M is for Marketing

 The A to Z challenge and writing about woman entrepreneurs. You may read the previous posts here. 

A is for Ambition

B is for Business Plan

C is for Customer Connection

D is for Distractions

E is for Enterprise Evaluation

F is for Fatigue 

G is for Gratitude

H is for Harmony

I is for Introspection

J is for Join

K is for Karma

L is for Legality

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M is for Market

No matter how good your product is, or how useful your service, if people have not heard about it, it's not going to sell. This means that you have to ensure that you get the word of what you are doing out there to your potential market. You need to identify your "Ideal Client" who consist of your market, then then share your offerings with them, via marketing.

The mere word, marketing, tends to bring out extreme reactions from entrepreneurs. Most of the small business owners who are operating from home, feel that it's some sort of high level commerce concept which they can't handle. Nothing is further from the truth. Most Women Entrepreneurs have an inherent knack of building a relationship with their potential clients within minutes of meeting them. They also have the charm to nurture this relationship and turn them into returning clients.

Being a people's person helps, but having a strong ethic practice helps more. As your clients figure out that you always provide good quality, they will gladly spread the word to their friend circle. You should have your sales pitch practiced up before you attempt to speak with strangers, so that you are prepared to answer any questions that they may throw at you. This helps you to come across to potential clients as a level headed business woman, who knows what she's offering with clarity.

For instance, I remember ordering a cake from a home baker, She asked me a ton of questions about the number of people who would be consuming it, and recommended that for every kg of cake I would be able to serve 8 to 10 heads. I felt her task was done when she delivered it to me. Yet she had included a whole set of instructions on how much time before I served the cake I should bring it out of the fridge.  She also let me know how many days any remaining pieces could be safely stored in the fridge. While this was not required, it added value to the service that she provided. It made me feel that she took her business seriously and wanted to preserve the quality of her baked goods. Since she invoked trust in me, I was much more likely to order cakes from her the next time there was an occasion in the house.

The Exercise 

What You Will Need: A description of your products and services, a list of common questions clients may ask, and a good friend to practice your pitch on

Needless to say you should have a good idea of the pros and cons of exactly what you are selling. So sit down and make a list of all the features of your product. What are the points that you should highlight when you discuss this with a client? Write down possible pain points that your service is resolving. Now think up of questions that they may ask you. You need to have solid responses to any queries or doubts that they throw your way.

Once you have sorted all the facts out in your head, you need to practice describing your offerings. This is essentially pitching your products. Get a good friend of yours to help you. It's a lot more effective when you interact with a live human being rather than simply looking at your own face in the mirror while describing your pitch. Let them interrupt you, poke holes in your theories, and be a good sounding board. This will allow you to come up with more queries that may come up with an actual client.

You should be effectively able to pick up from the interruptions and clearly deliver the details of your offering. Besides letting them know what and when is being sold, you need to also add subtle reasons why they should buy from you. You don't need to oversell or hard sell your products or services, just bring up different scenarios in which they will be really useful. Always end on a personal note and ensure that they have a way to contact you. Exchanging phone numbers is a great way to do this.

L is for Legality

The A to Z challenge and writing about woman entrepreneurs. You may read the previous posts here. 

A is for Ambition

B is for Business Plan

C is for Customer Connection

D is for Distractions

E is for Enterprise Evaluation

F is for Fatigue 

G is for Gratitude

H is for Harmony

I is for Introspection

J is for Join

K is for Karma

 ********

L is for Legality

There are a number of aspects that need to be considered by any new business owner. Even if what a woman entrepreneur begins with seems to be more of a hobby than an actual enterprise, it's a good idea to get the legality of running a business up straight away.

The first part is to register the small business as a separate legal entity. It can be as a solo proprietorship, or as a partnership with another person. It can also be registered as a corporation. This will depend on the goods and services that you plan to offer through the business. You may want to take the help of an agent who specialises in registering of businesses.

The type of ownership of the business will further influence the right licencing, insurance and documentation that you would require. These aspects will further determine how you account for sales profits and pay taxes in the future.

