Every business owner knows that the road to success has plenty of hurdles that need to be cleared along the way. The plain truth is certain business owners face bigger and more difficult obstacles as a result of a bias towards their gender, ethnicity, etc..
For mothers who work, there’s no denying that the going is tough. But for mothers who own a business, it takes enormous effort to balance the demands of their careers with the obligations of parenthood. That’s why there’s a unique term for those special mothers: mompreneurs – yes, this is a real word.
First let’s explain the word “mompreneur”. A mompreneur is a business owner who balances the responsibilities of motherhood with the responsibilities of entrepreneurship. Though the two roles have their differences, they both are demanding journeys to embark on.
Both motherhood and entrepreneurship require:
- Waking up before the sun rises
- Preparing daily schedules for multiple individuals
- Working very hard to stick to those schedules
- Being able to adjust schedules to unexpected changes
- Working when sick
- Supporting and managing a team of individuals who often don’t cooperate well
- Keeping calm and collected when faced with barriers that even Wonder Woman would have difficulty handling
It’s all good and fine to praise the job done by mompreneurs. They deserve it, after all! But nothing is quite as effective at proving a point as statistics. So here are some of the most impressive bits of female entrepreneurship statistics.
Noteworthy female entrepreneurship statistics:
- The number of women-owned businesses has grown 114% over the past 20 years – the national growth rate for all businesses is 44%
- There are currently 11.6 million women-owned businesses
- Women-owned businesses make up 39% of all U.S. businesses – up from 26% in 1997
- Women-owned businesses generate more than $1.7 trillion in revenues (4.2% of total business revenues)
- Over the past 20 years, women-owned businesses have had the highest employment growth rate (27%) compared to all other U.S. businesses (13%)
We’d be providing you below with some of the tips for women who want to start businesses
1. Focus on your ‘driving force’
Mompreneurs, as with all other entrepreneurs, eventually experience days that test their willpower. Sometimes the stresses become too overwhelming and the thought to throw in the towel will cross your mind. Be sure to remember what inspired you in the first place. You’ll need an answer when you ask yourself questions like “Why did I start a business” and “Why should I continue”. Find your ‘why’, and you’ll always have a star to guide you along your journey.
2. Draw lines between your two roles
As mentioned above, the demands of your career can often interfere with the responsibilities of parenthood – and vice versa. It’s crucial to create boundaries between the two in order to minimize the overlapping. Clients won’t want to see you distracted by the kids, and the kids will also want their own dedicated mommy-time. Organize your schedule so that you keep the two worlds separate as best as you can. As a result, your clients and your children will learn to respect your ‘other’ role.
3. Don’t hesitate to ask for help
Occasionally, business owners will get to a point where they feel that they bit off more than they can chew. Don’t allow pride or ego to keep you from seeking help, especially when you really need it. The health of your business and the happiness of your children depend on having all hands on deck. So, be sure to investigate what services are available for you to take advantage of in your area – daycare or after-school activities for the kids, a housekeeper to help with the chores, or a nanny to do all of the above. But don’t count out family and friends either. We all know the old adage – it takes a village to raise a child. It also takes a team to run a business. There’s no need to go it alone.
4. Stay on top of your finances
Getting funding for your business idea is not an easy task, and it gets even harder as a mother. Lenders often see motherhood as something that stands in the way of handling a business effectively. There’s a chance that you’ll be seen as less likely to succeed, and more likely to be distracted by the duties of being a parent. There’s also the matter of balancing your finances between your business and your household. This can be much harder than it sounds because both are important in their own right. For example, you may want to make a big purchase for the business, but at the same time, your child may need to get braces. It could be any number of situations, but the point is you need to keep your two financial situations as separate as possible. Keep two savings accounts, two checking accounts, two credit cards, etc. Avoid using your family-related assets as collateral for business-related loans. And in general, be careful about making big unnecessary purchases. You never know what tomorrow may bring for the business or the family.
5. Find what works for you
There’s no single formula that will work for every aspiring mompreneur. Experience is the best teacher. Take what you learn from successful mompreneurs and test it out for yourself. Don’t feel discouraged if a certain technique worked well for someone else and not so well for you. As with everything in life, it takes a lot of trial and error before you strike the right balance. It takes determination and a good deal of passion to perfect your mompreneurship skills.
We hope these few tips would help every aspiring mom out there who wants to venture into business.