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4 Incredible Things That Happen When Women Entrepreneurs Prioritize Community

Posted: 08 May 2020 01:07 PM PDT

During a ceremony at the Cartier Women's Initiative Awards that took place in May 2019, 21 women took the stage to be honored as finalists in the competition among female founders. The women set a prime example of why female entrepreneurs are choosing community over competition.

Across the world, the number of startups run by women still falls well behind the number of male-led startups. For that reason, most women entrepreneurs tend to be incredibly supportive of one another, though stereotypes of "catty," competitive women persist. Healthy competition between businesses is natural and can push everyone to achieve more. But female entrepreneurs know that there is room for everyone at the table.

Female founders know all too well the unique hurdles businesswomen face, such as a lack of networking opportunities and mentors, the challenge of balancing work and family, fears of failure, and limited access to capital. In the United States, companies founded by women only received 2.7% of the total capital invested in venture-backed startups last year. But women are working to shift these stats, with women-led funds and incubators on the rise. 

Creating a community that can help you connect with these resources, grow your business, introduce you to new people and concepts, and even challenge ideas is essential – especially if you are not starting with a huge network.

How women benefit from building a community

Entrepreneurship can make dreams a reality, but the journey can be a nightmare at times. Even with a team, founders often struggle with feeling isolated as the leader, facing one challenge after another, and never quite knowing whether they will make it.

And entrepreneurs often second-guess themselves and don't have anyone to bounce around ideas with, leading to missed opportunities. But when you know you have a supportive community to lean on, you feel empowered to take more, smarter risks.

When you go to networking events, don't be afraid to ask for business cards or LinkedIn info, and reach out to people if you have a question or idea. Don't worry if it feels awkward; build on initial connections to turn a casual friend into a trusted colleague. 

Be sure to support others as well. Be an active part of other women's social media networks by liking, commenting on and sharing posts. According to research by Facebook, the Organisation for Co-operation and Development and the World Bank, social media is more significant for women-owned small businesses than those owned by men, with 81% of female entrepreneurs saying it helps their businesses. 

Here are four amazing things that happen when women entrepreneurs prioritize community, and how female entrepreneurs can take full advantage of them.

You do not have to learn everything on your own.

When you launch your own business, you have to do every job – from accounting to production – and do it well. Most entrepreneurs don't have the full spectrum of expertise in jobs they must perform to grow a business. Fight the temptation to figure out everything on your own. There are plenty of women out there who have the skills you need, and they're willing and eager to help other women succeed.

Find networking events geared toward female entrepreneurs, and explore platforms such as Female Foundry, which provides training and resources to women entrepreneurs. This topic is near and dear to me, which is why I launched the Enthuse Foundation to support the growth of women-owned businesses.

Get the inside scoop on your industry.

When you're part of a group that's sharing about a specific industry or consumer group, you get access to insider information. Industry-oriented networking for women is a growing trend, and tapping into these networks of established professionals can open hard-to-access doors.

Although memberships might be pricey, it's worth the investment for access to high-level individuals and the industry insights they can offer. The Female Founders Alliance is one such organization that offers an accelerator bootcamp for programmers in addition to strong social media engagement and regular events.

Find or serve as a mentor.

Helping others is tremendously rewarding. Being a part of a larger community allows women to learn from those who have gone before them and give back to those coming up behind them. Yet, nearly two-thirds women who were surveyed in a Development Dimensions International study said they've never had a mentor. The same survey discovered that 54% of women said they have been asked to mentor other women only a few times throughout their careers, and 20% said they have never been asked.

Many women-oriented coworking spaces allow entrepreneurs to engage with others and develop reciprocal mentoring relationships while simultaneously building their businesses. In fact, it was a coworking space that helped bring two entrepreneurs together in New York. Nicole Gibbons and Eunice Byun met at a networking event and realized they worked near each other, just at separate locations of the same coworking space.

They became fast friends and now seek out each other's advice. Their companies were at the same stage when they met, so they share advice on everything, including investors, vendors and where to find a great acupuncturist.

If you're in a rural area or can't afford a co-working membership, there's no need to miss out. A number of mentoring apps and resources allow women to connect when it's convenient for both parties and offer custom mentoring relationships. You can find long-term mentoring, project-based mentoring or mentoring in a specific business function, such as public relations or finance.

You can party together.

Every win matters, and someone who has faced similar challenges will be as excited as you about your achievements. And it's a lot more fun celebrating a milestone at happy hour with a friend or two.

