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If you’re a stay-at-home mom who’s ready to start your own business, you’re not alone. More and more moms have been embracing their entrepreneurial sides while simultaneously raising their children. The movement has become so popular that society has even coined a term for these superwomen: mompreneurs.
Of course, being a mom and running a business are challenging tasks, and doing them simultaneously isn’t for the faint of heart. Try these tips from The Shift Life Coach to help make your debut as a mompreneur a success.
1. Find Your Niche
Most people need to do a little brainstorming to come up with their best business concept. Even if you already have a fantastic idea for your new venture, it never hurts to refine it. According to seasoned mompreneur moguls, the Key to Success is to do something you’re passionate about. Chances are, you’ll need to rely on that passion for pushing you through when times are tough, so make sure your idea gives you life instead of draining it.
2. Use Your Unique Tools
Once you know which passion you want to pursue, don’t waste time starting from zero. After all, if there’s one thing moms never have enough of, it’s time. Choose a business concept that utilizes some of the skills and knowledge you already possess. Maybe you earned a degree before you had children or have a natural gift for organization. If you’re not sure how your parenting prowess translates to business skills, work with The Shift Life Coach to help you assess your strengths and inclinations.
3. Engage Your Target Audience
Your target audience — potential customers, readers, or clients, depending on your business model — can be an invaluable resource for fine-tuning your ideas. Before you even launch your business, get to know and interact with your target market. Learn their primary needs and wants related to your potential business or run some ideas by them and pay attention to feedback.
Asking for input is a great way to boost audience engagement. When participants interact with you, they feel personally invested in your idea and are more likely to recommend your business to others.
4. Create Your Team
If you try to tackle everything yourself, you risk burning out before your business gets off the ground. One of your primary investments in your new venture should be hiring the right team. The right team might mean hiring an assistant or a marketing consultant, but it could also mean hiring people to help with childcare or housekeeping, so you have more time to focus on the business.
Getting your payroll off the ground before you start hiring is extremely important. It is essential to set up the correct software, choose a payment schedule, and familiarize yourself with relevant tax forms. Each new hire will need to complete a W-4 or W-9 so you can calculate withholding. Keeping organized documentation and pay records makes tax reporting much more manageable.
5. Find Your Balance
Achieving the ideal work-life balance is challenging for anyone; this challenge becomes exponentially more difficult when you have children at home. To balance your mom responsibilities with your startup duties, setting boundaries is vital. Establish a set place and times for business work and stick to the plan. Giving your kids your full, undivided attention, even for a short time, tends to make them — and you — feel happier and more fulfilled.
Starting a business while simultaneously raising a family is a huge undertaking. These tips can help you find Success with both.