10 Tips for Moms Starting a Business from Home
Starting a business is hard enough. And when you’re a mom, raising kids and running a home, that’s an almost impossible job! But it has been done, so it is possible. A lot of successful entrepreneur moms started their businesses from home. If other moms can do it, there’s no reason why you can’t!
Here are ten important tips that will help you and your small business get on a good start;
1. Know your strengths and skills
Your skills and passion will determine the type of businesses that fit you. A fashion enthusiast would likely succeed with a dress shop while a mom who loves baking can start a cupcake business. On the other hand, your skills will determine your position or role in the business. If you’re more of a people-person, you will be an effective business frontliner – talking to clients. Manager types would rather be running the business from the back office.
2. Start with a solid business plan
Do not underestimate the power of a good business plan. Before investing your money, develop a thorough study on how a great business idea would perform. Hiring professionals to conduct the feasibility study is recommended. There will always risks in all business endeavors, but it doesn’t hurt to minimize or eliminate as much as you can.
3. Determine time constraints
Time constraints are moms’ biggest challenge when going into a business. You would still be a full-time mom, with all its duties and responsibilities. Before attempting to undertake another major role, determine how much time you can free up and devote to the business. Are your kids old enough for some chores? Can you delegate tasks and home chores to them? Time management is a skill that you have to develop.
4. Plan out finances
How much do you need and how will you finance your business? Taking out a business loan would mean additional expense – interest expense. Using your own money might put your family’s finances at risk. Consider taking up a business partner who will share the responsibilities, risks, and success.
5. Get your family’s support
You cannot run a business and a home at the same time without the support of the people most affected – your family. Make sure that you have the support of your kids and partner 100%. Letting them join the business is even better.
6. Hire people to complete a team
Do not hesitate to get outside help if you need it. As your business grows, you’ll need people to help you. Hire smartly. Choose people who complements you and who will fit your team’s dynamics. It is better to choose people for the right attitude than for their skills. Skills you can teach, attitude you cannot.
7. Learn new technology
Take the time to learn the latest business trends and technology. This will likely be how you will be conducting business. If you’re in an industry where people are buying online, plan to sell online. Learn cloud computing or doing business processes online like accounting, bookkeeping, and invoicing.
8. Socialize more
Be the social butterfly, again! Motherhood might have given you more time to stay at home and less time with your friends. Take extra effort to reconnect with your network and socialize more if you’re planning on launching a business. You’ll need as many contacts, support, and clients as possible.
9. Expect the best, but plan for the worst
Let this not be damper, just a tip – running a business means a lot of work that could all go to waste. Businesses have failed for hundred different reasons. Even seasoned businessmen have failed businesses. While you are expecting for the best, it is also advised to prepare for the worst. Devise an exit plan, and have several options ready. Selling out or going public are feasible. Discuss the risks and options with a professional business adviser.
10. Stay healthy
Health is wealth, no discounting on that. Keeping yourself and your family healthy should be your top priority. A healthy body is an unstoppable machine. While an ailing one will drag you down and keep you away from success. Eat right, sleep well, exercise, and stay away from harmful vices.
Starting a business could be the turning point in your life and career! Expect it to be hard, especially at the beginning. But once you’ve launched your business and earnings start to trickle in, all your sacrifices, the sleepless nights, the stress, and the long hours will be compensated. You will have forged a new career and a better future for you and your family. And that’s all that matters.