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Know Your Worth & Then Add Tax: 5 Lessons To Wrap Up 2016

As 2016 comes to an end, it is the perfect time to reflect on the lessons I have learned in business.

You Are Not Super Woman
OK, maybe just a little bit. Especially if you are a mom, work full time, and are striving to start a successful small business. It may seem like the right thing to do- trying to juggle everything yourself but the truth is, you will only tire and burn yourself out. It’s ok to delegate certain responsibilities out to others, in your personal life and in your business. If building websites aren’t your thing, spend the necessary funds and hire someone to do it for you. If running your social media pages takes too much time out of your busy day, hire a part time social media manager who has experience in doing these things for you.

Your Only Competition Is You
 It is so easy to become distracted watching what others are doing in your field and truth is, you should be watching. You need to know how the trends are going in your market. By watching though, do not become consumed with others. There is nothing new under the sun so chances are, someone is already doing what you are doing but your focus needs to be on what makes you different. What stands out about your brand that sets you apart from every other person in your field. Focus on genuinely growing your business and not on trying to one up your competitor.

 Get Hungry Or Be Hungry
Maybe this should have been the first point but this is simple: turn your thoughts into action or they will pass you by. If you are naturally creative person, many great ideas are going to come into your mind and like many creatives, you can spend too much time trying to figure out just how to launch your great business. Just do it! Write out a simple business plan and take the leap of faith. If you spend too much time over analyzing your plan, eventually you will lose motivation to start or start to feel that you are unable to accomplish your goal.

Know Your Worth And Then Add Tax
When you are starting out, it can be hard to figure out what you are worth. At times, you may feel like you need to short change yourself in order to become successful. The key to this is to find out what individuals in your market are charging for particular services. You want to stay relative. But if you want to charge more, make sure you are adding additional value to your service. My rule of thumb is this: every transaction should make a difference. So if I am not charging enough to make a notice in my bank account, it is time to up my services.

Don’t Quit Your Day Job
Becoming an entrepreneur is hard! It definitely takes courage and guts to walk away from the conventional and strive for the unconventional way of living. Do not be misled to believe that the only way you can be a successful entrepreneur is by quitting your day job. You need income to fund a business so until you are making triple what you currently earn at your job, it may be best to stay put until it is necessary to leave.

What are lessons you have learned in 2016?

With love,

-Shanicia

Shanicia Boswell
ADMINISTRATOR
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Hi, I’m Shanicia! I live in Atlanta, GA. I’m a fulltime mom to one pretty rambuncious little girl. I love cooking, coloring Mandalas, and reading. To find out why I started Black Moms Blog, read our very first blog post!

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