Experts in Execution
Women are phenomenal at multi-tasking and execution. It is a requirement of motherhood to notice everything going on in a single moment, organize it, and then make it happen. This gift can also be a curse. When women start a business, most do not expand beyond a small operation only they manage.
A 2024 Forbes article revealed that just 1.9 percent of female business owners achieve $1 million or more in revenue. This staggering fact shines a light on what women need to do differently—not only to grow as business owners but to bring more of their influence to the business and the world.
What if more women cracked this ceiling? Would there be more companies that recognized the importance of balance between career and family? Would there be flexible work schedules? Lower rates of anxiety and depression? Lower rates of obesity?
Trust but Verify Your Partnership and Hires
In my podcast with legal expert and owner of Framework Legal, Juliet Peters, describes the problem she observes most often: women build lifestyle businesses, where they make a product or service that revolves around them and them alone.
The “I can do it all,” mentality will only get you so far in business. Women need to develop a strategy that aims for growth. This requires letting go of fear and trusting others.
I can speak from experience, this can be a very scary leap for women, especially if you are not experienced in business. Just before the pandemic, I was part of a fitness start-up that showed a lot of promise. However, the man who promised to help them scale—appointing himself as CEO—quite literally took their followers and money and ran. It was horrific.
Peters says this is where investing in legal support is important. Before you trust, verify your partnerships and protect yourself with research and paperwork. It’s worth the time and money.
When it comes to hiring, trust but verify by looking for people with the soft skills that you can’t teach: integrity, attention to detail, creativity, grit, etc.
Invest in the legal services to create contracts that ensure your money, and the integrity of your business stay intact.
Create a Strategy for Scale
Women are less likely to cast a big vision. Many times, for women, the motivation for starting their own business is a small goal, such as being home after school for the kids or taking care of an aging parent. Women are not engaging with a bigger mission or dreaming of an empire.
However, it is a good idea to ask what is possible—if the sky is the limit, what do you really want?
Do you want to take vacations with your kids three times per year, take the whole family on a big Christmas vacation, or own a second home on the beach or in the mountains? Maybe all the above? Women do not typically dream big, at least not for themselves. This can lead women to sell themselves short—not asking for what their worth or building a team and replacing themselves in multiple aspects of the business for more freedom of time.
A solid strategy includes not only hiring the right people but establishing systems, processes, and communication that will support long-term growth. Thinking big isn’t just about the dream, it is also about driving toward efficiency that supports growth.
Set Measurements and Milestones
How will you measure success? While there is a lot to be said about standing up a business and hitting the ground running; however, when growth happens, will you be in tune with where the growth is coming from? Will you know what parts of your business are worth your time versus what is a distraction from the bigger picture?
In Dr. Benjamin Hardy’s book with Dan Sullivan, “10X is Easier than 2x,” they provide examples of several businesses that grew quickly but were operating without efficiency. The examples showcased businesses where teams were facing burnout chasing the quick wins over the high dollar wins. When they let go of the quick wins to focus on their high dollar niche services, they not only grew faster, but they also improved job satisfaction, reduced burnout, and expanded even further with innovation.
Break this down into segments and aim to move three big boulders each day. Focusing on everything generally means you accomplish very little and miss opportunities. It is a tough mindset shift, especially in a world full of distractions that can make you feel productive (like curating your social media feed).
If you build the right systems and processes, almost all aspects of an organization can be measured. It is important to review the data, including budgets and financial data, and being willing to let go of what is not producing efficiently. This might be met with resistance at first but when everyone starts winning bigger and achieving balance in their life, it will be readily embraced.
This is where that “faith over fear” mindset will come in handy.
You Achieve What You Focus On
Ready to Think Bigger?
If you are a female business owner, who knows she wants more but isn’t sure where to start, apply for the Happy Life Agenda Clarity program. During this program, you can begin to tackle your goals, get clear on a pathway forward and really see the big vision destination.
If you believe you are ready to scale or sell and need help with the legal side of your business, contact Juliet Peters at Framework Legal. Her team can help you protect your business assets while also moving to the next phase of scale.
