home for help. You may be surprised at the incredible talent in your family and friendship circles. Do your planning and identify what you need. Then think carefully about those around you and their capacity to help.
Don’t wait for perfection. Only fools rush in. That may be true, but standing on the side-line for too long could result in lost opportunities. Remember, the best day to start a business is yesterday.
Find your lane. I love this saying from FUEL’s Tanya Meessmann (check out her amazing work mentoring young girls!). Finding a niche is not just about developing your personal style and values, and reflecting these in your business. It’s also about truly understanding your customers’ needs. Think deeply about who your customers are. Who is most likely to buy your product or service?
If you build it, they may not come. Remember those statistics at the start of this article: 414,000 small businesses in Queensland. For your business to be sustainable, you will need to put in the effort, keep communicating your unique offering, and share your success in solving customers’ problems. A good marketing and promotion plan is an essential tool for every business.
If you need help to develop a personal marketing plan for your business, contact cheryl@mulberryseed.me
