Editorial Team
We don’t have to tell you that being a mom is a full-time job. From running your kids to their activities to keeping the house in order and making sure everyone is fed, you’re the CEO of your household. Learn how moms can start a business and raise a family.
So, what happens when you want to start a business on top of that full-time job? If you’ve given it some thought before but tried to shut those dreams down, you don’t necessarily have to. Yes, starting a business takes a lot of time, energy, money, and resources. It can require sacrifice and a willingness to step out of your comfort zone – but it’s possible.
By taking advantage of the right opportunities and understanding how to budget your finances and your time, you can start the business you’ve always wanted while still raising a family.
Essentially, you can be Super Mom.
Ready to strike that balance? Let’s cover some tips that can help you get started.
Know Your Niche
On average, over 627,000 new businesses start up each year. Nearly 600,000 businesses close each year.
Those numbers are designed to scare you away from your entrepreneurial dream. Rather, they’re meant to show you the importance of standing out in a saturated business pool.
One of the best ways to do that is by knowing your niche and coming up with a solid business plan. This is the most effective method to how moms can start a business. Why does the world need your business? What do you have to offer that you can do uniquely and effectively? If your niche falls under the umbrella of motherhood, you’ve already got plenty of insight. You can market your service/product to other mothers using relatable content and providing something that will make a difference in their lives. Knowing your niche will make it easier to hone in on your target audience.
Once you know exactly what you want your business to look like, your strategy will fall into place around it. A basic business plan should include
- An executive summary of what your business is
- Market analysis
- Management
- Marketing
- Sales
- Financial projections
- Funding
Having a plan in place will make it easier to get your business off the ground while staying organized. Even if you don’t have prior experience with business strategies, it’s worth it to put a basic one together or talk to an expert who can help you.
Find Your Funding
One of the biggest hurdles you’ll face when starting a business is funding it. Small businesses owners spend around $40,000 during their first year of business to get things up and running smoothly. But, that number refers to upkeep. Getting your business off the ground can cost even more. You have to think about everything from a location – if necessary – to what you’re going to put into your product or service, your marketing efforts, and your employees.
No matter how big or small your business might be, you’ll need adequate funding to get started, and chances are if you’ve been a full-time mom for any length of time, you don’t just have thousands of dollars stashed away for a rainy day.
Thankfully, you don’t have to.
Start by determining how much funding you’ll actually need. Then, check your credit score. A good business credit score will:
- Increase your borrowing power
- Give you better loan terms
- Lower your insurance policy rates
- Keep your business and personal finances separate
If you can’t self-fund your business, getting investors to back you or taking out a small business loan is often the best way to go. There are also Small Business Association (SBA) investment loans to consider depending on your industry.
If taking out a loan isn’t how you want to start your business, don’t be afraid to get creative with your funding ideas. Start a crowdfunding site to get people excited about what you have to offer, and provide incentives for major donations until you reach your goal.
Find the Best Balance
Even if you have the best business plan in the world, mom guilt can be a very real thing. Getting a business up and running takes a lot of attention and time, and you might feel bad about spending that time away from your kids. As your business gets going, that trend can continue – unless you choose to do something about it.
Striking a healthy work-life balance is crucial. One of the benefits of entrepreneurship is that it allows you some flexibility. Take advantage of that. You don’t necessarily have to work 9-5 every day. You can set your hours to be there for your kids in the morning before school and dedicate yourself to being there for them every evening by dinner. Don’t bring your work home with you, if possible.
When you are with your family, focus on being present. Kids are very intuitive and can usually tell when your mind is elsewhere.
Finally, don’t try to be perfect. Starting a business while raising a family isn’t always easy and it will come with bumps along the way. Make peace with your decision to be an entrepreneur, and you won’t feel guilty about building your business. Share the experience with your kids and let them be a part of it as much as possible. It’s a great way to show them that they can do anything they set their minds to, and they’ll look up to your endeavors more than you might think.
If you don’t want to spend potentially years wasted on a business plan and marketing methods that were doomed to start, you need an experienced business mentor. Christine Carter is that mentor, who can look over your plan and help you validate your idea. No more wandering in the dark friend!