If you are a new mom entrepreneur, you are probably wondering what your first steps should be
As a new stay at home mom entrepreneur, it can be a bit challenging trying to decide what you should focus on.
When you go from mom to mompreneur, there are lots of things to figure out, and things can get pretty overwhelming fast if you don’t have a plan.
Trying to do all the things is a recipe for disaster and will leave you feeling unproductive and a little discouraged.
There’s a lot of advice out there on what you should focus on as a new business owner, but in my experience, some things are more important than others, and that’s what I am going to share in this post.
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10 THINGS TO FOCUS ON AS A NEW STAY AT HOME MOM ENTREPRENEUR (IF YOU FEEL OVERWHELMED AND CLUELESS)
1. FIND A WAY TO MANAGE YOUR BUSINESS AND FAMILY LIFE
I decided to start with this one because many moms who run businesses underestimate how challenging balancing work and family life can be.
If you want to enjoy being a stay at home mom entrepreneur, you have to find a way to balance your family and business since one could affect the other.
This is especially important if you don’t have child care or any other support (like a lot of single mom entrepreneurs).
One of the biggest struggles of being a mom and a business owner is finding the time to work on your business and also spending enough time with your family.
So think about this very well and make sure you create an effective routine or schedule, so you can enjoy the best of both worlds.
2. ESTABLISH SOME SORT OF ROUTINE TO STAY CONSISTENT
Along the same lines as above, you should consider creating a schedule for your business to help you stay consistent and productive.
One of the main benefits of having a schedule is that it helps you to stay consistent and organized.
So choose your working hours and schedule carefully so it fits with the type of business you own.
Remember some hours are going to be more suitable for your business than others, and the best working hours will depend on your time zone and where your customers are based (especially if you have an online business).
Take the time to set your work hourrs. Figure out how many hours you have to work each day or week, and make sure you’re productive during those hours.
You may also need to adjust when you wake up or when you go to bed (which can be pretty rough) to fit your business and family needs, but once you get into a routine, things become easier.
3. SET SOME BUSINESS GOALS
One of the reasons many mom businesses (actually this applies to all businesses) fail is because they have no goals.
These business owners get a business idea and start a business without giving too much thought to what they want to accomplish or how they are going to accomplish it.
As a stay at home mom, you’ve probably seen and read a ton of articles about starting an online business, making money online and everything in between.
While some of these articles are really helpful and inspiring, they don’t always tell the full story.
Starting a business and growing a business are two separate things.
If you want to grow your business or make money in your business, start by setting some business goals.
SOME EXAMPLES OF GOALS FOR NEW BUSINESS OWNERS INCLUDE:
- Finding customers
- Making x amount of money every month
- Learning more about entrepreneurship
- Building your brand or social media presence
- Improving your products or services or adding more products to your existing catalogue
These are all examples of business goals you can set.
If you don’t have business goals, it’s going to be hard to stay focused or make much progress in your business. This is one of the reasons many business moms are struggling to grow their business.
It’s hard to grow when you don’t have a target or a goal you’re working towards.
So one of the first things you should do is set goals for your business and create a realistic plan for achieveing them.
4. CREATE A BUSINESS BUDGET
Just like your personal life, your business also needs a budget.
As a new business owner, it’s good practice to keep your business finances separate from your personal finances, which means having a separate business account.
Having a budget for your business allows you to keep track of your expenses and income.
When you’re a new business owner, it’s very easy to waste money if you’re not tracking your expenses or using a budget (don’t aske me how I know!).
This is usually the case if you’re funding your business with personal funds.
Before you start a business (of if you just started one), take the time to create a budget and allocate fixed amounts for different expenses. This way you know how much you have coming in (or your initial investiment), and how much you have to spend for each business expense.
For example, let’s say you allocated $200 for business education or marketing. Once you use up the $200, you know you no longer have any more money to invest in marketing or business education until the following month or quarter.
Which means when your favorite bloggers or marketers show up in your inbox with their offers, you can easily scroll past them because you know you don’t have the funds to invest.
Similarly, if you allocated $200 for marketing and you don’t use up your marketing budget, you can either save the balance or use it to cover some other expense.
The benefit of having a business budget can’t be overstated, so go ahead and create one for your business so you can stay on top of your finances.
5. CREATE A MARKETING STRATEGY
One of the first things I leaned as a new business mom is that you don’t have a business without customers. What you have is a hobby. Perhaps an expensive hobby!
This seems simple enough but it’s amazing how many business owners forget this!
Don’t waste your time on branding or trying to make your website perfect or on any other time wasting activity.
Your number one goal as a business owner is to get your first customer, that’s why you need a marketing strategy.
Even if your business is a mom and pop (or mommy and me business), you still need a marketing strategy because you need a way to attract these customers to your business.
