Are you thinking about joining the ranks of mom entrepreneurs? According to the Center for Women's Business Research almost 10.4 million companies are owned by women, which accounts for 41% of all private businesses. In fact, for the past 20 years, women owned business have grown at twice the rate of all businesses.
Women start businesses for a variety of reasons, but commonly, a need for greater flexibility than would be offered in a traditional work setting is a primary motivating factor for mom entrepreneurs. As you brainstorm to determine the best business for your needs consider the following:
What are my interests?
Just as it can be a big mistake to jump on the bandwagon of the hottest career of the moment, it can also be a big mistake to launch a business based on someone else's success. You'll spend a lot of time building your business, so creating a business based on something that is meaningful, important and interesting to you will help you to persevere through challenges and enjoy the rewards of building a business that is uniquely your own.
What financial resources will I need?
Be realistic about the amount of money you are willing and able to invest in your new business. Many mom entrepreneurs seek out business opportunities that have low startup costs. Whatever type of business you launch, if you start with a realistic financial plan for your business you'll be better equipped to assess the potential profitability of your business and understand the business related expenses you can expect to incur.
What kind of time commitments will your business require?
If you are becoming a mom entrepreneur in order to increase the flexibility in your work hours, you'll need to think carefully about the type of business you start.
- Does your business idea require a daily time commitment? If so, how will that impact your other obligations and priorities?
- Is the business idea you are considering connected with an industry that is seasonal? You may be extra busy during some months, and less busy at other times. Depending on your own specific needs, that may or may not be a good situation for you.
- How much time will you spend working on your business? All businesses require a commitment of time; however, some offer more flexibility than others. If you're launching a business to gain control of your time, ensure that the nature of your business will, in fact, allow for that flexibility.
If you're seriously thinking about becoming a mom entrepreneur, there are plenty of great resources available to help you get started. I've posted several resources under Self Employment Resources in the Career Resources section.