6 Mind Traps That Could Sabotage Your Business

While women have great entrepreneurial potential, one entrepreneur says they often fall into "mind traps." Here are six to look out for

If you’ve been in the consulting business for any amount of time, you already know how tough it is to be an entrepreneur with a passion for helping people — let alone doing it all as a young woman. We’ve got the enthusiasm, the expertise and even the networks, but somehow these assets don’t necessarily translate into financial success in our consulting businesses. Why is that?

Something I’ve noticed—especially among women—is that we often get stuck when trying to grow our practice; not for lack of knowledge, but simply lack of confidence. We get stuck because we’re holding a subconscious belief that we shouldn’t be charging for something that we love doing so much we’d do it for free. Other times procrastinate on starting that Big Project due to a fear of failure.

While women have great entrepreneurial potential, we often fall into various “mind traps”  that sabotage our businesses and keep us from doing what we need to do to achieve our full financial potential.

Here are six mind traps to watch out for.

  1. You’re not selling. Most women hate selling with a passion. We’d rather make friends with people and have them turn into customers organically. As a result, we often find it difficult to put ourselves out there and market our businesses and ask for sales.
  2. You’re not charging enough. Women often have a hard time asking for what we’re worth. According to research by negotiation expert Linda Babcock, women are two-and-a-half times more likely than men to feel “a great deal of apprehension” about negotiating. This is very common in salary negotiation and also shows up in how we price our expertise, services or products.
  3. You’re not charging at all. When you’re starting out as a consultant, it can be easy to fall into the mindset that you have to offer your services pro-bono or at a deep discount to get some experience or encourage word of mouth marketing. The problem with that is if you provide too much value to your customers for free, they won’t want to pay you when you start charging for it.
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  • Vernetta F.

    Great tips. #6 held me back for too long. I alway chose jobs that paid good money over what I wanted to do. Now I am doing what I know I was created to do. It is stressful not having that financial security and learning how to navigate this new world but I am glad I am doing. I have peace in my heart knowing I left a well paying job to make my dream a reality. Thank you for the article. Everyday I read another article letting me know I made the right decision. ~♥womenaregamechangers.com

    • Patsy

      A message for Vernetta: the best way to make a secure career transition is to keep a good paying job part time while you are developping your new career.

  • Crystal

    Wow! This article is describing me right now. I have took three months to build my business and now i’m scared to take the next step for fear of failure. I have gone back and forth with prices, which way is best to get customers, and peoples opinion about my decision but this has really inspired me to take the next step.
    Thank you!

  • patricia

    Useful mind female traps, there is anotherone I have noticed is giving too much, sometimes the whole pie to potential prospects and feeling frustrated if they do not buy!