3 Ways to Get Your Business Out of the Red and Into the Black

Women are starting new businesses at record breaking speeds. Women Entrepreneurs Statistics: Equality in 2022, shares that there are currently 12.3 million women-owned businesses in the US, and 114% more female entrepreneurs in the US today than 20 years ago.

With all of the new entries, it would be logical to assume that these new businesses are thriving. But, in reality 88% of these businesses owned by women generate less than $100,000 per year in revenue. What? Why is that? Is it because the new businesses that have been started by women are designed to augment their full-time salary? No! The women in business statistics show that 62% of them count their business as their primary income source.

So why are women-owned businesses not making more money? We were curious, so we did our own survey on this topic. The top responses we received when the question was asked, “Why are you not making $1M+ in revenues?” were:

• “I am exhausted and still not doing enough.”
• “I can’t seem to get out of the red.”
• “I feel very lonely and embarrassed that I can’t do this on my own.”

Does this sound familiar? The reality is that if a business wants to make more than $100,000 in revenue, the owner needs to know when it is time to scale. Most owners have a fear of scaling. They are afraid that they will not be able to be successful, not make money, and be embarrassed if they don’t achieve their desired revenue results.

These are all self-limiting beliefs and totally normal to have when trying something new. They can be overcome with the right support. But, the business will never be able to grow and make more than $100,000, if the owner doesn’t move forward, dig in, and scale the company.

Three ways to ensure your company moves from the red and into the black are:

1. Reinvest. Profitable business owners consistently invest in themselves and their business. By maintaining a learning focused attitude, business owners are more likely to try new things and re-invest in the ones that are working for them.
2. Create an upsell strategy. What you sold today, should not be what you sell tomorrow. Businesses who want to scale and grow, must develop an upsell strategy. This keeps the customer’s needs at the top of the priority list and as a result creates greater customer loyalty.
3. Adopt a Million-Dollar Mindset. If you don’t believe in yourself, no one else will either. Practice thinking from a position of already bringing in millions in revenues. What decisions would that owner make?

If you would like to learn more about how to accelerate your revenues, reach out at [email protected]. If you would like to join our complimentary professional women’s network for free training, resources, and to connect with other women just like yourself, visit Power Your Pay.