5 Tips For Mompreneurs to Grow Their Businesses
You have probably heard of moms out there who plucked a scrawny startup from the verge of bankruptcy into a global power house. Their success stories are everywhere, and many women love their inspiration given how much every mother wants to become a mompreneur nowadays. It’s amazing how these women jog between family, housekeeping, and enterprise and still deliver exceptional results in all these areas. How do they do it? How do they excel in entrepreneurship and still give maximum attention to their beautiful babies? Well, here are a few tips a startup founder like you can use to grow your enterprise, increase sales and ultimately attain success.
1. They Accept That Motherhood Is Not Easy
Ever heard of the phrase where you suck it up and deal with it all alone? Well, that’s what these women do. They embrace the fact that being a mom is not a walk in the park and that motherhood should never be taken lightly. They understand that being a mother means they have to wear different hats from being full-time family fortune tellers, teachers, and emotional coaches to their kids to be the great entrepreneurs they admire. They are dreamers, and they want to be good mothers. They dutifully give their children the attention they need to turn into independent and productive adults. For most mompreneurs, their children come first and the startup comes second.
If you want to be like them, then you have to accept the challenges that come with motherhood. After embracing motherhood, now you can come up with a plan that will help you engage in motherhood and entrepreneurship simultaneously. The plan should complement your lifestyle as a mother.
How do you come up with a realistic plan? If you asked most mompreneurs, they would tell you that creating a plan always begin with having a clear picture, purpose, and vision in mind. What skills do you have? Which areas favor a mother? What budget do you have? Is the venture profitable? Does the enterprise complement your lifestyle? How will it affect you as a founder and as a mother?
Asking these questions will allow you to come up with a plan that will transform you from a stay-at-home mommy into an enviable mompreneur. However, you must ensure you come up with a realistic plan. A successful mompreneur evaluates all the issues that come with motherhood when developing her plans. The plan includes her ideas, daily schedules, monthly plans, measurable milestones, follow-ups, and miscellaneous notes. Simply put, she plans and keeps a record of everything.
2. Setting Up Realistic Projections And Propositions
When it comes to profit projections, most entrepreneurs complain that making predictions with any degree of accuracy take too long. Some see profit predictions as a waste of time and casually say that they can use that time better developing or improving their sales. This is where most people go wrong when starting an enterprise. In entrepreneurship, if you get your profit projections wrong, then you will be out of business sooner than you think. A recent study shows that most start-ups fail because they come up with unrealistic profit forecasts. It’s important to note that wrong projections lead to financial mismanagement and this can be a misadventure to your already struggling enterprise. Mismanaging your cash flow can turn your company on its head even if you are on the right track.
How do mompreneurs ensure they have the right profit projections? They do it by comparing their profit forecasts to other business in their area of specialization. A quick search on the internet also helps them find comments on blogs or discussions where seasoned entrepreneurs share info about profits of real and established businesses like theirs.
Also, for a mother to make it in the world of entrepreneurship, she must have a clear explanation of what sets her apart from other companies. What makes her relevant and credible? She identifies the reasons why customers should buy her product or service. She knows what makes her unique. For this reason, it is fundamental to ensure that your company is unique. Some people will advise you to compete on price, but don’t be misled! Concentrating on price will not help you choke any competition that comes your way.
Figure out the exclusive benefits you bring to your customers and forget everything else. If you fail to come up with a strong proposition, you’ll run the risk of devaluing your venture.
3. They Learn About Their Customers And Competitors
People start up companies to solve a problem for a certain group of people. A mompreneur is always ready to ask several critical questions. Who are her ideal customers? Where are her customers located? If you want to make it, you must know your ideal audience. Identify their wants and ask for their opinions to fine-tune your company and stimulate growth. As a mom, you have to target customers located around your hometown to ensure your venture does not interfere with motherhood.
Also, no matter your area of specialization or skill, your rival is likely excelling in something that your enterprise is struggling with. What are they doing differently? What do their clients say about their products or services? Are they ahead of you? Are your businesses alike or positioned differently? Don’t be afraid to answer the difficult questions and most importantly, don’t fear to ask for help. Look at how your competitors are doing it to inform your growth strategy. Never assume that you are smarter unless you are certain about it.
4. They Focus On Their Strengths
An experienced mompreneur knows that trying to improve her weaknesses can be exhaustive both financially and emotionally. It’s, therefore, essential to focus on your strengths. Your strengths are the business activities that you enjoy doing. These are the things you do well naturally. Identify them all and focus on them. Concentrating on what you do best increases motivation and enjoyment making you more competent and productive. However, focusing on your strengths does not mean you ignore your weaknesses. Understanding exactly where you need more work can help you become more productive and help you get ahead of your rivals. How can you identify your weaknesses? You can identify your faults by looking at your client’s feedback. Does the feedback reveal any patterns? You can also find a person who doesn’t hold back. Someone who will tell you the truth as it is. You can also look at your past failures and figure out why they happened and what you can do to avoid them in future.
5. They Usually Focus On The Internet And Invest In Talent
A mompreneur takes advantage of the web. She understands how to use the internet to ensure her company rolls with the big boys. For this reason, you must embrace the internet as a selling tool. The tool is right for motherhood because it is not confined by geographical limitations. Everything is done online, and you can market your products and services as you take care of your child. This marketing approach increases your brand’s voice, enhances your visibility, and builds the reputation of your enterprise. Many moms have established large enterprises using this marketing approach because it is flexible and highly efficient. It is cheap, and your brand’s name and content stay on the internet forever. Ask around to identify which internet tool suits your venture.
Also, a mompreneur must ensure her company is in good hands as she takes care of her child. It is, therefore, vital to ensure she hires a talented team to be part of her company. She hires people who are enthused and inspired by what she does. Do they believe in your company’s mission? Do they understand and relate with your value proposition? Give your employees incentives to motivate and make them feel part of your company’s success.
Of course, there are more strategies that mompreneurs use to succeed in the world of entrepreneurship. However, the tips mentioned above are the most efficient and should never be taken lightly. Motherhood is a beautiful thing, but it should never discourage you from becoming an entrepreneur. Be smart. Be bold, and reorient the playing field to match your strengths as a mother.