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EP61- Female Financial Independence: The cost of being a female entrepreneur

In today’s episode, going to be talking to Emma Clayton about the gender pay gap and things women can do, whether employed or self-employed, to reduce that gap and pay themselves more.  Emma is a business scaling consultant who empowers female entrepreneurs to start and grow their successful business and generate financial freedom and independence using world class systems and strategies. She is a leading business strategist and multi-award winning marketer. She is an accredited trainer and positive psychology coach. Emma is obsessed with empowering women to create more personal power, generational wealth and the filament within themselves and their business. From corporate leader to agency owner to business strategist, she has launched and scaled many multiple million pound brands including her own business, and now teaches and mentors clients to create their unstoppable business, whether it’s from their embryos of a business idea through to an already successful business that needs to scale. She supports women to create success whilst simultaneously improving their relationships, health and emotional well being. 

We’ve been brought up in this expectation that women are lacking or not as worthy as men in some way. And taking that into business, workplace and the society that we were seen as lacking in some way, creates this gap of potential and financial independence. This mindset and expectation is also a generational gift from our parents or grandparents. It has been set ages ago that women who get married are meant to have children and are expected to have a domestic caregiver job while men are expected to be the breadwinner and provider for the family.

In the corporate world, women are highly impacted with the gender gap despite the equality pay act. The Equality Pay Act is paying employees with the same job and same hours equally regardless of gender. This is great, but in reality what happens is because women are having children, the systems are not allowing them to come back to work easily and immediately after having a child to care for. Women who have had children for the first five years of the child’s life are forced to make that kind of choice and feel that they don’t have an option to go back and work as much time and focus as they would want to.

Oftentimes, women are coming back to lower pay jobs, because they can’t handle the hours that’s required to have those senior jobs. So since women are more on the lower paid jobs, ​​they are the first people to be made redundant as well, which will impact their financial security. This is  a proven reality as women are starting to set-up their own businesses at 69% growth rate but not all are driven by their inspiration, motivation and dreams. Most of them are driven to start their own businesses because it’s their only option to earn better income while having to balance work and family at the same time. In hypothesis, the biggest productivity rate in France is somewhat correlated to the great childcare subsidy they support women with. 

Women have the highest rate of mental health challenges, because they leave their jobs to get the freedom of time and work life balance. They then start to build and create their own businesses but sometimes, miss to create a PROPER business. A proper business is where you can not only get the freedom of the time but also get freedom on the financial aspect and be able to control everything. 

On average, those self-employed Women are charging 43% less than men. This is a clear indication of the massive pay gap between men and women. So ask yourself these questions:

Are you pricing your services right? Do you think you are average at what you do?

It may be challenging to put your price up even when you know you are not doing average but you worry about people not being able to afford your services. When setting up your prices, think about attracting a specific ideal client. Your ideal client will definitely pay for the price no matter what because they really need your services. Although you want to help people to afford your service at a lower price, they actually won’t be serious about it because they don’t have an overall need right now. It is important that you are driven by your mission, then income from wise pricing of your services will follow. 

You might be thinking, what can we do as women to reduce these gaps and issues? The first is, if you are self employed, and you’re lonely having the feeling of not sitting in the power that you should be of if you’re employed and you feel you are not compensated with what you deserve, then go and find a network of people. They will push you forward. Don’t  be around people that are reinforcing that voice in your head. You’ve already got the voice in your head, be around people that stop the voice.

The second is, just take a piece of blank paper and write down everything that you have achieved in your life, whether it be your career, your kids, and what skills it took to get that achievement. This will be a reminder of how absolutely special you are. This is a form of validation of what you really deserve. Reconnect to who you are.

We link the motivation of why we do what we do to our worth, and therefore we don’t charge correctly. But remember that whatever you bring in money wise, your money is not attached to your worth, you are worth it. Your worth is always totally 100%.

If only women ruled the world then what would the world look like if the wealth was owned by women? What kind of world would we live in? And it comes back to not necessarily the gender pay gap, but the wealth gap.

Listen to the full podcast here

 

Check out the FREE GUIDE on how you might be holding yourself back and reaching your next financial level.

Here’s the calculator created by Emma where you can compute how much money you could be leaving on the table by undercharging and you can see compounded up to 10 years so you can know if you now need to move the dial.

Stay connected with Emma:

Instagram: https://www.instagram.com/emmaclaytonstrategist/

Facebook: https://www.facebook.com/groups/millionpoundbusinessclub/

Linkedin: https://www.linkedin.com/in/emma-clayton-business-scaling-consultant-704a562b/

Email: emma@emmaclayton.com

And don’t forget to visit her website to know more: https://www.emmaclaytonacademy.com/emmaclaytonbusinessstrategist

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