Don’t let the words “Marketing strategy” scare you.
Your marketing strategy can be as simple as word of mouth, cold calling potential clients or customers, using social media or content marketing or using paid advertisements to spread the word about your business.
Whichever method you choose, make sure you have a clear plan for attracting and keeping customers, and also for closing the sale.
6. FOCUS ON BECOMING PROFITABLE
The first and most important goal of a business is to become profitable.
Notice I didn’t say generate revenue. A lot of business owners confuse revenue with profit.
Becoming profitable as quickly as possible should be the driving force of your business because without profits, your business wouldn’t survive and it’d end up being a drain on your finances.
The mistake a lot of moms in business make is that they focus on growth instead of profitability.
When you’re a new entrepreneur, your focus shouldn’t be on expanding your business or creating more products. Your focus should be on getting more money out of your business than you put in.
That should be your priority and motivation!
So brainstorm some ways your business can become profitable in the least amount of time.
7. WRITE A BUSINESS PLAN
Lots of mompreneurs put off writing a business plan because they think they need a big complex document, or they reckon they don’t need one because they are a small homebased business.
Unless you have a lot of experience running a business (even then you still need one since every business is different), then you need a business plan.
Think about it. Would you set out on a journey to a place you haven’t been before without a map or some sort of guide?
That’s exactly what a business plan is! It’s a guide. A road map for your business.
It shows you what to do and when to do it. Kind of an outline of all the important bits you need to run a business.
So create a simple busines plan even if it’s a one page document and use that to direct and grow your business.
Here are some helpful articles on how to create a business plan. Check them out!
8. FOCUS ON RETAINING CUSTOMERS
As a new stay at home mom entrepreneur, finding your first customers is probably one of the biggest challenges you will face.
But once you find them, focus on retaining them. Have a strategy for retaining your customers because repeat customers are some of the biggest revenue and profit generators for small businesses.
Focus on providing top-notch customer service. Serve your customers well. One way to do this is a by offering them fair and competitive prices.
Find out their needs and work on meeting those needs better than your competition.
That’s how you retain your customers and keep coming back for more.
If you are an introvert and not a people person, read How to Win Friends and Influence People for lots of great tips and advice.
9. NETWORK WITH OTHER MOM ENTREPRENEURS (AND KEEP YOUR EYES ON THE COMPETITION)
I am not very good at networking since I am a bit of an introvert, but I know how important it is to network and connect with like minded business owners.
When you are just starting out, there’s a temptation to isolate yourself from others while trying to figure out this whole business thing.
However, the perfect time to reach out to others is when you’re just starting out, because you want people to know that you exist.
Networking is a good way to find out what’s going on in your industry, meet the big players in your industry, and possibly find the first customers for your business through referrals or something like that.
Even if you’re not ready for in-person networking events, there are lots of opportunities online to connect with other mom entrepreneurs.
A word of caution.
Online groups can be a big time suck so be very mindful of that if you decide to join online groups.
You can do a search on facebook to find some relevant groups you can join. Don’t waste your time on groups that provide no real value. Keep searching until you find the right fit for you and your business.
Don’t forget to keep an eye on your competition, but don’t get distracted and compare yourself with them.
The reason you want to keep an eye on your competititors is so you can get some ideas for what is working in your industry, and maybe some inspiration to help you improve your products or services (please don’t copy them).
So learn to put yourself out there, and learn to identify and seize opportunities when they present themselves.
Here are some helpful articles on networking.
10. KEEP LEARNING AND HONING YOUR BUSINESS SKILLS
Depending on how much business experience you have (maybe from working for a business or perhaps your family owned a business), you might have a lot to learn to feel truly confident as a business owner.
Regardless of how much experience you have, it’s important to keep learning and honing your skills so you can grow your business.
There’s a lot to learn about entrepreneurship and it takes a long time to learn everything you need to know.
As a business owner, learning never stops because things are constantly changing and evolving, and you have to keep adapting if you want to stay relevant and serve your customers well.
That’s why it’s really ipmportant that you have a learning plan, and make business education one of the expenses in your budget.
What you need to learn depend on the business skills that are most essential for running your business.
Like everything else, some skills are going to be more important than others, so work on the most important ones first, and fill in any gaps whenever you have some time or extra money.
For a new business owner, marketing and sales are probably the most essential skills you need, so if you’re not very good at them that’s where you should start.
FINAL THOUGHTS ON WHAT TO FOCUS ON AS A NEW STAY AT HOME MOM ENTREPRENEUR
Being a mom and business mom has a lot of perks, but it also has lots of challenges you need to navigate.
If you have been spinning your wheels or feeling stuck because you didn’t know what to do after starting a business, the tips in this post should help you stay focused, so you can start working on growing your business.
What do you need to focus on first?