Mompreneurs and budgets
There’s a new and powerful term in the business world today as more “mompreneurs” are entering into the workforce outside their homes with successful start-up ventures. Creating and sticking to a budget is challenging enough for anyone, but especially hectic for those busy moms who are already juggling their many daily motherly duties. Most of us already know from experiences with motherhood, be them our own or those with our beloved mothers. Never underestimate the power of maternal instincts and strength
But even our most capable female parents might need a little helping hand when it comes to planning and creating a budget for a start-up business.
Since they are already familiar with sticking to a household budget, there are still pointers that can help build a pathway to success that goes beyond income and expenses, budget line items and profits. These tips will get our mompreneurs more prepared for their journey to success:
Every mother already knows the importance of doing homework, but this task is especially important when preparing and planning for a startup budget. Make sure there is a market for your idea in the form of that particular product or service. Internet searches can aid mom by checking out the competition, setting reasonable pricing rates and other important market research.
Being knowledgeable about where their venture will be going before diving into these uncharted business waters can help mothers stay afloat before they launch their venture.
Have a plan
A frantic motherly schedule can often go awry, so having a good road map in the form of an effective business plan is vital for startup success. This should include a mission statement, business goals, a marketing plan and estimates of realistic startup costs and earning expectations.
If this concept is out of mom’s realm, she should enlist the assistance of an accountant or attorney that can help them structure their business, work out cash flow issues, examine income projections and look at other financial needs.
Knowledge and experience
Even if Mom doesn’t already have a plan for a new venture, many parents have found success in business by tackling a problem or situation that they have already encountered with their own experiences. Having a child with special needs or disabilities presents many challenges, but also solutions that can be both helpful and profitable.
Take Kelly Lester for example, mother of three, she turned her mundane challenge of packing healthy and affordable lunches into a billion dollar business.
Build a network
Check out communities on Google+, LinkedIn and Pinterest. These platforms can give you valuable advice along with resources and kinship. After you have engaged with these fellow mothers who are already successfully profiting with their business, you can introduce your new venture to them without looking like you are going after a hard sell. This type of “free” marketing will have your budget looking brighter in the future.
Moms face and overcome challenges everyday, so effectively starting a budget for a successful start-up doesn’t need to be one of them.
Go mom — go!