As a mom, let’s be real: you already have at least one full-time job!
But given many factors—including the affordability of new online marketing technologies, job instability, desire for flexibility, and general passion—you may have considered starting a business of your own. The kind of business that pays in cash.
There’s never been a better time in history for a mom to start a business out of the comfort of her own home. With the proper strategy, tools, and capital, you can launch and grow a business from behind your laptop, espresso machine dinging in the background. What’s more, the “mompreneur” lifestyle can afford you incredible earning potential, more time with your kids when it matters most, and gobs of purpose.
As an accounting firm, where we assess and fortify the financial health of countless small businesses, we think it’s critical to share some key learnings about what works and what to look out for if you decide to cut the red ribbon and open up shop. That way, you’ll save time, money, and tears when it comes to launching your enterprise. Because here’s the reality: we’ve seen amazing businesses fail. Not due to lack of hustle or heart, but simply from having the wrong outlook going in.
So without further ado, here are the top 3 advantages and 3 challenges for moms to consider when starting their own home-based business:
Advantages to Being a Mompreneur
You get control over your schedule.
While starting a home-based business takes major effort and focus, at the end of the day, you get to choose when you take calls, schedule meetings, and generally put in the work. Translation? You can be with your family when it matters most, whether that’s taking the kids to their after-school activities or hitting the beach for vacation.
You create financial independence while still being present as a mom.
Gone are the days when you have to choose between either being a full-time mom without a toe in the job market or working a 9-5 (realistically probably an 8-7). Running your own business means building wealth, growing your talents, and spending more time at home—all at the same time.
Depending on your product, your income potential is limitless.
If you build something scalable, you’re no longer trying to break the glass ceiling. You’re launching all the way into the stratosphere.
Challenges to Being a Mompreneur:
You need capital!
Supporting a family is hard. Funding a new business on top of it? Even harder. Sure, the $100 startups exist—but they’re the exception, not the rule. Make sure you have savings coupled with a clear financial plan and the resources to back it up. And keep in mind that unforeseen costs will crop up like mad. So cushion your budget accordingly.
Say goodbye to benefits.
You’ll have to figure out your own health insurance and retirement plan, which can feel destabilizing, especially with a family to take care of.
Your hand will be in several pots at once.
Moms are famous for multitasking like queens. But let’s be honest, there may be moments when you want to pull out your hair. Getting a business off the ground requires hammering out tons of tasks, both big and small. On top of your mommy and household responsibilities, there will be times when you feel spread thin.
Final Thoughts on Different Business Structures
For today’s purposes, we addressed the advantages and challenges of building a location independent business (working from home), since that’s the structure that serves many moms well.
However, the advantages and challenges of the “mompreneur” lifestyle fully depend on how your potential business operates from a tactical standpoint. Here are some questions to get you thinking about your business’ structure:
-Will you be location independent? In other words, will you be able to run your business top to bottom from anywhere in the world? (Online consulting, freelance writing, coaching, etc.?)
-Or will you be semi- to fully location dependent? In other words, does your business require you to set up shop in a physical locality, either part of the time (to package and ship off goods, store supplies, etc.) or all of the time (a brick and mortar enterprise)?
Weigh which of these models suits your talents and desired lifestyle best. There you have it. Lots to think about, right?
We’d love to hear what inspires you about becoming a mompreneur in the comments below. Bonus: tell us what kind of business you want to start!