Being a parent is one of the most rewarding experiences an individual can have. But for moms, this often means taking a break from their career to ensure their child gets the care they deserve. When planning to return to the workplace, mothers face various challenges such as unfeasible schedules, gender pay gap, and lack of recent work experience. For stay-at-home moms wanting to pursue their professional goals becoming a mompreneur is the perfect option. As a mompreneur, you have the freedom to set a schedule and work on your own terms. In this article by The Essential Creative regular guest blogger Laura Pearson, we’ll discuss five steps aspiring mompreneurs should take to start successful businesses.
Before getting into the thick of things and becoming a full-time entrepreneur, set clear expectations regarding what can be done daily. The best way to achieve this is by creating a business plan which provides you with a roadmap to be followed for the foreseeable future. Your business plan should include time-bound goals, which can include launching your website by a specific date, selling X number of products a month, and more.
Additionally, be realistic regarding the time you can give your business. If your child goes to school, you’ll have plenty of time daily to spend on the business. However, if they’re still young and need constant care, adjust your goals accordingly.
Safeguard Your Family
As a business owner, you reap the profits but also face the risks. Running a business as a sole proprietorship carries the risk of unlimited liability, which means that in the event a client, supplier, or other individuals/entities brings litigation against you, your assets and finances come under grave risk. This can be avoided by establishing a Limited Liability Company (LLC). As reported by VPM, with an LLC, the business is considered a separate legal entity from the owner. Additionally, you can save hundreds if not thousands of dollars a year in tax benefits provided by the LLC structure.
Take Help When Needed
The only way to achieve a good work-life balance as a mompreneur is to enlist help. This can include hiring a virtual assistant who can undertake all administrative duties such as screening emails/calls, scheduling appointments, customer service, and more. Similarly, if you need help with childcare consider hiring a nanny who can supervise your kid(s) while you work. While you may feel that as the owner you should be managing all responsibilities, in reality, delegating responsibilities is the hallmark of a good mompreneur.
Use Technology to Make Life Easier
When it comes to getting more things done in a limited amount of time there is no alternative to technology. Whether it be marketing, accounting, or finance, there are various tools that you can use to increase business efficiency and make managing tasks easier. Some of the best options include:
- Accounting Software: Using this tool you can create financial statements in just a few clicks, design an automated invoice system and calculate your tax liability with ease. As reported by Chron, having accounting software will help to maintain a positive cash flow and keep the business healthy.
- Online Image Editor: With an online image editor you can easily remove the background from images and replace them with better ones. This tool is particularly useful for creating stunning product photos and promoting them on social media. Removing distracting backgrounds will naturally turn the customer’s attention towards your product and garner a greater number of eyeballs.
Grow Your Skill Set
As an aspiring mompreneur, you have concerns regarding your ability to handle the diverse parts of the business such as managing finances, creating supplier relationships, supervising marketing activities, and more. While experience is the best teacher, you can accelerate the learning process by taking online business classes, as they will teach you:
- The basics of managing business finances
- The best marketing strategies for new businesses
- How to create reliable plans for short and long-term projects
- How to use the best tools for conducting research and managing the business
Being a mompreneur isn’t easy, but it allows you the chance to get the best of both worlds i.e. being a happy parent and a successful entrepreneur.
Laura is passionate about teaching and loves writing to help teachers, parents, and students. She is passionate in advocating that learning should be fun and should not just be confined in the classroom. Edutude is her brainchild to be able to share free resources for teachers and parents. She regularly blogs for us here at The Essential Creative and has an open invitation to share her ideas and resources with you!