We all love a girl-boss and you may have the makings of one if this article caught your attention.
People in your life may even encourage you to do it. After all, it may bring in some extra revenue for holidays, vacations and that home renovation you’ve always wanted. But starting your own business is no walk in the park.
Here are some things you should consider before being a mumtrepreneur.
Capital
Money makes the world go round, and it’s also what keeps businesses running. Most people will have a large sum saved up for their ventures. Some will take a bank loan or do a fundraiser like GoFundMe in order to establish financial support.
But here’s the truth, it’s very hard (but not impossible) to keep a day job and run a successful business. So, unless you have millions saved to take care of your housing, utilities, subsistence and other overhead costs, you may not be able to juggle a career and a company simultaneously full-time.
That’s why it’s a good idea for homemakers to start a side business while they have a breadwinner taking care of most bills and necessities. It’s an uphill climb but can yield decent rewards if you stick with it. You may even end up making more than your spouse if your business really takes off.
Product
This may be a no-brainer, but your product image is what makes or breaks your business. Your merchandise not only has to stand out from the rest, it has to fulfil a missing need. Most of the time, this need is lower pricing.
Stiff competition between rival businesses often involves a price war. This is often the case with resellers. But if you’re introducing something new or homemade, things like variety, quality and often, originality, are also elements to consider when designing a product.
Find your niche and you can find a loyal pool of customers who will support you.
Platform
People say it’s easy these days to start a business. Everything is online. Be that as it may, you still need a base of operation where you store, process, and ship your products. But a physical shop (or office) may not entirely be necessary.
So, you can either opt for a brick-and-mortar or a small business run entirely in the comfort of your own home. Note that as your company expands there may be a need to expand to a facility.
After all, if you have kids, you may not want them running around with stacks of boxes, wrapping paper and other tripping hazards around. But if you think you can feasibly run things in a spare room in the house, then might as well convert it into a home office.
Legal Stuff
This is where it gets a little less fun. When opening a business, you have to think about some legal considerations.
These include licensing (food, entertainment, etc), trademark and if you have an original intellectual property, a patent. Not to mention, taxes. Some taxes you should think about are income tax, withholding tax, real property profit taxes, and stamp duty.
Registering your business under the government can actually qualify you for many of the tax benefits and reliefs. Otherwise, meet with a corporate lawyer to help you lay down what licenses and legal documents you may need to protect your business.
Bookkeeping
Something that not many people think about is that you have to do your own accounting. Checks and balances, debits and credits, expenses and profits, the whole nine yards. You may need to brush up on your accounting skills before even thinking of starting your business.
Starting a company from the ground-up requires an extensive amount of research and studying. And bookkeeping is just one example.
You will need a proper filing system to store receipts, delivery orders, invoices and any other financial transactions that go in and out of the business. Including personal expenses.
Manpower
If you’re planning on selling (or reselling) products, then you may need to think about a second and third pair of hands.
Sure, as a new business you may not have to worry about being overwhelmed with orders just yet. But if you’re a homemaker, you’re basically your own boss while also your own employee, accountant, and executive. Or at least initially.
Your spouse will likely be busy with their day jobs and may not be able to help you out with stuff as much. So do what you can, but keep in mind you may need to hire at least one extra pair of hands at some point as your business grows.
Marketing
People won’t buy your products if they don’t know they exist. This is the purpose of marketing. Getting the word out about your company and what it can offer.
There’s a steep learning curve with marketing and you will have to compete with so many other more established brands. That’s why taking courses and participating in workshops can help you a lot in terms of knowledge acquisition.
It also helps to join a community or support group of entrepreneurs to help you learn the ropes. Some, like Women Entrepreneur Network Association (WENA), even have certain benefits such as allowing you to network, meet mentors and ultimately, market your company to a larger audience.
Be Your Own Boss
These elements are the tip of the iceberg when it comes to running a business. There are so many things that you don’t realise you need to deal with until it comes up. In which case, the entire process is a learning experience from start to finish.
It helps to have a business partner, of course, even if it’s your own spouse. This way you won’t feel totally alone and you will have the moral support you need to keep going.
Moreover, if you’re currently reading this in 2023, there are some exciting benefits for women in business coming your way if you’re thinking of starting your own company. Stay tuned for that.
In the meantime, go all in with both feet and you may be surprised just how entrepreneurial you can be, mummies—the sky is your limit! You’ve got this.
For more insightful stories and fun recipes, stay tuned to Motherhood Story!