Research, anecdotes and lots of listening and chatting have shown us that women entrepreneurs are often motivated to leap into the world of small business by three things. These are:
a desire to make a difference in the world,
a vision of establishing work life balance, and
a dream of creating a profitable business to boot.
Yet time and time again we are hearing that it's just not happening… for whatever reason, the balance between those three things is a tough trio to manage.
Why is it so challenging for women entrepreneurs to combine profit, purpose and work life balance in small business?
There are several reasons why this magical combination isn't eventuating for women in small business. Here are the most common reasons we have come across:
lack of business planning! Traditional models of business planning on the whole do not take into account that the modern woman wants work life balance AND business profit, and there is largely no room within a business plan to carefully set out the hours you want to work and to prioritise things outside of work alongside business success http://loveyoursmallbusiness.com/business-planning/business-planning-women-traditional-models-cater-women-business/
lack of clarity around personal purpose and vision of exactly what your ideal work life balance looks like – how can you create something if you are unclear on what it looks / sounds / feels like
lack of clarity around how to combine conscious / ethical / purposeful business with business profit. The ideal of conscious entrepreneurship is commendable and entirely possible BUT requires careful planning to ensure the right balance is struck. If your business is highly successful in terms of the purposeful part, but you struggle to rub two dollars together, you may find you are unable to continue making the difference you strive to contribute.
Can women in small business have it all?
We believe women in business can have their cake and eat it too, but it does take careful planning. And it might not be enough to go with a traditional business plan as you may well find this doesn't address your values or create a strong enough foundation for you to combine a profitable, purposeful, conscious and balanced way of working.
If you desire work life balance, business profit and want to make a difference, ensure that your business planning takes all these, and any other values that are important to you, into account so that you can clearly establish your business to work in the way you want it to!
If you'd like support with your business planning, and believe you can create a profitable, lifestyle business that allows you to make a difference in the world, please feel free to email us for more information (email@example.com), or sign up for our 5-day dreams to reality e-course at the top of this page!
Do you believe women in business can have profit, purpose and work life balance?
Are you driven by a desire to generate balance, purpose and profit through your business?
Do you think there must be a trade off or do you believe it is possible to achieve all three?
How would you rank the importance of profit, purpose, and balance within your business mission?
Do you believe that purposeful business planning is important to create this magical combination?
We'd love to hear your thoughts so please drop a comment below or get in touch!
Jo and Janine