When people write about mompreneurs, they usually just focus on the success stories. I’ve read numerous articles on the internet praising stay-at-home working moms who make millions every year. With writers insisting on focusing only on the positives, it’s easy for us to forget that, like all business women, mompreneurs have their own set of unique challenges that they seek to conquer every day.
In this post, I’ve laid out the 4 most common problems I’ve seen small businesses mompreneurs struggling with and tips on how to eliminate them.
4 Small Business Tips for Mompreneurs
1. Don’t Try to be the Jack-of-all-Trades
While the autonomy that comes from being a mompreneur can be exhilarating – you can’t handle every single aspect of your business all by yourself. Trying to do so will only harm your business and your health. The obvious solution would be hiring someone to help you, but here’s another reality: most mompreneurs can’t afford to pay hundreds in monthly salaries.
As an alternative, I’ve found that online tools work the best when it comes to business assistance. There’s a software for virtually everything online; from inventory management to customer relations management. Yes, you have to pay for a lot of them, but a number of web-based tools, like AMZInsight, Fiverr, and Wave, are rather cheap and offer free trials to start.
2. Request Finance from Lenders Devoted to Mompreneurs
Loans for small businesses have grown as competitive as the small business industry itself. Consequently, you may find it hard to secure finances from conventional small business lenders; even the government-backed SBA 7(a) loan doesn’t go out to everyone. Faced with frequent rejections, women often turn to personal savings and family and friends for help, but those resources are often inadequate.
I recommend going for lenders who dedicate funding to mompreneurs, or, if not that, then grants or loans focused on female entrepreneurship. Grants from organizations, like Eileen Fisher, InnovateHER, and Women Veteran Entrepreneur Corp, are all privately-owned and work to encourage female entrepreneurs in the realization of their entrepreneurial dreams. You just need to make sure you’re eligible and have a killer business plan that scores with the lenders.
Who can be better at forming long-lasting relationship than mothers? This is an area where most mompreneurs are naturally gifted – and that’s a good thing – because your success doesn’t just depend on what you do, but the people you know. Networking with other mompreneurs will create shared business value and enable you to discuss common challenges.
If you don’t know where to find the nearest mompreneur, you can leverage the power of the internet, yet again. Reddit has threads discussing the many predicaments faced by working moms and entrepreneurs. Other websites, like Open Forum and the Forum for Women Entrepreneurs, have sub-topics dedicated to mompreneurs. On these platforms, look for women working in the same industry as you. Start conversations by telling them how much you admire their work and share ideas about your trade.
4. Find Time For Yourself
How many times have women been told that finding an equilibrium between work and home life is a piece of cake? And yet, mompreneurs know that it isn’t as simple as it sounds. Yes, women can have it all, but business prosperity is unachievable without sacrifices.
So, if you’re looking to harmonize your family and your work, let me assure you that while it is possible, you will have to miss out on minor life events. As much as you might want to see all of the football games your child is playing, you’ll have to dedicate some time to yourself. For that reason, I suggest you have a sit-down with your family every month and candidly talk about your work priorities. Ask them about the important events – ones they want you attending – and skip the rest.
Do you have other suggestions for mompreneurs? Please share in the comments below!