Successful entrepreneurs...we need to have a little chat. 😠 As a fellow solopreneur trying hard to make my side hustle thrive, I've noticed a troubling tendency among some of you gatekeeping your wins. You hold business secrets close to your chest that could HELP others rather than only benefit yourself. While I understand the need for a competitive edge in the business world, change happens faster if we OPEN doors for each other.
🚪 Here are 7 uncool things I often see entrepreneurs gatekeep, along with real-life examples and actionable tips:
1. Profit Margins
Many new entrepreneurs severely undercharge for their products or services because they don't understand profit margins. A good profit margin for small businesses is around 30%-50%, but aiming for 70%+ can ensure sustainability and growth. For instance, if your product costs $10 to produce, then you should sell it for at least $17 to $20, and ideally for $35 or more.
2. Organizational Systems
Many entrepreneurs use a project management tool like Asana or Trello to streamline operations but do not share this tip. For example, using Asana can help track project progress, while Trello can organize tasks visually with boards and cards. Also, using Zapier can automate repetitive tasks, saving significant time. Personally, I have been using Trello.
3. Fundraising Tactics
Grants are a great start for non-dilutive funding. Websites like Grants.gov and platforms like IFundWomen provide valuable resources. For venture capital, start with angel investors who are more willing to take risks on new ventures.
4. Digital Marketing Strategies
Entrepreneurs use a combination of SEO and social media ads to attract customers but don’t share this strategy. For instance, using Google Analytics to track website performance and Facebook Ads to target specific demographics. Demonstrate how repurposing a single high-quality blog post into social media snippets, newsletters, and videos can maximize reach.
5. Mindset Tips
For example, practicing daily affirmations and meditation can significantly improve mental health. Reading books like "Mindset: The New Psychology of Success" by Carol Dweck or "The Power of Now: A Guide to Spiritual Enlightenment" by Eckhart Tolle can provide new perspectives on handling stress and uncertainty.
6. Collaborations
Entrepreneurs gain a significant boost from collaborations but don't discuss it. For instance, teaming up with a complementary brand for a joint marketing campaign can double your audience. Platforms like PartnerStack can help find potential partners.
7. Innovative Solutions
Countless entrepreneurs create unique product features based on customer feedback but keep the process a secret. For example, using customer surveys and feedback loops to refine products can lead to groundbreaking solutions. Tools like Typeform can make gathering feedback easy and effective.
Why Sharing Matters
Succeeding in business takes a village! The more we generously assist each other up the ladder, the higher we all climb. Sharing your knowledge and experiences not only helps others but also builds a stronger, more supportive entrepreneurial community.
Benefits of a Collaborative Culture
Collective Growth: When we share what we know, we help elevate the entire industry. This collective growth can lead to new opportunities, partnerships, and innovations.
Enhanced Reputation: Being known as a generous, knowledgeable, and supportive entrepreneur can enhance your reputation and attract more opportunities.
Mutual Support: By fostering a culture of sharing, we create a network of mutual support where we can all turn to each other for advice, encouragement, and collaboration.
How to Start Sharing
Host Webinars or Workshops: Share your expertise through online events that can reach a wide audience.
Write Blog Posts or Articles: Document your experiences, tips, and insights in a blog or article format.
Mentor Aspiring Entrepreneurs: Offer your time and knowledge to those just starting out.
Participate in Online Communities: Engage in forums, social media groups, and professional networks where you can share advice and learn from others.
Now let’s get collaborating! 🤝 The more we help each other win, the more we ALL win! 🏆 Who’s with me?!
Speak out in the comments if you also think entrepreneurs should do better sharing the knowledge.
Together, we can break the cycle of gatekeeping and build a thriving, supportive entrepreneurial community.
Learn more about my businesses at https://linktr.ee/a1imah. Shop Amazon skincare essentials at https://www.amazon.com/s?k=Muji%27s+Shea+Essentials.
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