From zero to hero: How to transition from full time mum to Mumpreneur
Many people see working for themselves as an easy option. It isn’t. However, there are several reasons why parents start a business and the main one is to have more time to be with their children.
So, when you think about why you want to work for yourself really think quite deeply into it and at your reasons. Giving up a job with all the security it offers may not be the right option for you.
However, working for yourself can also fill a gap. You might not want to do it forever, but you may find this is your ideal life and is what you want.
You cannot start a successful business instantly! It takes time, commitment and usually some funding and it may take a while to see a regular income coming in.
Think about how you will live, what income you need (and have access to) to support yourself (i.e. Savings or other income)
Also, consider this:
Employment = paid regular salary, paid holidays, sick pay and potentially other benefits.
Self-Employment = Payment on sale of goods or services and no benefits
This is the stark reality. Too many Mums start a business thinking it will be easier than working for an employer. It isn’t easier its different.
Failure in business start-ups is huge-over 80% in the first 3 years.
What’s more common? Someone who runs a business making virtually no money which is an expensive hobby!
The successful Mumpreneur is someone who gets advice, support and listens to it. They research their idea carefully, work on the numbers and work out a strategy to combine this with their family.
Then, most importantly of all, they execute their strategy.
You automatically have 2 jobs once you have a child.
Mumpreneur was a term coined a few years ago as more mums began to start a business. But actually, when you think about it, Mums have been Mumpreneurs for centuries. This is nothing new, we just have a name for it now.
So, we are combining an Entrepreneur
‘a person who sets up a business or businesses, taking on financial risks in the hope of profit’
With Mum (Mother)
‘a woman in relation to her child or children. bring up (a child) with care and affection’
Being an entrepreneur is already a hard, long road. Then we add in a second job – raising a family.
Here lies the problem!
Most women start a business doing something they know but without any business skills. Many are also new to parenthood so struggle with learning all the new skills at once!
Using my STOP model – consider the following
S= STRUCTURE Think about the structure of your life. How many children do you have? How many do you plan to have? How much support can you count on?
T= TIME How much child- free time do you have? How much can you create?
O- Opportunities and Options. What opportunities can you create for a business? What options do you have?
P- PLANNING – Proper Planning Prevents Pathetic Performance! If you go down the self-employed route you need to start writing a plan.
Write a Pros and Cons List for staying in employment versus becoming self-employed. This will enable you to explore what working for yourself might mean to you.
Write a list or draw a mind map.
Once completed this should help you to focus on the right decision for you and your family and if you are going to run a business it will stand a greater chance of success!
Author of The Successful Mumpreneur
Owner of Mums UnLtd