Being a stay-at-home mom is a full-time job within itself, but unfortunately, it doesn’t pay the bills. As such, it’s hardly surprising that this has led to the invention of “mompreneurs” (Mom + Entrepreneurs). Of course, beyond this being a money-making venture, it’s also a way for women to continue to pursue their career ambitions after having children without having to return to the office full-time.
As such, if you’re currently questioning if you can really start a business with a baby? The answer is a resounding yes. In fact, a recent report found that “1 in 3 women-owned businesses is owned by a mom” – and many operate from within the family home.
With that in mind, here are some top tips for starting a business from your sofa.
Perfect your idea (and your plan).
The first step toward succeeding in business is having an excellent idea for a product or service. However, this idea alone is often not enough to ensure that you achieve long-term success – you also need a plan for how you’ll get there.
According to the Federation for Small Businesses, your business plan should include things such as:
- A description of your business (what you have to offer, how you differentiate from your competitors, etc.)
- A growth plan (the steps you’ll take to reach your goals)
- Studies on your target audience
- Market and competitor analysis
- Financial reports and plans, including financial forecasts.
Simply put, you cannot launch your business without a plan and expect to succeed. After all, your plan provides you with daily guidance, ensuring you work through all the necessary tasks. This guidance can come in handy when juggling your business and childcare, as every minute you can spend behind your screen must be put to good use.
Learn everything there is to know about cash flow.
The reason why startups fail in their first 12 months is often attributed to poor cash flow or money mismanagement. As a result, you must learn as much as you can about this aspect of running a business before launching your company. This way, you can put your best foot forward and ensure you’ll recoup any money you invest into your startup.
For example, you must perfect the act of sending out invoices and follow-up emails when payments aren’t made. You should also take the time to ensure you understand payment processing and other events that could harm your company’s cash flow. This way, you’re better prepared to deal with them.
Be aware of the challenges that lie ahead.
Enthusiasm and determination will go a long way to ensure your business succeeds – but it’s important that this approach does not leave you wearing rose-tinted glasses. For example, it’s important that you understand just how much work you have ahead of you before getting started – otherwise, you’ll quickly feel stressed and overwhelmed.
Simply put, you must be aware of the challenges that come hand in hand with running your own business so that you can protect yourself from disaster and burnout.