Mom Entrepreneurs

"Other things may change us, but we start and end with family." Anthony Brandt

Many mom entrepreneurs find that launching a business is an effective strategy to maintain their ability to earn an income while creating the kind of flexible work schedule that they desire. According to the Center for Women's Business Research almost 10.4 million companies are owned by women, and, for the past 20 years, women owned business have grown at twice the rate of all businesses.

Mom entrepreneurs start businesses for a lot of reasons, but commonly, the need for greater flexibility than can be found in traditional work settings is a big motivating factor for mom entrepreneurs. With that in mind, as you brainstorm to determine the best business for your needs consider the following:

What time commitments am I willing and able to make?
If you are becoming a WAHM entrepreneur in order to increase the flexibility in your work hours so you'll have more time to spend with your family, you'll need to think very carefully about the type of business you start. Consider the following:

Does your business idea require a daily time commitment?
How will the requirements of your business impact your other obligations and priorities?
Is your business idea seasonal? You may be extra busy during some months, and less busy at other times. Depending on your own needs, that may or may not be a good situation for you.
How much time will you need to spend working on your business to make it a success? All businesses require a commitment of time, but 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 provide the kind of flexibility you are seeking.

What are my interests?
Many people make the mistake of choosing which business to start or which career to pursue based on the hot industry of the moment. Avoid launching a business simply based on someone else's success.

If you decide to become a mom entrepreneur, you'll spend hours building your business. Building a business based on the hot industry of the moment will quickly become drudgery for you if the hot industry of the moment is not compelling to you.

On the other hand, creating a business based on something that is meaningful, important and interesting to you will help you to do the hard work, persevere through challenges, take pride in your accomplishments and really enjoy the rewards of building a business that is uniquely your own.

What financial resources will I need?
It's crucial to be very realistic about the amount of money you are willing and able to invest in your new business. Typically, it takes three to five years for a new business to be truly profitable, so you'll need to be prepared to invest time and financial resources in your business for a while before you see significant income.

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.

Becoming a mom entrepreneur can be a good strategy to allow you to parent in a way that works for you and your family while maintaining your own professional identity. There are a lot of decisions to make when you're thinking about launching a business, it takes a real commitment, but the rewards can be well worth the work.