Anne Welsh McNulty did not get any kind of friendly welcome when she first got a job in the corporate world. A woman who outranked her gave her the brush-off. And failing to reach out to other women on her level at her firm meant she didn't realize they were suffering from the same poor treatment as she was. Vowing to change things, she started hosting women-only lunches for colleagues and implemented an open-door policy with new women in her firm. These actions improved communications and reduced anxiety as women discussed problems and solutions.

If getting together in person is difficult with your schedule or others' schedules, embrace social media to share successes, wisdom, and questions. There are a growing number of groups on LinkedIn and Facebook for women entrepreneurs, and even reading a "Congratulations!" from people who get it can be powerful encouragement.

When you see another woman celebrating, be sure to join in. Every advancement a woman has as a founder is a win for all. Rebecca Minkoff, creator of the Female Founder Collective, is setting a great example of this by partnering with Yelp to highlight when a business is owned by a woman. 

Women face unique challenges as entrepreneurs, but when a community of women comes together to support one another, we can feel more confident, capable and empowered to meet business challenges head-on. 

How to Market Your Website on a Shoestring Budget

Posted: 08 May 2020 12:45 PM PDT

Are you looking for a way to improve your marketing strategy, but you're working with a limited budget? If so, you're not alone. Plenty of business owners want to get more traffic to their website, email subscribers and customers. 

The problem that many people run into is they don't anticipate the cost of running full-on campaigns across email, social media, and their site. As a result, they get hung up on where they should distribute their funds. 

I am going to show you a few tricks you can use to market your website on a shoestring budget. You can pick and choose the techniques that work best for your brand based on your industry and audience size. 

Work with influencers

First, let's talk about social media. You know that social media is one of the best ways to generate new leads for your business. The best part about platforms like Facebook, YouTube and Instagram is you can promote your brand without breaking the bank. 

Across all of these different platforms, there are internet celebrities known as influencers. These people create videos or written content for their audience where they talk about products, brands, or simply provide commentary. 

There are several different types of influencers. The classifications are based on the size of their following. Celebrity influencers have over 500,000 subscribers, while nanoinfluencers have between 500-5,000 followers. 

You can hire influencers to promote your brand for fairly cheap. If you work with a nanoinfluencer, they will share a Facebook post promoting your brand for an average of $31. Compare that number to the average $2,500 cost of a celebrity Facebook post, and it's easy to see you're getting a bargain.  

The key to finding the right influencer is in their content. Try to look for people that regularly post content that resonates with your target audience. For instance, a pet store would likely target an influencer that has a channel that covers animals. 

Even if the influencer has under 5,000 followers, you have a much better chance of marketing to people that resonate with your brand message and can find value in your product. 

Host a social media contest

Social media is also an excellent place for running a viral giveaway. There are over 3 billion people across all social media platforms, so you can reach your target audience if you have the right message. 

Contests are excellent marketing tools because you can use something from your online store, or a subscription to your service, as a price to entice your followers. 

You don't have to worry about spending a ton of money promoting the post either. When you create your event, make a rule that lets consumers share your event for a chance to enter. When people share your post, you'll get free exposure for your website. 

If you want to get even more value from your giveaways, consider asking for email subscriptions as another entry method. Simply asking consumers to subscribe for future offers and promotions for a chance to win a prize is bound to help you add more prospects to your lead list. 

Add an email opt-in

Email opt-ins can be an excellent way to encourage visitors to stay engaged with your brand. When someone lands on your website, is there something visible that encourages them to subscribe to your email list for deals and content? 

It's worth thinking about creating a form like this for your website. A staggering 60% of consumers sign up for email lists strictly so they can take advantage of deals and promotions. 

Once you get enough people subscribed to your list, you can start customizing your campaigns for different subsets of audiences. This practice is known as lead segmentation, and it's vital to creating content that resonates with individual consumers. 

You can split-test different contact forms, calls to action, and placement when you create an email opt-in. Some people find that changing the color of their call to action was enough to boost their conversion rate, which leads to more subscribers and potential sales. 

Master engagement

Getting consumers to engage with your brand can help your business grow, but engaging with your audience can exponentially boost your results. 

There are countless ways to engage with your audience. The first, and perhaps the most powerful way, is through social media. You're likely posting content regularly for consumers to read and comment on, but do you ever comment back? 

A response from a brand can help build trust and help those consumers remember you in the future. People want to buy products from businesses that show they care about what their customers think and feel. 

You can respond to simple messages or even help consumers that have questions about your product. Research shows that 33% of consumers prefer to reach out to brands on social media instead of calling an office. 

Improve your engagement by showing users that follow you on social media that you are interested in having a conversation and building connections. 

