Did you know I’m on a mission to put more money in mums’ pockets?
A few years ago I was struggling to find a business that I could run around my baby. I wrote about my business ideas here at Business Plus Baby and that led to me co-writing the book Start a Family Friendly Business: 129 Brilliant Business Ideas for Mums.
While I was doing this, I spoke to a lot of mumpreneurs and noticed…
• They were talented, hard-working, creative, supportive and generous.
• Many lacked confidence, especially when naming their price
• We all have beliefs around money that affect our behaviour, but being a working mum gives you a load more baggage to carry!
From looking at their business models and the prices they charged I could see that many mums running businesses were earning less than they should considering their skills and experience. Some were barely making a minimum-wage income once their expenses were taken into account.
It really got to me that all that hard work, generosity and talent was not being properly rewarded. The end result would be that most mumpreneurs would have no choice but to return to employment once their kids were older and childcare was no longer a headache.
That’s not a problem if you genuinely want to return to a job, but it’s heart breaking to have to give up your business just because you aren’t earning enough to carry on.
I wanted to help. That’s why I created the Earn What You Deserve as a Mumpreneur e-course, which I will be launching this Wednesday 11th May.
Most mums starting out in business don’t have a lot of money to invest and they need to get cash coming in quickly. That makes service businesses like holistic therapies, virtual assistance, web design, writing, childminding and bookkeeping popular choices.
These business have other advantages too, you can run them all from home and you can do as many hours as you want.
The snag with these businesses is that you’re exchanging your time for money. Lets say you’re working 20 hours a week. Up to half of that will be taken up by admin and marketing, leaving you not much more than 10 hours of time you can charge your clients for. You can’t earn any more because you don’t have any more hours.
The way around this is to find a way of earning without exchanging time for money. Here are two examples:
– Are there products that your clients buy or would like to buy? If you sign up for a direct selling scheme, you can sell a range of products without having to buy lots of stock. The direct selling company will provide things like brochures and order forms so all you need to do is buy a starter pack. You can sell anything from eco products to cosmetics to utilities! Check out the direct selling section of Business Plus Baby for more info.
– Helen Pritchard is a holistic therapist and baby massage tutor. She was limited to working with people face-to-face, but she created baby massage DVDs and video downloads so she can sell them around the world. You can read more in I started a business with a baby: Helen Pritchard of New Stork Times.
Can you think of a second income stream that you could add to your business?
If you’re just starting out and feel like taking on anything else will make your head explode, then don’t worry about extra income streams just yet! It’s worth keeping the idea in the back of your mind just in case you do spot a good opportunity in the next few months, though.
Would you like to know more? My Earn What You Deserve as a Mumpreneur E-Course is full of practical steps you can take to make more money from your business. Sign up for more info and you’ll be able to download my e-book: Price It Right: Five simple steps to choose a price for your product or service.
Photo credit: .shock
It’s Monday Challenge! This is going to be the last Monday Challenge for a while because let’s face it, we don’t need anything else to challenge us in December! I bet your to-do list is big enough already?
(By the way, here are the previous Monday Challenges if you missed them.)
So today’s challenge is (drum roll please…)
Give yourself a pay rise!
Here’s how you could do this…
- Check to see if you’re under-charging
Is a lack of confidence keeping your prices lower than they should be? Have you kept your prices at the same level for a while and never had the courage to raise them? This week take a really honest look at what you charge.
- Get a grip on your finances
Are your books less tidy than they should be? Is it hard for you to keep track of money coming in and going out of your business? If your bookkeeping and cashflow were up to date you could see where you were making the most money – and do more of that activity. You would also spend less time sorting your books out at the end of the year – time you could spend on activities that generate income.
Do a survey, ask them what they really want. Perhaps you could provide that little extra product or service that would increase your profits without too much more effort.
Is there one thing you could do that scares you, but that would give your business a boost? Maybe it’s sending a press release to a higher-profile magazine than you do usually. Perhaps it’s having the courage to speak at an event. Do it this week.
Decide you’re going to make more money in 2011. Sit down with a pen and paper or a spreadsheet and crunch those numbers. Set yourself a target that you want to earn in 2011 and plan out exactly how you’re going to do it.
Leave me a comment and let me know how you got on!
If you liked this challenge, take a look at my Earn What You Deserve as a Mumpreneur E-Course. Sign up for more info and you’ll be able to download my e-book: Price It Right: Five simple steps to choose a price for your product or service.
Antonia Chitty and I will be talking about how to ensure your business makes money in a teleclass this Thursday, 21 October from 2pm to 2.45pm (UK time). Why not join us?
This session is for you if:
- You want to start a business but don’t know what to do
- You have a business idea but aren’t sure if it is a good one
- You’ve taken the first steps to start your business but want to make more progress.
If you want three secrets that will ensure you DON’T make big business mistakes and DO turn your business idea into profit as quickly as possible, you can’t miss our teleclass this Thursday.
Listen to us share her secrets, and get the chance to ask your questions too. There are limited places on this teleclass so sign up NOW.
Just pop your name and email address over to Antonia by [nohide]clicking here[/nohide] and she’ll let you know the number you need to call to take part.
Are mums in business earning what they should? I wonder if many of us aren’t getting a fair return on the hard work we put in… Continue reading “Are Business Mums Earning Enough?”