Image SourceThink that you can juggle being a mom and running your own business? Quite often self-employment can be the best option for moms wanting to earn money. It gives you a certain level of flexibility that working for someone else doesn’t give you – you can still pick up the kids from school or look after a small infant. It’s not easy being a momtrepreneur, but it can give you the best of both worlds, allowing you to spend time with your kids and earn money doing a job you love. Here are some tips to make your solo business venture a success.
Educate yourself in business
Whether you’re becoming a freelance writer or starting your own cake-baking business or dog-sitting, there’s a certain level of business know-how that you’ll need. You’ll have to work out your own taxes, which means doing your own accountancy. You’ll also need to learn to market yourself. You may be able to learn the ropes just by reading blogs and books, or you could consider taking a web-based course such as an online accredited MBA. If you have self-employed friends, make sure to ask them for advice too.
Create a startup budget
Often you have to spend money on a business to make money. If you’re starting a jewellery making business that was once a craft hobby, you may need to pay for additional stock as well as marketing expenses such as building a website or getting some advertising. You don’t want to spend too much money on your business – if it doesn’t work out it will all be for nothing. Having a budget is therefore important. Spend some time creating a financial plan and stick to it. Once you’ve earnt enough money and you’re getting a steady income, you can then start spending more and potentially expand your business.
Have a structure
Whilst you’ll want a certain level of flexibility, it’s worth having a loose structure in order to keep you focused. This could involve arranging to do a certain task each day, something to be completed in the morning and something to be completed in the afternoon. Even if something comes up and you have to rearrange plans, simply having a plan in place will keep you motivated and prevent the procrastination which holds back many new entrepreneurs.
Get help from others
Every entrepreneur, regardless of whether they’re a parent or not, needs help from other people. Whilst you can DIY a lot of aspects of business, a helping hand from professional accountants, marketing companies and couriers can be worthwhile. Sometimes your business will need to take priority over your children if you want it to succeed, so make sure you have a babysitter or a friend/family member on call who you can give your children too, allowing you to focus on your business goals.
Schedule free time for yourself
Don’t let every waking moment be dedicated to looking after children or looking after your business – you need your own free time otherwise you’ll burn out and both your children and business will suffer. Schedule time for yourself to have a bath, catch up on your favourite TV shows or socialise with friends. Your partner could take the kids – or if you’d like to spend time with your partner, hire a babysitter. With the many responsibilities of being a momtrepreneur, sadly you won’t be able to take free time as it comes, so make sure you schedule in this free time.