It's also important that you talk to the people who visit your website. Check your blog posts for comments daily and respond to people that leave you feedback or ask for clarification on specific points. Responding to these subscribers will encourage those people to come back and read future posts because they know you will engage with them in the future. 

The best part about marketing your business through engagement is it doesn't cost anything but time to talk to your fans and potential customers. 

Ask for testimonials

While you're engaging with your followers, you're bound to get people that say good things about their experience with your company. These testimonials are perfect for marketing your brand. 

You can share positive feedback on social media, which will help build social proof. Essentially, social proof is a phenomenon where people are likely to get interested in a product or service if they see someone else having a positive experience with that brand. 

Sales pages are also excellent places for testimonials. If someone is interested in your company, but they're not sure if they want to buy something from you, feedback from others can change their mind. In fact, testimonials can improve your sales page conversions by up to 34%. 

If you don't see many reviews from customers, consider emailing a feedback form. Let your customers know that you want to make sure you're doing everything possible to satisfy their needs and ask for their feedback. Once you start getting responses, you can start a conversation and ask if you can use the feedback on your website or social media. 

Conclusion

Marketing your business on a budget may seem difficult at first. It takes practice to balance out your social media followers, email subscribers, and on-site visitors. With practice, you can learn to reach new prospects across all of these platforms. 

The most important thing you should remember is new leads don't always pop up overnight. Sometimes you have to experiment with different aspects of your marketing strategy for maximum effectiveness. 

As you gather information about your target audience, you can fine-tune your strategy for even more conversions and sales. Take the time to use these inexpensive marketing tricks if you want to reach new followers, grow your email list, or increase sales on your website. 

 

A Survival Guide for Brick-And-Mortar Retailers During a Pandemic

Posted: 08 May 2020 12:36 PM PDT

COVID-19 arrived and stopped everything abruptly. It didn't give people – or businesses – enough time to prepare and adjust to the sort of changes that we will be going through at least for the next several months. Opinions vary on that aspect, but there is one thing we know: This will change the way people behave and buy.

Some things won't go back to normal. Brick-and-mortar businesses may have the shorter end of the stick. Especially those resistant to change and stubbornly unwilling to embrace e-commerce. With thousands of stores closing every week, and many other businesses halting operations until further notice, it's no secret that this sector is going to have to implement some serious innovation to adapt.  

The U.S. Department of Labor reported that since early April, nearly 10 million initial unemployment insurance claims have been filed. It's only logical: You either keep swimming or you sink.

There's now a growing need for remote interactions, and this is could be the perfect chance to stay afloat in times of uncertainty. Let's see this as an opportunity to empower and expand your brand, rather than waiting for things to settle.

Here is a list of actions to survive, adapt, and overcome.

Keep an eye on your customers

This is a massive event that will affect consumer behavior around the world. Their problems are changing, and so, too, should the solutions.

Here are some things to consider to maintain customers' loyalty.

People are spending more time on their computers.

Therefore, your customers are turning more and more to ecommerce. Listrak reports a 40% increase in e-commerce revenue since the U.S. declared a state of emergency.

Consider every detail of the changes your consumers are facing.

People are spending more time at home, cooking more, homeschooling, etc. Their lives turned upside down out of nowhere. Understand their new problems to offer innovative solutions.

Go the extra mile for your consumers.

Not only focus on the practical problem. Overcome the emotional one too. People are getting fired. They feel frustrated with their kids at home, they might be nostalgic for a family member. What relief can your product offer?

Learn to find new patterns.

This is important information to help you have a strategy. Focus on your ideal consumer group and think – what's their situation?

  • Are they working from home or essential workers?
  • What are their concerns?

This situation is creating patterns that will set the pace on how the economy will recover after we overcome the virus.

Take the bull by the horns

Although online shopping and ecommerce is not something new. There is a good chunk of the market that was reluctant to try it, and now, it seems to be everyone's option. However, just as any solution, it needs to be tailored to your business needs.

Amazon is a great platform to start selling online, but the competition is tough, so you'll need a plan.

Even if you already made the leap to e-commerce, these steps can help you boost your visibility.

Step 1. Check with your vendors or manufacturers.

Ask where they stand on production or stock and how the coronavirus will impact their business so you can be prepared.

Step 2. Look for alternatives.

China, the manufacturing giant, is not back up to pre-coronavirus production levels, so consider other sourcing options. 

Step 3. Be creative with your digital marketing campaign.

Maybe you can launch an online special collection or product that can make this crisis easier to manage, and don't forget to improve your site's SEO and loading speed to a minimum!