Furthermore homemade goods have their own set of regulatory laws. If you are into food production of snacks, you will need to get a licence for it. In case you are making skin care products like soaps, scrubs, perfumes and lotions, there is a different regulatory body that you will need to deal with to get permissions.

Yes, in the beginning it may seem like too much of an effort to get the legalities in order, especially when you are not even sure about what your actual product range is going to look like in six months time. 

However it's a good idea to start as you mean to go forward. By not covering the legal ground in the beginning, you leave yourself open to lawsuits and regulatory action at a later time. That will only cause more problems than warrantied. Remember to constantly update your documents.

The taxes that a business pays are different from the taxes that an individual pays. There are also various perks and tax breaks that you can take advantage of via government policy and rules. In the long term you will be better off if you keep yourself abreast of the latest taxation laws. Remember ignorance does not free you of your liability.

The Exercise 

What You Will Need: A good source of legal information, some time to reflect on the direction you want your entrepreneurship to take

Finding a good Chartered Accountant is not as daunting a task as it may seem. Start out with recommendations from friends and make a call. Tell them what legal help you are looking for. Find out if they can help you procure the documentation required to legalize your business venture.

Not every large firm will be interested in working with a start up. Don't get upset when they refuse to take you on as a client. They know that you are not a good fit for them. Instead look for companies and individuals who specialise in working with woman entrepreneurs. They will have a better understanding of what you need and will be able to educate you accordingly.

Don't put all your eggs in one basket. Yes, you need to be able to trust the word of your legal advisor, but it is also imperative that you study up on basic laws and regulations for yourself. At least initially you need to educate yourself on all aspects of the law as it relates to your business. Speak with your peers. They will be happy to help.

As you establish a relationship with your legal advisor, it will be easier to ask for details and understand exactly what you need to do as a small business owner. Never be hesitant to ask for clarification. It is the job of a good legal advisor to explain exactly what you need to do and why to be compliant with regulations.

K is for Karma

Let's proceed with the next post. The A to Z challenge and writing about woman entrepreneurs. You may read the previous posts here. 

A is for Ambition

B is for Business Plan

C is for Customer Connection

D is for Distractions

E is for Enterprise Evaluation

F is for Fatigue 

G is for Gratitude

H is for Harmony

I is for Introspection

J is for Join

 ********

K is for Karma

There is no sure way to say for sure at the onset, whether your business will succeed or not. Yet it is more than your destiny. That is like considering your Kismet as a preset design. Your destiny is subject to your freewill. It is what you make of your life. It is important to understand that there is no competition so fierce that it will affect the survival of your dream business. There is enough Abundance in the Universe for you and your competitors, to be financially successful. 

Don't fall into the trap of thinking that if the competitors did not exist you would be sure to succeed. Thinking negatively about them, will not affect their business, but it will affect yours. As your attention will fluctuate from ideas to grow and strenghten your business, to wishes about how your competitors fail. It is totally counterintutive to have this sort of thinking clogging up your energy. So stay with the feeling of power, where you know that you can create something wonderful in your journey as a woman entrepreneur. 

Please consider the values that you want to bring into your business. The values that you want your business to reflect. What you want your customers to associate your brand name and products with. Is it quality, attention to details, being environment friendly, value for money, excellent customer service or something else? Now begin to embody these values in your personal life, your dealings with your suppliers, your customers and even your family members. Remember Karma holds up a mirror to you, so what you are giving out will return to your life manifold.

Know in your very spirit that the life and business that you dream to create, is waiting for you. It exits clearly in your thoughts and there are abundant possiblities for you to manifest it in real life. Every mistake that you have made, every mis-step that you have taken, has actually brought you that much closer to having what your heart desires. All you need to do is commit to this dream with all your resources and  wait for it to happen with patience.

The Exercise 

What You Will Need: A pen and paper, some time to think

Owning up to exactly what you want to create is difficult for women entrepreneurs to do. There are just so many layers of expectations that they have to live up to. Your own personal ambitions, the financial goals that you want to meet, the desire to ensure that the work doesn't upset other areas of your personal life. There are so many expectations to meet, and when by chance you fail to meet one of them, it seems like the end of the world.

