The decision to start your own business is no easy decision for anyone. In today's society social media makes it seem so quick and easy to do. We often see people only in their best light and don't see the graft, long hours and struggle that come with starting up a Business!
We are in a new Lady Boss era! Don't feel pressured.
Starting your own business can be so rewarding and satisfying as you get to really explore your own creativity and have the flexibility to work at your own pace. However, it also comes with it's own risk and commitment which often people don't see.
Being self employed is a huge commitment and is hard enough as a main focus and priority. If you decide to start a business whilst having a young family this is a challenge that needs to be considered properly.
Bring a mum is a full time job, it takes time, patience, commitment, organisation, focus and finance amongst a long list of other things.
Everything we do is for our kids but we have to do it the right way
Deciding to start up a Business whilst being a parent needs carefully consideration.
Things to consider:
1. Timing - Don't feel pressured because of what you see online. You have to consider your lifestyle and commitments at the time you wish to start up. What spare time do currently have? When do you plan to put the time into the business? Where are you financially, emotionally and spiritually at the time of starting up?
Take your time! you are not in a race with anyone
Focus on your craft and plan well. Get it right by carefully planning and executing your business plan as this will give you focus and direction for the future.
2. Family commitments- If you are an active mum or have school age kids you have to understand that you can't do everything! I have swimming on a Friday evening and football on a Saturday morning which means that I have to fit everything else around that. So for me when it comes to business I have to plan for the long term. I can't plan to start up and trade in a year because something will have to give! Which is normally your family's personal time.
3. Financial commitment- 70% of businesses fail in the first year! This is an actual fact.
Why is this? This is because people usually start up businesses with their own personal savings and funds. They save for a period of time and then use all that money to start the business, get it up and running but these are start up costs and usually you are not trading at this point. Most businesses fail because they don't have the cash flow to back their Business! It's one thing to start up it's another to actually run the business.
1. Timing- make a plan and check it twice! Plan your business for the short and long term. Plan your first 30, 60, 90 days in business, not the starting up phase but the actual running of the business. What are you going to do to kick start your business and drive up your revenue in the first year of trading. Also, sit down and create short, medium and long term plans and incorporate your family plans in there too. I know a number of women who start up businesses on maternity leave.. this is a great idea as it allows you to use some time to focus on a new business idea. Always ask yourself 'Do I want this particular business idea to develop and grow past my 5yr plan? If not, think carefully about how much money and time you pump into it.
2. Don't over work yourself! Your family need you to be healthy and fully functional and if you are run down and tired all the time you won't be helping anybody. Don't be afraid to ask for help! One thing I used to do was plan library trips with the boys so they can be doing their reading etc and I can be doing my emails and research! Be selfish with your time... no minute should go to waste!! ( Blog Post on time saving tips loading......)
3. Think long and hard about your financial situation. Do not take this part of the process lightly at all. If you are a business mum I would like to think you already understand the importance of financial stability. If you don't have the money to start up.. Just plan!!!! The planning part is free and can take as long or short as you like. As a mum financial responsibility is the difference in the standard of living for your children. Business will always be there and like I've been saying.. in my opinion, no business is a saturated Business! With all the different makeup brands out there Rihanna still developed 'Fenty Beauty' anyway!
And then there is a thing called sacrifice 😣 (another day, another post)
Being a mother and having a successful business can be done, just do it on your terms in your own time.