It’s important to acknowledge that running a small business can be extremely taxing in the initial phases, and statistics show that over fifty percent of small businesses do not survive past the first three years. While there might be an inclination to maintain a small and “manageable” operation, businesses with revenues under $50,000 per year often struggle to thrive, whereas companies generating over $10 million stand a significantly better chance of enduring.
Even though the idea of expansion may seem daunting, we aspire to witness more women entrepreneurs transcending the barriers of seven- and eight-figure earnings—and relish the advantages that come with being their own bosses.
Don’t allow these misconceptions to hinder you from pursuing greater ambitions:
Myth #1: Staying small equates to remaining flexible.
Many women entrepreneurs pursue flexibility when they choose to be their own boss. Yet, they soon realize the truth: managing a business poses challenges regardless of its size. In my early professional journey, I found myself trapped because every client preferred to interact directly with me; I feared that expanding would complicate matters further.
It may seem illogical, but growth can indeed simplify operations. While a business consists solely of you (and perhaps a handful of employees), it is dependent on your continuous availability and involvement. Once you’ve expanded and cultivated a dependable team to execute your vision, you’ll gain the freedom to step away from daily operations.
I’ve navigated this transformative journey with multiple startups, and each time, my comfort zone expands.
Myth #2: If I want it done right, I must do it myself.
At work: You’ll find it impossible to achieve freedom if you remain the sole representative of your business; doing so will make your clients reluctant to work with anyone else. It is your duty to establish a culture that allows your team to operate the business as you would.
Forging partnerships with individuals who share your vision is crucial for growth, but perfect collaborations are rare. By adhering to a few essential principles, you can nurture productive partnerships founded on common values.
At home: According to a 2013 study, women earning higher incomes than their partners also tended to shoulder a larger share of household responsibilities. Relinquishing control over these tasks to your partner, family, or hired assistance isn’t a sign of weakness; rather, it enables you to concentrate your energy where it matters most. Focus on the aspects where you provide unique value and invite others to contribute to your life while managing the remainder.
Myth #3: I lack the resources to enter the international market.
The thought of taking your product to global markets may feel overwhelmingly daunting. However, local growth also demands significant time and effort. Consider the energy you’re willing to expend and think about the most efficient avenues for utilizing it.
You could spend your days promoting your product locally while sleeping in your own bed. Alternatively, you could take a red-eye flight and apply that same energy to larger meetings in places like Beijing or New York.
In my experience, my business partner Janine has blended lifestyle with business by securing an apartment in Los Angeles, allowing her to synchronize Gutsii’s product launches in the U.S. with those in Australia. This approach also eliminates the burden of feeling like she has to navigate everything solo!
Myth #4: It’s preferable to be a big fish in a small pond.
Growth requires the willingness to become a small fish in a larger pond. When deciding whom to surround myself with, I prefer those who challenge me. I thrive on collaborating with individuals who inspire a bit of intimidation, as they have much to teach!
It can be daunting to seek out individuals who are smarter, more affluent, more seasoned, or more daring than yourself; nevertheless, the advantages far outweigh the risks. You cannot anticipate the kinds of connections you will forge or the individuals you will encounter.
When Janine took the bold step to relocate to Los Angeles, she was uncertain of what awaited her—what she did know was her desire to engage with more inspirational figures and determine whether our products could thrive in a discerning market. Just five months after her move, she was recognized as a wellness leader in the city, an achievement that would never have materialized had she remained within her comfort zone.
Expanding your business into unfamiliar territory entails both personal and financial risks, representing a considerable emotional weight. The backing of your community is crucial, especially for women. We all benefit from having a network of individuals we can reach out to for advice, resources, and insights to navigate the obstacles of rapid growth.
Ultimately, the optimal way to broaden your community and meet incredible individuals is to step beyond your immediate circles and engage in a larger vision.
