Social media advertising, online advertising, and events are the top things that help spread the word about a business and help them achieve their goals. However, each of those things typically costs money. Even running a banner ad on social media isn’t cheap, if you want it to run long enough and reach far enough to make an impact. But, not all women are comfortable spending money on their own business. One survey even found that, when it comes to calculating their own salary, female entrepreneurs pay themselves 28 percent less than their male counterparts. The women said that they felt in order to compete with male-owned businesses, they needed to charge less for their goods and services, resulting in smaller pay for themselves.
So, even women who go off on their own and begin their own businesses are creating forms of glass ceilings for themselves. There could be many complex psychological reasons behind this, but the important thing is figuring out how to put a stop to it. We spoke with Domonique Worship, a Career and Leadership Development Coach, about how women can get comfortable spending money on their business.
Think big picture
“Once you’re a business owner, you’re a CEO, and you have to step into that CEO energy and make executive decisions. It’s really important to have a growth mindset and think big picture,” says Worship. She shared that something that helped her grow her business was thinking about Return On Investment (ROI). “Everything that you do should have an ROI.”