Consider using PPC, if you're not doing it already. This strategy is key to give your site visibility. The good thing about this is that there are a ton of ways to change your strategy.

Step 4. Keep product pages updated.

Make sure your customers have all the necessary information to make their experience as easy and enjoyable as possible. Specify size, materials, colors, sizes, and pictures or even add videos to your product pages.

Step 5. Address tech issues.

Make sure you take the time to get familiar with the platform you use. Have the right logistics and shipping agreements to avoid any delays in shipping, and make sure you comply with terms and conditions. That said, now is a good time to update your shipping policies.

Remember, times are different. Maybe is not a good idea to keep shipping times guaranteed? If you follow these steps, whether this is your first time selling online or not, you can gain more traction for organic growth.

Don't be afraid of change

A very powerful silver lining to this stressful situation is that this is the best time to carry out any adaptation you had been too afraid to try.

Maybe you didn't want to bother your customers or you just didn't want to interrupt your flow. Your customers are open to change more than ever, so approach them and converse with them. Listen to what they want and try out new ideas. For example, digital content can be your friend, even if it isn't the core of your business. It can become a great added value for the essence of your brand.

Creating low-cost/free webinars or videos related to your brand or product kills two birds with one stone. You may find that your customers will be grateful, which can mean a lot in long-term relationships. Show them how to use your product in a way they hadn't previously considered. 

Last but not least, stay positive

Certainly, the coronavirus crisis has not been easy on anyone. Social and economic systems are changing, and it will be difficult, but this is nothing we cannot manage.

 

Follow this simple guide to turn your brick-and-mortar business digital. It's not about how you can cope with this crisis; rather, it's how you can maximize this new way of interacting.

How to Avoid Burnout When You're Working from Home (And Can't Leave)

Posted: 08 May 2020 01:00 AM PDT

  • Burnout is a state of emotional, mental, and physical exhaustion that is typically caused by excessive and prolonged stress.
  • Burnout is characterized by three main dimensions: exhaustion, cynicism (or less identification with your job functions) and feelings of reduced professional ability.
  • To avoid work burnout, you should set boundaries, change up your work environment, and take time for yourself.

Everyone has stressful days at work where you feel overwhelmed and exhausted by your tasks. But when this feeling becomes chronic or unavoidable, no matter what you do, you may be experiencing job burnout. Burnout can cause people to feel constantly stressed, exhausted, and unable to cope with the demands of a job and life.

Because much of the country is currently under quarantine, thousands of workers have made the shift to remote work. This is causing significant added stress in many ways: Employees have had to figure out how to make their jobs work remotely, balance working with round-the-clock childcare, and are dealing with the general stresses of a crisis, such as whether their job will survive the economic downturn and if their loved ones will be healthy throughout the pandemic.

All of these added stresses can contribute heavily to employee burnout since employees are suddenly faced with more stress than they had before.

Here's how to spot burnout and what you can do to avoid it.

What is burnout?

Burnout is a state of emotional, mental and physical exhaustion that is typically caused by excessive and prolonged stress. Job burnout, in particular, can also involve a reduced sense of accomplishment and loss of personal identity or task ownership. Burnout may also present itself with physical symptoms, such as headaches or stomachaches as a result of stress.

Burnout is not an official medical diagnosis and can sometimes be linked to or exacerbated by other mental health conditions such as depression. 

Symptoms of burnout

Burnout is characterized by three main dimensions: exhaustion, cynicism (or less identification with your job functions) and feelings of reduced professional ability. Put more simply, if you're feeling drained, are starting to hate your job, and feel like you can't do your job well, you are showing signs of workplace burnout.

Other common signs of burnout include:

  • Alienation from work-related activities. Burnout causes you to view your job as a recurring, serious point of stress and frustration in your life, and can cause you to develop cynicism around your work and the people you work with. This may cause you to emotionally distance yourself and feel numb regarding your work.

  • Physical symptoms. Burnout is a result of chronic stress, which often manifests itself in physical symptoms such as headaches, stomachaches or intestinal issues. You might experience changes in your sleep habits or appetite. Additionally, prolonged severe stress has been shown to lower your immune system, leaving you vulnerable to physical illnesses like colds or the flu.

  • Emotional exhaustion. Burnout will also push your emotional capabilities past their limit, making you feel drained, unable to cope and tired. You might also feel detached or isolated from other people close to you, like family members or co-workers.

  • Reduced performance. Because burnout causes you to feel physically and mentally incapable of work, it almost invariably causes a decrease in the quality of you work, which can, in turn, compound the existing symptoms. You may have reduced focus and a lack of creativity, and feel negative about any tasks you need to complete.

