Managing a successful small business is hard work. However, the opportunity to take control of your lifestyle and financial future in one fell swoop is very appealing. In truth, it’s something that many mums dream about on a near daily basis. But only a very small percentage actively chase it.
When completing your research, you will encounter obstacles that may discourage you from taking the leap of faith. Here’s how to break through them to encourage the best chance of success.
#1. Financial Worries
Money is at the heart of most concerns, especially when starting a new business. As a new mumpreneur, using an alternative finance company is probably the best way to fund the venture in a responsible manner. As long as that capital is spent in a suitable way, which includes minimal waste, you should be just fine.
The other major financial concern revolves the income. It takes time for a business to grow to the point where you can pay yourself a salary. Maintaining a part-time job throughout the early stages of the venture can reduce the pressure greatly.
#2. Limited Skills
Despite having the perfect idea for a business and the skills to complete many of the tasks, there’s a strong chance that you’ll be lacking in other areas. The knowledge that you don’t have the marketing, production, or admin skills needed to facilitate success can be worrying. But teamwork makes the dream work, and hiring some employees can make all the difference.
If you’re starting the business from home, it’s likely that you’ll choose remote freelancers instead of having people work from your home. Still, the right employees will bring their innovations and creativity to the job. This should result in greater efficiency and final products. If that doesn’t inspire faster growth, what will?
#3. Work-Life Balance
Starting a business is supposed to enhance your life, and not just in a financial sense. Unfortunately, a lot of inexperienced mumpreneurs allow the two parts of their life to blur into one. When this happens, it becomes very difficult to enjoy either. Even when you’re at home, that lack of quality time can be gruelling.
First and foremost, setting aside a home office space creates a working environment. This can work wonders for your mindset as well as the family’s. Meanwhile, it’s imperative that you learn to give yourself a break from time to time. In addition to enhancing your personal life, coming back with a fresh mind may help you unearth improvements for the business.
#4. No Store
When starting a home-based business, not having a store will obviously create problems. Fortunately this is easily fixed. If running a hairdressing venture, for example, operating as a mobile business that visits clients in their homes you’ll be able to take payments from a card reader . If selling products to the local community, a combination of online selling and popup stalls can work wonders.
Handling stock can be another issue. When selling clothes, you could partner with fulfilment companies that create and distribute on your behalf. That way, you won’t even see the stock and can focus completely on design and selling. Perfect.
Essentially, if you have the right levels of determination, it’s possible to break through all barriers in business. You can do it!