It isn't. It may seem like it, but it isn't. You are already adept at juggling so many balls in the air that you don't think about it till there are one too many and you lose them all. That's when you look at them bouncing all over the room and wonder, did I take on too much? Would it be easier if I let some of these expectations go? The answer is YES. This is where you decide the ones that you want to keep in the air and passing through your hands. 

So how would you do that? Journal what you would consider your expectations and duties. Now take a look at this list of  questions and hold each of these balls of expectations up to them.

• Is it promoting unity in the purpose of your business and personal life? 
• Does it offer growth for yourself as an individual and for your business as a whole?
• Can it support the commitment that you have made to succeed?
• Would it bring your better health, in terms of physical and emotional strength?
• How does it affect your Self Awareness in terms of both your personal life as well as your business opportunities?
• Who needs you to do this and what do they gain from it?

Based on your answers in the journaling you did, re-evaluate the expectations and discard the unrealistic ones. Do the best that you can do, without getting caught up in the web tangle of disappointment when you occasionally fail to meet your own expectations.

J is for Join

I hope to add to the series more regularly now. The A to Z challenge and writing about woman entrepreneurs. You may read the previous posts here. 

A is for Ambition

B is for Business Plan

C is for Customer Connection

D is for Distractions

E is for Enterprise Evaluation

F is for Fatigue 

G is for Gratitude

H is for Harmony

I is for Introspection of the Ideal Client

 ********

J is for Join

Women are naturally talented at networking. A mother will connect with other mothers in her child's class to car pool. A wife will ensure that her husband gets dinner, even if she is stuck in a meeting on the other end of town. A daughter will ensure that if she's unable to make it back home to her parents, some friend will step in and help them with whatever needs to be done. 

Women have social groups for all occasions and can build up a fantastic support group along the way to deal with all kinds of contingencies. Just as you have a support group for your family needs, you need a support group for your business. I am not just referring to the people whom you employ as part of your business, but also to other associates who may be able to help you when you need it.

Having a business will automatically put you in competition with other business owners for sales. This does not mean that everyone else is automatically the enemy. In fact, spending time with a person who has already been through what you are just about to experience, can be a real eye opener. One good thing about most women entrepreneurs is that they are always willing to share their journey. So take advantage of their generosity and learn from their mistakes. 

As a new comer into their circle, you will learn a lot from these women. This is why it's important for you to network and join up groups in your area of expertise. Some may meet physically each month, others are simply on a group on a popular social media website. It doesn't matter how and where you connect with them, but make an effort to do so. It will teach you so much simply by listening to their discussions. Ideas, that may not have yet come to you, will begin to flow. You will be able to ask for help with suppliers, book keepers, couriers and so much more. The recommendations you get will be solid and based on personal experience.

The Exercise 

What You Will Need: A positive attitude, a  few groups to join, the ability to share in other's success

Owning a startup is lonely, especially in the beginning when you are the only employee of your business. Trying to get everything done at once can be exhausting. Yet you are not close enough to making the type of profits to be able to hire another person to do some of the work. This is where having a support system of other women entrepreneurs can come in very handy. They will be able to tell you about the girl who is willing to work part time for you. The person who can handle your marketing calls for a conversion fee. The best suppliers for your raw materials and so many more relevant details that can help make your business a true success.

Fear and jealousy can wreck great opportunities to make friends with other women entrepreneurs. If you have a positive attitude, are willing to learn, and are ready to build a relationship based on mutual respect, you will attract the right people to you. One way to begin a good relationship is to approach a person you admire and ask her for tips. You can do this online via a private message. While an occasional person may not respond, many will. 

Now that you have received some tips from them, it's time to create some good karma for them by sharing their posts related to whatever they are selling. You can promote their event or workshop on your social media pages. Be sure to add a tag to them so that they know you have done it. Eventually you may build up a relationship where you meet up in person. If you have questions related to taking your business forward, ask them their opinion. Having a different perspective can make a huge difference to the success of your business.