  • Behavioral changes. You may find yourself withdrawing from your responsibilities, isolating yourself from others or taking your frustrations out on loved ones and family, or skipping work. Some individuals experiencing burnout may also use alcohol, drugs or food as ways to cope with what they are feeling.

The 5 stages of burnout

It is important to note that burnout manifests itself differently in each individual, so the signs and symptoms may vary. However, these are the five most commonly observed stages:

  1. Honeymoon phase. When we start a new job or task, we often begin by experiencing high job satisfaction and motivation to do good work. During this phase, you might feel a strong commitment to the tasks at hand, a desire to prove yourself, lots of creativity, optimism and plenty of energy.

  2. The onset of stress. The second stage is where you begin to feel some stress and lose some of your initial optimism. You might feel some common stress symptoms such as anxiety, fatigue, forgetfulness, headaches, an inability to focus or sleep, and you may avoid social interaction or decision-making.

  3. Chronic stress. This stage is a marked change in your stress levels, where you are experiencing severe stress on a highly frequent basis. Your symptoms from stage two may become more intense, and you might also experience apathy, aggression, feeling pressured or out of control, persistent tiredness, resentment, social withdrawal, or take up escapist activities like drugs and alcohol or excessive eating.

  4. Burnout. Stage four marks the point where symptoms become critical and carrying out your life as it was before is no longer possible, making this the stage where you should seek intervention. Symptoms include behavioral changes, chronic headaches or stomach problems, neglect of personal needs, a desire to "drop out" of society or life, feeling empty inside, significant self-doubt, energy depletion, chronic fatigue and a pessimistic outlook on life.

  5. Habitual or chronic burnout. The last stage of burnout means that the symptoms are so embedded in your life that you are likely to experience a serious physical or emotional problem rather than sporadically experiencing workplace stress or burnout. Chronic burnout symptoms may include burnout syndrome, chronic mental or physical fatigue, or depression.

How can working from home contribute to burnout?

Working from home, when done correctly, can be a great way to balance the demands of work and your personal life, but it takes careful consideration and implementation of boundaries. Because the coronavirus pushed many people who don't normally work from home into doing so, you likely came into this situation without those boundaries in place, which may make you feel as though you need to be available at all times or that you're isolated.

"The isolation and ability to work anytime and anywhere can definitely lead to burnout if you're not careful," said Angela Mastrogiacomo, owner of Muddy Paw PR. "Because remote workers don't have that community support and energy to draw off of, and because their home has now become their office, it can become easy to tell yourself you'll just work a little bit more, and before you know it, you've been working 14 hours straight."

Working from home, especially during quarantine, can also mean that workers are trying to get work done while caring for children or other family members, as well as dealing with external stressors, which can leave you feeling like you're burning the candle at both ends and blur – or completely erase – the line between work and home.

"Oftentimes, workers' workspaces are in their living rooms, which makes it difficult to take breaks and separate from your workspace," said Drew Cheneler, founder of SimpleMoneyLyfe. "Add on the distractions of family and watching the kids, and it's hard to stay focused and enjoy a true work-life balance."

Tips for avoiding burnout

There are steps you can take to avoid occupational burnout early and keep it from affecting your personal or professional life. The best thing to do is to be proactive and build up your mental resilience.

  • Set boundaries. If you are new to remote work, the first thing you should do is set firm boundaries around your working hours, when you can be contacted with work matters, and whether you need to isolate yourself from family members while you work.

  • Break up your day. "Break your days up into blocks and make sure you give yourself one to two 30-minute breaks," said Cheneler. "This will allow you to tend to chores around the house or deal with family. A break is also great to clear the mind and refocus on your project or task." Taking walks or getting outside for a few minutes, if possible, can also be beneficial for relieving stress and giving your mind a break. Take a walk, even if it's just up the driveway for the mail, or around the block.

  • Develop strong coping mechanisms from the start. If you have just entered a new job that you know will be stressful, or are a person generally prone to stress, it's imperative that you develop strong coping mechanisms that will help keep the stress from growing into burnout syndrome. The American Medical Association recommends deepening your emotional self-awareness, learning how to self-manage your emotions, practicing empathy, staying connected with team members and learning about conflict management techniques.

  • Take time for yourself. It is vital that you allow yourself the space and time to do things you enjoy, for yourself. Whether that's taking a walk, reading a book, or putting your laptop away in a drawer for the entire weekend, doing things that are unrelated to work can have a major beneficial effect when it's time to return to work the next day.
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