Starting a business is hard work, but next to raising kids, how hard is hard? Whether you’re looking to become the next big health guru, kickstart a writing career or reinvent yourself in accountancy, it’s possible to succeed in business and have a family. Here’s how to weigh up the balance.
Get Tech-Smart
Since the tech boom, remote opportunities are more abundant than ever. This means it’s possible to work in marketing, finance, or even fitness roles, but on the condition that you familiarize yourself with the relevant tech first. For marketing, this will mean learning CRMs and new software. For fitness, you’ll want to zero in on video streaming apps. Whatever field you choose, ensure you have the right hardware in place and tech know-how to manage each aspect of your business from your own computer.
Learn New Skills
For some would-be mompreneurs, the logical first step is a return to academia. Luckily, the size and shape of courses have become more flexible, and via learning portals, you can find something that matches your schedule and specialization.
Before you decide which area of expertise you’d like to specialize in, take a look at industry performances as dictated by the BLS (Bureau of Labor Statistics). The financial sector, for example, has recovered 206,000 jobs since the pandemic. This means that if your background is in bookkeeping, an accounting degree could lead to higher wages as you can form your own tax preparation and accounting business.
Bring In Help
A job shared is a job halved – that’s as true for business as it is for parenting. And it’s why, sometimes, the best strategy is to team up with a partner. You may already know someone with the right acumen, passion, and people skills, but if you don’t, there are plenty of ways to link up online, including matchmaking sites like CoFoundersLab. If you go this route, know that you’ll need to increase your online presence, ensuring that whoever you approach can clearly see who you are and what you aim to accomplish.
It can also be helpful to bring in support with your child-caring responsibilities. By shifting some emphasis away from caring for your children during the day, you can open up your work hours and give your business the time it needs. Call upon friends, family, or even invest in a nanny so that your work/home life is more manageable. Remember, you only have two hands, and everyone needs help once in a while.
Plan Finances
You’ve got a product, you’ve trained, and you’ve found the right business partner. You’re ready to go, right? Wrong. The most crucial item on your tick-list, before setting off on an entrepreneurial journey, is a financial plan. Until you’ve prepared for any potential setbacks, starting a new business is risky! You need to make sure you’ve calculated equipment, resources, cash flow, and financing. You also need to make sure this matches up with your personal expenses and that you and your family are going to be able to afford a long-term business endeavor.
Make sure you’ve drawn out your financial plan correctly and consider enlisting the help of a professional. Second opinions can make all the difference when it comes to ensuring the security of a new product launch.
Starting a business as a stay-at-home mom is completely doable, and many moms are reaping the benefits of this type of work. To ensure you start out on the right path, determine what your industry requires, consider boosting your knowledge, find support and tackle the financial aspects. Soon enough, you’ll be a full-fledged mom-preneur!
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