Starting a business is a scary proposition, but it’s never too late to start your own business. While you have probably heard that entrepreneurship is risky and challenging, there are dozens of success stories from single mothers who started businesses successfully. Some of them learned ways to start selling products online; others started with a brick-and-mortar store.
No matter what kind of business you want to start, the point is that it is possible to start a company while working full-time and taking care of children. If you want to know more about how single mothers started successful businesses, here are some tips to help get you started down the road toward successful entrepreneurship:
1. Make the decision to do it
If you plan on starting a business in your spare time, quit your job right now. You will need every possible minute of every day available for this endeavor- spare moments around jobs, school, kids, or even family can be taken away at any moment. Employers are not required by law to give reasonable permission for employees to work outside their jobs, so make sure that whatever sacrifices you end up making are worth the benefit of being your own boss.
2. Establish a goal
Figuring out what you want out of this endeavor is an integral step in starting any business because it will guide all future decisions you make about your company’s direction and philosophy. Are there other single mothers who could use your services? If so, what are those services? Maybe you only have to work part-time – would that allow for enough free time after child-rearing or job duties are complete for this venture to succeed?
3. Have a plan
Entrepreneurship is not always easy, but having a plan for success can help keep you focused on your goals rather than getting discouraged by bumps along the. Your business plan should include your business goals, how you plan on marketing your products or services, budgeting for startup costs and company expenses, and any contingency plans if the venture fails.
4. Network like crazy
Knowing someone in business can be one of the most valuable tools to help your new venture get off the ground. Whether it be through networking with other entrepreneurs or using social media platforms like Twitter or Facebook to market your product lines, having personal connections with successful people will save you time and money (often two of the most precious resources during a startup).
5. Expect setbacks
It’s not realistic to think that starting a business will be easy; there will be difficult moments when everything seems hopeless! You need to develop strategies for getting through those moments so you can keep going. For example, when your business is struggling, what are a couple of ways to cut costs in the short term? Make a list and keep it next to you while trying to get through difficult times so that you know how to handle the situation when it arises.
6. Don’t give up!
Successful single mothers who start businesses understand this: setbacks simply mean that you need to try a different approach or fix another problem. If one plan fails, don’t discard all of your ideas; look at what went wrong with one idea and adapt it for use with another plan later on down the line. When all else fails, remember why your company was originally started and ask yourself if you can still do anything to help move it forward.
7. Hand the company off to someone else
If, after your business becomes successful you find that you are still spending all of your time running it instead of enjoying life or taking care of children, it might be time to hand down the company to another person. That way, even if the company fails later on due to circumstances beyond your control (such as economic conditions affecting your industry), at least you will be able to leave it in capable hands and move on with other activities.
8. Know when to retire
Even though successful companies can be handed down from generation to generation, most entrepreneurs stop running their businesses once they no longer need the income. Although there is nothing wrong with continuing with a company you love and find fulfilling, it’s important to know when enough is enough and call it quits.
9. Stay positive
Life will happen while you are busy working on your business; if something bad happens, don’t let it get in the way of your goals! Things like losing a loved one or getting laid off from work may seem like insurmountable obstacles at first, but after some time has passed, they become just another bump in the road towards future success.
Starting a business is no easy feat, even for single mothers with plenty of time to devote to their work. However, you don’t have to give up trying to make your dreams a reality. The hardest part is getting started; once you do that, you’ll be on the right track to build a successful company and reach your goals.