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Challenge: Follow Your Dreams

5 Business Tips for Entrepreneurial Moms!

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Did you know that if your children are placed in child care full time, they will have behavioral problems?

New York Times recently published an article highlighting studies conducted by the National Institute of Child Health and Human Development and the Institute of Child Development at the University of Minnesota that show when children spend the majority of their day in a daycare center, they experience more stress and have more aggression than children who remain at home with their caregiver. Seven years later in a follow up the findings remained the same.

So, what does that mean for you? Does that mean you can never go back to work because you don’t want your children to become little hellions?

Not at all. In fact, instead of going back to the workforce, you can become those bold women who create a business right from their own home. That’s right – you can become a “Mompreneur!”

If this idea appeals to you (and why wouldn’t it? You can make money while staying home and caring for your children), then you may be racking your brain trying to figure out what kind of business you could start. The truth is the options are limitless.

  • You can create a shop on Etsy and sell your art.

  • You can do tax prep, or offer accounting services.

  • You can offer your expertise or connections for a fee by opening a consulting or referral service.

  • You can be a mommy blogger/vlogger.

The possibilities are endless! You just need a goal and a plan… And these 5 tips!

  1. Don’t Get Discouraged

When you tell people that you’re interested in creating your own business, you may get some push back.

People will try to talk you out of it.

They’ll tell you that 80% of new businesses will fail within the first 18 months. They may tell you that you won’t be able to handle the pressure of owning and running your own business while caring for your family.

You want to know what we have to say to that?

We say hogwash!

If that were the case, we wouldn’t be scarfing down Twinkies while playing the latest Mario or Zelda game on the Nintendo Wii.

We wouldn’t be salivating over Marvel’s Norse God of Thunder, Thor while our children play with their Star Wars Lego set on the floor.

Want to know why? Because these huge companies were once toeing the red line, or went completely bankrupt.

What saved them from going under? Look no further than Nintendo, it experienced revival success in March 2017 with the release of the Nintendo Switch, which sold 2.74 million in the first month only. Brands like this can easily be revived with the proper management, innovative business strategies, and knowing they have something good, like brand equity, on their hands!

If your new business doesn’t perform well at first, don’t give up!

Take a step back and look at how you can rework things to make others see and appreciate your vision, your products, and your services.

2. Use Social Media to Network

Networking is one of those things that can make some people want to sneak off to the darkest corner and hope no one sees them.

Traditional networking is hard and scary, especially if you’re an introvert and you tend to shy away from social interactions.

However, thanks to the internet and social media, networking has never been easier.

In fact due to its convenience and efficiency, 85% of MBA graduates now rely on networking in their search for a job. But networking can also be so much more than just expanding employment opportunities, networking can also help you connect with business owners, entrepreneurs, brands and your target audience or consumer base.

Networking online allows you to make connections whenever you have the chance. You can create a Facebook post in one of the business-oriented groups you may be a member of before bed, and have numerous comments, likes, and shares the next day.

You can even use social media to advertise your business for much less than it would cost to advertise in the local newspaper, radio station, or television!

3. Don’t Be Afraid to Outsource

Raising your children is a full time job. Running your own business is another full time job.

Needless to say, you are going to have to outsource some things in order to maintain a healthy work/life balance.

Granted, outsourcing is going to cost you money, but it’ll be worth it in the long run because you won’t have to run yourself ragged in order to get things done.

What kind of things can you outsource?

Well, you can hire someone to clean your house and walk your dog. You can hire a virtual assistant to manage appointments, social media posts, and other business-related things. You can hire an accountant to keep your books in order.

You can even hire creative folk to help you create and run a website that’s captivating and engages your audience. You can also hire a writer to create informative blog posts, newsletters, and so forth!

4. Take Time For Yourself

Did we mention that running your own business is hard work? You don’t want to wear yourself out from switching from mom to entrepreneur without taking a break and having a little you-time.

Don’t be afraid to take a day off and get away. Hire a babysitter and have a drink with your girlfriends or maybe you can sneak some romance into your life by having date night with your significant other. If you have the means, take a weekend getaway.

By taking some time for yourself, you can recharge yourself and approach your responsibilities with a clear head.

If none of these are a viable option for you, when your children go to sleep, create a little oasis in the bathroom where you can soak in the tub and relax. Sometimes, a long soak in a hot bath is all you really need.

5. Hire an Accountant at Tax Time

We mentioned that you can outsource your bookkeeping to a trusted accountant, but if you cannot afford a full-time accountant, you should at least contact a reputable tax consultant when it comes time to do your taxes.

As a business owner, you are entitled to a number of business-related tax deductions among other things.

Be sure to document all of your business-related expenses and the income you make because if your consultant is worth their grain of salt, they could save you a lot of money – especially as a sole proprietor!

Becoming a mother is one of life’s greatest moments, but so is owning and operating your own business. Fortunately, you don’t have to sacrifice one in order to do the other. In today’s age, you can have it all as long as you have a vision and people who believe in you!

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