If you are currently thinking of starting a business to boost your income, find 9 key tips you should note to help you make a success of your aspirations…
1. Choose a business that suits your personality and mummy roles. Start small, if need be, with something you enjoy doing, deciding what your ideal vision is for the business. Ensure that executing the business will not compromise your mummy duties, especially if you have very young children.
2. Specialize. Pick a specific niche and stick to it. Most businesses fail because entrepreneurs try putting their hands in too many pies. Once you’re doing what you’re very passionate about, you’ll be motivated to weather the challenges on the way till set goals are achieved.
In addition, learn all you need to about what your chosen niche:
*Is it a seasonal or all-year round market?
*Who are your competitors?
*What can you do to have an edge over them?
*What kind of funding is needed?
*What’s the average duration you need to invest to make the business viable?
*Can it be a home-based business or do you need an office space?
You need to answer these questions satisfactorily before launching the business. Remember, you want to make money.
3. Create a business plan. This is also very important. Depending on your type of business, you may need to discuss your business intentions with a specialist and have him write one for you. This ensures clarity of business goals, helps you avoid wrong turns, appreciate your baby steps towards success and draw motivation to move on.
READ ALSO: Stay At Home Mums: 5 Profitable Business Skills to Explore
4. Sort out legal necessities. To safeguard your business, your most important legal concerns would be: Business Name, Business Structure, Business Licenses and to some extent, Non Disclosure Agreements, if you plan to have contracts with suppliers. Talk to a good lawyer to get these sorted.
5. Get necessary training. There is no substitute for experience in business but having the required training to man the affairs of the business and empower you to make good business decisions is very important. If you’re going into baking for instance, don’t rely on the skills you already have as the way things are done is constantly changing and you need to be in the know regularly to remain relevant. This will give your business an edge.
You may also enroll for business or leadership causes to improve your entrepreneurial skills.
6. Raise adequate start-up funds. Do you have the required capital? Do you need to raise additional funds? Are there funds to run the business pending when you start making enough profits? Is there any back up to source extra needs for funds? Ironing these out will ensure you are not stranded at crucial points as the business grows as this may lead to failure.
7. Network like a social butterfly. Cultivating relationships with people who present possible opportunities for your business can never be over emphasized. Networking informs potential clients as well as influential people about what you do and they may recommend you business to their circle of contacts.
8. Keep records. Tracking finances could sometimes be an overwhelming task, especially for a layman. However, you must document every financial expenditure, profits and losses, retain receipts and write down non-receipted expenditure, keep business and personal finances separate, and learn about taxation and how it can affect your business.
9. Stay committed. Be determined to weather the challenges on the way by staying committed to your goals. Get your family’s support and be there for them as well. Remember, you can accomplish whatever you desire if you give it your very best shot.
Photo credit: thinkstock
Tags: Business, Mumpreneurs, Tips
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Well noted! Thanks MIM
Thanks so much. This post is for me
Thanks for this lovely piece
Noted. Thanks MIM.
Thanks for sharing
Thanks for this
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