What mums need to consider when running their own business
Due to the economic climate and mass redundancies taking place many professional women are now seriously considering running their own business for the first time. For many it has become increasingly difficult to balance their responsibilities as primary carer and senior manager in organisations where long hours, rising stress and uncertainty is becoming commonplace. Other women with young children or who are considering motherhood are judging their organisations with a critical eye – and deciding that their work is incompatible with being a parent.
Key considerations when deciding to set up your own business
All working mothers need to make decisions regarding their working lives and if you have decided to run a business, there are a few key things you will need to consider before you proceed.
Income
How much income do you need to generate and how much time do you have? Many start ups pay scant attention to this important dynamic – swept away by the possibilities of being their own boss. It is fairly unlikely that you will be able to generate the same amount of money that you did when you were employed immediately, so you need to decide how long you can survive without this source of income.
When you are running your own business income can be fluid and hard to judge when you will receive payment for work completed. Whilst companies may agree to pay you within 30 days for example, it is not unusual for you to receive payment after this date – even before the recession!
Cash flow becomes all important, so it is essential that you have given sufficient thought to how you will manage this as well as the minimum amount of money that you need to generate and by when.
Accessibility
Another key consideration is how much time you have available to devote to your business. You will need to be as realistic as possible when making this determination. For example are you planning to work from home whilst looking after your children? If so how will you deal with the distraction that they may cause? Do you have other responsibilities that might steal your time? How much time do you need to run your business? Remember there are 24 hrs in the day and your business may not need to operate between the hours of 9am to 5pm!
Partner support
Running your own business is difficult to do and it can be made all the harder if you have little or no support from your partner. Other than financial support which you may or may not need you will need the emotional support of those around you. Running a business has many ups and downs and to ride this rollercoaster you need to be able to have strong resolve and good support network.
Key considerations when running your own business
Ensuring that your service or product is wanted
When you have decided to run your own business you will need to check that your business idea is a sound one. Is there enough demand for what you do? Is it distinct enough from others in a similar market to attract clients easily without heavy marketing costs? Is it something that you are really passionate about? The last question is key mainly because you will be working significant hours to ensure that your business is a success.
When business owners start running their business they have a clear vision of the services or products that they wish to sell. Over time they move away from their vision in the hope that by diversifying they will be able to sell more and increase their revenue. This is often a false economy as the more you become a generalist in your niche the more you are likely to drive away customers.
People prefer to buy from specialists, experts in their field and the higher the value of the service that you are providing the more you will need to be seen as the only provider of choice.
Social Networking
One of the things that you will need to decide is whether to invest time in networking. Social networking is an excellent way to gain clients and develop your business. By using social networking you are able to establish your expertise in the marketplace, gain advocacy and utilise sales leads and referrals. One of the best social networking sites for small businesses is Ecademy (www.ecademy.com), it has a dizzying array of tools and facilities to aid your networking efforts. For example you are able to network online to connect to others, sell your services in their marketplace, blog to establish your expertise and attract others to you. You are able to start and join clubs where you can meet likeminded individuals and your activity on the site can benefit from their excellent Search Engine Optimisation.
Ecademy caters for those that want or prefer to network face to face with others as well. Regional and special interest clubs meet regularly and there is a club to suit everyone’s interest. Lots of the clubs organise speakers for the membership who can learn a number of key business skills like marketing, networking or business planning.
Trusted advice
When growing your business you will need to ensure that you receive good advice at the key stages of your business development. Whilst networking you may find a good partner to collaborate with or a key advisor or number of informal advisors that can help you in the decision making process. Often business owners make the mistake of believing that they can receive good quality impartial advice from their family or friends. That is often a false belief as they are unable to be truly impartial or objective and have typically little experience in running a business. A common mistake is the belief that it is possible to run a successful business without the support or help of others. Where ever possible seek the advice of a trusted advisor rather than go it alone.
As a working mother myself, I know first hand the challenges that working and raising a family brings. But with the right approach to work, balanced with dedicated family time (and some ‘mum’ time too!) you can look forward to a prosperous and rewarding new stage in your career. Good luck!
Tags: Working mothers