Having a group of women entrepreneurs, who may not be exactly selling what you do, can be a good opportunity to cross sell each other's products and services. You can come up with offer coupons for each other's businesses for existing customers during the holiday season. It will be a mutually beneficial scheme. Besides the help that it can provide for your business, having a group like this can be excellent for exposing you to different people from varied backgrounds. It will help you grow as a person as well. Eventually you will have a community of like-minded people who grow together as they share their experiences.

I is for Introspection of the Ideal Client

Continuing the series, after a bit of a longish break. The A to Z challenge and writing about woman entrepreneurs. You may read the previous posts here.

A is for Ambition

B is for Business Plan

C is for Customer Connection

D is for Distractions

E is for Enterprise Evaluation

F is for Fatigue 

G is for Gratitude

H is for Harmony

 ********

I is for Introspection of the Ideal Client

Having a good idea is not the same as having a successful business. You may have done a lot to develop your idea, design and produce your products and services, but that does not guarantee financial success. You can't sell to the world. You must know that what you are creating in your business is a solution to a problem. A problem that is faced by a specific set of people. Now you need to identify those people in order to sell to them effectively. Introspection is a great way to reach your Ideal Client. 

Your business is not meant for everyone. There are specific people whom you wish to target as clients. Now think about the reason you thought up about this business. At that time you had a certain person in mind. This is the person who would love to buy what you offer in your products and services. What are the features of this person? Think of the demographics, is it a man or a woman? Are they young teenagers or young professionals in their twenties? Is it stay at home mothers in the thirties or mid life crisis fathers in their forties? Are they living in the big cities or the smaller towns? 

Your business may be targeting more than one demographic. However there will be a thread of commonality that ties all of these potential customers together. To figure that out ask yourself a few questions when you introspect about your idea client. Here's a list to get your started. Feel free to add more questions that apply to your business in specific.

• What are values of your ideal customer? 
• What are they passionate about?
• Where do they work?
• What do they do for fun?
• What are they interested in learning?
• Why would they be interested in your business?
• What qualities are they looking for in your products and services?

The more in-depth you get, the more clarity you will have about who you wish to target as an ideal client. Once you have the ideal client defined, it's time to get in touch with them. The best place to start is online. Offer content on a blog which they would relate to. Get on to the social media platforms that they are likely to frequent and speak about your business. It's time to bring the attention of your ideal client to the existence of your business and how it can help them.

The Exercise 

What You Will Need: Time to Develop the Blueprint for your Ideal Customer, Developing the Right Relationship with them

Using the questions that have been set down above, try and create the blueprint for the ideal client. Get inside the head of the person who will be happy to buy from you. What would they like or dislike? How are they likely to shop from you? Will they prefer online shopping or would they rather hold the product in their hands first before buying it? For instance, if your product is handmade and environmentally friendly, think of the people who would appreciate these features. It would be someone who values saving the environment, may be into protecting animals, could be interested in tree plantation drives, and so on. 

Now think of the events where you may bump into these people in real life and speak with them about your products of services. You can book a stall at such an event and connect with potential clients by distributing free samples and your business cards. You may not be able to attend meetings and exhibitions on a regular basis, but getting out in the market will help your business. The second way to stay in touch with potential clients is to get the social media and online presence of your business going.

In order for you to connect with your ideal customer, you need to send out a consistent message to them. Your social media posts should have a commonality of theme running through them which links it back to the backbone of your business. Your customers should  be able to identify what you sell easily. They should value what they buy from you enough to share it with their friends through word of mouth. Each time they shop from you, they should have a similar and satisfying experience. The customer service that you extend to them will also go a long way in harnessing their customer loyalty, not to mention their praise to friends.

Keep a track of any mistakes or mishaps that have occurred with a customer. Ensure that they do not happen again. There can be miscommunication regarding offers, so ensure that your marketing material is clearly defined. Your knowledge of the profile of the Ideal Client should also be able to help you judge what their budget is likely to be. So when you design your products keep that in mind as well. Even if a product solves a problem, the ideal client may not want to purchase it, should it prove to be too expensive for their tastes.