Starting a business can be a rewarding experience, but it can also be a challenging one. As a mom, you are likely juggling many responsibilities, and it's important to avoid common mistakes that can make your entrepreneurial journey even more difficult.
Here are five common mistakes that moms make when starting a business and how to avoid them:
Underestimating the time commitment: Running a business takes time and effort, and it's important to recognize that it will require a significant investment of both. Most people who start a business start it from a space where they have a strength. Which is great. HOWEVER, wearing all the hats in business is so different than a corporate job where you are relying on teams of people who all have specific tasks. Give yourself the time to learn new skills. Take on new challenges can be energising and draining all at once. Its called a rollercoaster for a reason. Check out my F.A.I.R routine to help set yourself up for success
Neglecting to track finances: Keeping track of your finances is crucial for the success of your business. According to fidelity investments:
58% of moms admit to avoiding money conversations because they find them uncomfortable or stressful.
52% of moms report not having a budget, and 42% say they rarely or never stick to a budget.
40% of moms feel like they don't have enough time to manage their finances, and 26% say they lack confidence in their financial knowledge and skills
Make sure to keep accurate records of all expenses and income and regularly review your financial statements. Create a budget and stick to it as well as monthly goals to help keep you on track. Its important to educate yourself on business and finance and their are plenty of resources to support you.
Failing to delegate tasks: It's tempting to try to do everything yourself, but this can quickly lead to burnout. Identify tasks that can be delegated to others and consider outsourcing or hiring help when needed. Here are 5 things you can outsource on a budget
Graphic design: Outsource graphic design work, such as creating social media graphics, logos, or marketing materials. Platforms like Fiverr and Upwork offer freelance graphic design services starting at around €5-€10 per project.
Not having a clear plan: A business plan is essential for success. Take the time to create a clear plan that outlines your goals, target market, marketing strategy, and financial projections. Check out my business builder blueprint to help get you started:
Comparing yourself to others: It's easy to fall into the trap of comparing yourself to other entrepreneurs and feeling like you're not measuring up. Remember that everyone's journey is different, and focus on your own progress and growth.
By avoiding these common mistakes, you can set yourself up for success as a mom in business. And remember, you don't have to do it alone - consider working with a business coach or mentor to help guide you along the way.
Best of luck on your entrepreneurial journey!