For Mums Who Want To Embark On The Journey of Entrepreneurship

When you have decided to embark on the journey of entrepreneurship, working your way through the preparation and what it entails may not be so clear to you but you can plan with the easy guides below:

1. Find Your Niche

Pick a specific line of business or market you wish to serve and stick to it. Many business attempts fail because mums want to try their hands on everything they can get. Pick a good one instead and be sure it’s the one you are passionate about.

Figure out the following:

Is it a seasonal market?
Who are your competitors?
How much capital do you require to start?
How much time devotion will it take?
What edge do you have over your competitors?
Can this business be done from home or you’ll need a office space.

2. Stay True To Yourself

Start with a business that does not throw you off balance in your personal life and finances. This also means picking a business that comes natural and suits your personality. If you are easily worn out talking or find that you are not much of an enterprising person; it would not be proactive to seek to start a business as a sales expert.

3. Create A Business plan

This aspect of starting a business is not as much fun. Even established business owners who know how crucial it is for business growth find it a daunting task.

Creating a business plan for your business has a number of benefits including providing clarity, a road map, and enables you to see how far you have come. You can hire a business writer to write a plan for your business.

4. Consider Legal Implications

It unsettles many new business owners to think of legal implications for their business. In reality, it is not as scary as it sounds and can serve to protect your interests. Registering your business name, getting your licences and other peculiar legal needs of your business fall under this category. Speak to a good lawyer and get this sorted out, one step at a time.

5. Talent Is not Enough

Even if you are really gifted at what you do, you will still need some training because you want to be sure of the quality of services you are providing, not to mention that’s how you can measure up against your competitors or even stay relevant. Update your knowledge of what obtains in your market niche currently, you will be more confident and better suited to achieve your company/business goals.

6. Pull Resources Together

When you set out to start your business, you should have figured out all the resources you will need; financial, space, and other materials. Prepare ahead of decision making and ask for support from family and friends if you find the need and can count on them. Whatever you do, make sure you have your tools ready so you don’t get tired before even starting.

7. Network Like A Pro

Thank God it is the era of social media. Many businesses are thriving and so are many mums who are taking advantage of the the wide reach of social network to connect to prospective clients and other businesses that could potentially influence their business with mind blowing opportunities.

8. Keep Records

This cannot be overemphasized. Record keeping helps you keep track of your business’s finances, expenditures, and growth. This can be a bit of a task especially for a layman, but you can start by;

Documenting every expenditure and gain for a financial year.
Keeping receipts and noting down every non-receipted expenditure.
Not mixing up your personal and business finances.
Learn about how taxation can affect your business.

9. Be Wise

Even as you are seeking the path to your business growth, never lose sight of your primary duties to your family. In the end, there is no amount of success at work than can compensate for failing at the home front. The key word here is balance.

Photo credit: Google