What is the clincher between what a woman and a man each earn as owners in their businesses? Are you an entrepreneurial woman? What conversations can you have right now that will make a large impact in the global industry of female entrepreneurs?
In this podcast episode, Joe Sanok speaks with Racheal Cook about ending entrepreneurial poverty for women.
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Meet Racheal Cook
As an award-winning business strategist, host of the Promote Yourself to CEO podcast, and best-selling author, Racheal Cook is on a mission to end entrepreneurial poverty for women. Over the last 10 years, she has helped thousands of female entrepreneurs design predictably profitable businesses without the hustle and burnout that doing #allthethings inevitably accomplishes.
In fact, Racheal is a sought-after speaker on entrepreneurship, marketing, and productivity and has been featured by the US Chamber of Commerce, Forbes Coaching Council, Female Entrepreneur Association, and more. Her real passion, though, is supporting savvy, soulful women as they implement the strategy, systems, and support to uncomplicate their business so they can work less and live more.
Listen to the Promote Yourself to CEO Podcast.
In This Podcast
- Aspects of entrepreneurial poverty for women
- What perpetuates the difference between men’s and women’s income?
- What can be done to change things?
- Rachael’s typical business strategy
Aspects of entrepreneurial poverty for women
Some businesses are simply not bringing in enough income to support the women who run them. Even if a business is bringing in $50k, the owner may only be taking home $20 – $30 a year which is not enough to sustain a family or future on.
Time and energy poverty
Time and energy poverty go together in the sense that the more time you spend on your business, trying to get it off the ground, the more depleted your energy becomes.
Burnout is skyrocketing right now, like the clinical burnout to the point where people just can’t function and I’m seeing this happen so badly in the entrepreneurial space with women because we’re in this unique space where … for a lot of us we’re starting and growing these businesses while we have children at home and while we have aging parents that need our support too. (Racheal Cook)
What perpetuates the difference between men’s and women’s income?
Fresh Books’ survey of the invoices sent out on their platform yielded an interesting find: women charged 28% less for the exact same products and work as men did.
The reasons they were charging less: some of it is just that they don’t feel confident enough to charge higher but a bigger reason is because they feel that they can’t charge more without being perceived as greedy … that is a huge problem, [with] that money-mindset block in the way. (Racheal Cook)
Over and over again it has been seen that women tend to be less confident to do the same job that their male counterparts do.
Women begin to sell themselves short in comparison to the worth of their time and energy, which compounds the problem where women do not go for the opportunities available to them as often as men do, further dispersing the issue of unequal pay and opportunities.
What can be done to change things?
I think one of the most important things women can do is talk more about money. This is something that historically has been [shunned] … it [was] rude or inappropriate to have conversations about money but I have seen over and over again: when women don’t talk about money … [it creates] such a disadvantage. (Racheal Cook)
Talk about money. By having those conversations about what you are making, how much you are paid, what your rate is you can see what other women experience and compare because, even though it seems rude in the beginning, it helps to have everyone be aware and on the same page.
It also encourages women to know that they can set their rates higher than they think they deserve because often they are shortchanging themselves in comparison to the men in their field.
Talk about money with your friends, your daughters, your parents, and your colleagues. By talking more about money, you encourage women around you to develop their relationship and understanding of money and this is an invaluable skill: this skill will protect them because it teaches them what they are actually worth, not what they think they are.
If we don’t have [these conversations] no one really knows and then we’re guessing and guessing about finances is like the worst thing we could possibly do. (Racheal Cook)
Rachael’s typical business strategy
- Who are you working with: who is your dream client?
- What are you offering your ideal client?
- What is your price point?
Something we often forget, especially for those big-hearted people who just want to help everyone, is that especially now when so much is shifting online if you don’t have a clear niche and people aren’t absolutely sure that you are the right fit for them then you blend into the background and entrepreneurship is not about blending in, it’s about standing out. (Racheal Cook)
By being laser clear about who you are marketing to gives you the scope of what it is that they actually need that you specifically can offer them. These two aspects; ideal client and niche, therefore go hand in hand.
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Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
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