Moms Who Want to Become Entrepreneurs
There has never been a better time for moms who want to become entrepreneurs to make their dreams a reality. Women own more than 12 million businesses in the United States alone, and that number is projected to grow through 2022 and beyond. And yes — even single moms can be incredibly successful entrepreneurs.
If you’re a mom thinking about starting your own business, then you’re just the mompreneur I created this guide for (you know, mom + entrepreneur = mompreneur). Whether you’re looking to make money blogging or develop a fashion empire, there’s something here for you. So let’s get started!
The Step by Step Mompreneur’s Guide
1. Craft A Vision
The first step that moms who want to become entrepreneurs need to take when starting a business is to develop a great business idea. If you have an interest or passion that you would like to turn into a business, that is a great place to start. You can also look at the needs of your community and see if there is a way that you can fill that need with your business idea.
Start by figuring out the “why” of your business. Why do you want to become a mompreneur? What are your goals, and what do you hope to achieve by starting your own business?
Maybe your goal is to work from home and spend more time with your children. Or maybe you’re hoping to supplement your existing income to upgrade your lifestyle. Once you understand your goal, you’ll be able to make more informed decisions about your business plan.
Mompreneurs also need to think critically about their marketplace. Who is your customer base? What are their needs, and how can the business meet those needs? You should also research the competition. What are they doing well, and what could your business do better?
2. Make a Business Plan
Once you have a great idea, the next step is to create a business plan. This will help you map out your business’s goals and objectives. It will also give you a roadmap to follow as you start and grow your business.
A good business plan includes lots of market research. This will help you understand the target market and how to reach them. For example, moms who want to become entrepreneurs must thoroughly understand everything about the target audience. From their wants, needs, and cares, you have to know them inside and out.
Plenty of resources are available if you need help creating a business plan. These include specialized books, websites, and even business plan templates.
3. Secure Startup Funds
Next, it’s time to think about how to secure startup funding. You can secure funding through various methods, including loans, grants, crowdfunding, or investors.
- Business Loans – One of the most common ways mompreneurs can get funding is through traditional loans. Banks and other financial institutions offer loans specifically for businesses.
- Business Grants – Another option you can fund your startup business is through grants. Mompreneurs can take advantage of special grants awarded exclusively to female business owners. Other kinds of grants are typically awarded to businesses that are working on something beneficial to the public. For example, if you are starting an environmentally friendly company, you may be able to get a grant from a government agency.
- Investors – If you are looking for more substantial funding, you may consider venture capital. Venture capitalists are investors who provide financing to businesses in exchange for equity. In other words, they become part-owners of your business.
- Crowdfunding – Finally, mompreneurs can gain the startup capital they need through crowdfunding. With crowdfunding, startups can solicit small donations from many people. This can be done through platforms such as Kickstarter or GoFundMe.
4. Set Up a Business Account
Once you secure funding, you have to choose a business bank and set up a business account. This account will be used for all business transactions, including incoming and outgoing funds. Depending on the type of business you run, some banks may offer exclusive advantages over others — so moms who want to become entrepreneurs need to do their research.
5. Register the Business
Now it’s time to get started on the practical side of things. You will need to register your business, get a tax ID number, and obtain any licenses or permits required for your type of business. You will also need to choose a business structure.
- Sole Proprietorship – Sole proprietorships are a common type of business structure. They are easy to set up and maintain, and they offer flexibility in running your business. The downside of sole proprietorships is that you are personally responsible for all debts and liabilities incurred by the company. Many mompreneurs start as sole proprietors and evolve their business structure as the business grows.
- Partnerships – Partnerships are similar to sole proprietorships, but they involve two or more people. Partnerships offer the same advantages as sole proprietorships, but they also have additional risks. For example, if one partner is liable for debts incurred by the business, all partners are responsible.
- Limited Liability Corporations (LLCs) – LLCs are a type of business structure that offers limited liability protection to its members. LLCs are popular because they provide the flexibility of a partnership and the protection of a corporation. However, the downside of LLCs is that they can be more expensive and complicated to set up than other business structures.
6. Develop a Marketing Plan
Once the legal side of things is taken care of, it’s time to start marketing the business. Moms who want to become entrepreneurs will need to create a marketing plan and allocate a marketing budget. There are a variety of marketing strategies that you can use. These include online marketing, social media marketing, and traditional offline marketing.
You should also create some branding for the business. This includes choosing a business name, logo, and tagline. These elements will be used in all of your marketing materials and will directly impact how customers receive the brand.
Finally, you should create a website for the business. This will be your online home base where potential customers can learn more about your products or services. Be sure to include clear calls to action on the website so that visitors know what they should do next.
7. Get Business Insurance
Many business types require insurance. You will likely need liability insurance, which protects the business if someone is physically, emotionally, or financially injured by one of your products.
Depending on where you live, other regulations may apply to your business. For example, if you have employees, you will likely need to purchase workers’ compensation and unemployment insurance.
8. Create A Team
Speaking of employees, the final step is to assemble a great team. This includes finding skilled and knowledgeable employees in the areas you need help with. It’s also essential to find people who share your vision for the business and who will be committed to helping you grow your company.
Mompreneurs should consider hiring third-party vendors. These vendors can provide accounting, website design, and marketing services. Outsourcing specific tasks to third-party vendors can save time and money.
There you have it – now you’ve got everything you need to launch your new business. Remember, you’re not alone in this process. There are tons of entrepreneurial clubs and organizations for women starting businesses. So be sure to join one if you’d like company on your journey as a business owner.
It may seem daunting to join ranks with millions of other successful mompreneurs, but the good news is that it’s easier than ever to get started. The first step is deciding whether being an entrepreneur is right for you.
By following the steps outlined in this guide, you’ll be well on your way to starting a successful business of your own. So what are you waiting for? Go chase that dream, mama.
What mompreneur business ideas do you have that make you feel inspired? Share your ideas with us in the comments below!
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