How to be a Confident Business Owner
If you are one of the millions of people who run their own business, then this article will assist you to be a confident business owner.
Unfortunately, if you lack confidence in yourself, this will flow into your business, and you may find yourself doing more than you need to do, undercharging for your services or not taking care of your own wellbeing. holding back from promoting and marketing your services effectively. Being a confident business owner is an important trait to have as let’s face it, if you don’t have confidence in your business or why should your clients or customers?
Here are my top tips for being a confident business owner:
1) Get your pricing right.
Having coached many small business owners for years, I know that setting the right pricing can be an interesting exercise! Due to lack of self belief, and lack of self value, many small business undervalue their services and products. Many fear charging a decent price or putting up their prices in case they lose clients. Unfortunately, as a result of this, they end up working long hours and charging low rates. As a result, many business owners end up feeling resentful or end up closing their business.
It’s important to get comfortable with your pricing and value yourself as the expert in your small business. Make sure you cover all your overheads including direct and non direct costs and factor in your time and expertise. If you yourself dropping prices or giving away discounts frequently, create a PDF document which details your pricing schedule that can be sent out to prospective clients. If you do find yourself just competing on price, then it may be time to position yourself in the market more effectively.
2) Learn to say No!
Many small business owners end up giving away free’ add on’s or doing extra work just because someone ask them too. They may not feel comfortable saying No and as a result, end up literally working for nothing! Care about your time and wellbeing enough that you stick to the hours you have quoted or the time you are actually paid to be with a client.
3) Have Good Terms and Conditions in Place.
Good terms and conditions are the boundaries of your business and set clear expectations between you and your customers. It doesn’t matter how big or small the job is, make sure you and your client are clear on what you can and can’t deliver within the price and scope you have set.
Make sure your terms and conditions also include information such as payment terms, cancellation fees and scope of service. Good terms and conditions will protect your business, define your procedures, limit your liability and explain what you have agreed to do.
4) Become Empowered.
Does you control your business or does your business control you? Pointing the blame finger at your suppliers, clients or employees are all signs of a disempowered business owner who will end up resentful and stressed out!
Empowerment comes from choosing to take responsibility for solving issues that are not working, rather than just feeling helpless or resentful. For example, instead of complaining that your customers are always late paying your invoices, do something about it and put protective measures and processes in place to prevent this happening.
5) Don’t compare yourself with the competition
It’s easy to lose your confidence if you are always comparing yourself to other businesses. Every huge successful business started small so be patient and encourage yourself rather than beating yourself up.
Lisa Phillips is an award winning Confidence and Empowerment Coach. Lisa appears regularly in the media and is the author of The Confidence Coach book ( Exisle Publishing). To find out more about Lisa and her work, please see www.amazingcoaching.co.uk