By Lucy Reed
A good mom and a successful business owner - sounds like a contradiction, right? But plenty of women manage to be both. With organization, delegation, and a little less procrastination, there’s no reason you can’t strike a balance and thrive as a mompreneur. Here are a few tips.
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Time Management
Before you move on to any of the finer details, it’s important that you organize your time efficiently. This means creating timetables and planning for the days and weeks ahead. To do this, you’ll want to use digital schedulers and time-organizing apps. The advantage of a scheduler is that it can integrate with any other work programs you have running, so you can connect your work directly to your calendar (e.g. alarms and meetings). Time organizing apps, on the other hand, ensure that your plans won’t get away from you.
Once you’ve found your routine, make sure you stick to it. The urge to do one thing over another will be tempting but if you can stick to what was planned, you’ll find that each day you’re moving a little closer to your goals. To help with this, there is an array of procrastination apps that will block you from idle browsing and keep you on the straight and narrow.
Organizing Finances
Correctly managing your finances is key to the success of your business and the stability of your family. In fact, this is arguably the most important consideration when starting out as a new business owner. Many small businesses begin by enrolling the services of an accountant. With correct monetary planning, you can look to project cash flow, maintain a strong credit score, and integrate tax management into your routine.
When choosing a business structure, it may also be a good idea to form an LLC (limited liability company). A limited company will allow you to ring-fence your debts and obligations to your business. This way, although you can still lose the money invested in the company, your own personal assets are protected in the event that you fall into debt or fall under a lawsuit. It also means less paperwork and more tax advantages. To form your own LLC, check your state laws (each one has different regulations for starting companies).
If you want to build on your business skills to help you manage your finances and much more, consider earning an MBA degree. Along with learning about finances, you’ll also gain skills in organization, communication, and leadership. Online programs are ideal for busy entrepreneurs as they have flexible learning options so you can continue running your business as you complete the coursework.
Delegating Tasks
The support of your family is paramount to the success of your business. This is not just about giving yourself more time to work, it’s also about getting your loved ones involved and, therefore, invested in the business.
If you can afford it, bring in the help of a housekeeper or a nanny. Using a directory, you may be able to find someone within your budget. If not, don’t be afraid to use your network of friends and family to support the day-to-day upkeep of being a mother.
There are a great number of parenting apps available to families that will help you to delegate and ensure your children's safety when your attention is focused on the business side of things. With the help of technology, you and your partner may be able to fit more into your days than you initially expected. Make sure, as well, to keep the communication going about the decision to start a business and how it’s affecting the family. Studies show that communication problems are the most egregious strain on relationships. Founding a business is no small factor in a young family’s life.
It can be a big risk, trying to manage a business and raise kids all at once, but like with any good thing - nothing ventured, nothing gained.
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