Starting a business can be an enriching experience, but staying prepared for everything that comes with it is essential. Here are a few statistics to back up the importance of preparation:
- 80% of businesses fail in the first 18 months
- Only 50% of companies make it past their 5th year
It is mainly because businesses don’t properly prepare for their challenges. Some of the most common reasons businesses fail are because they run out of money, don’t have a solid business plan, or don’t market their business effectively.
For a single mother, the task can be even more challenging. Starting a business requires a lot of time, energy, and dedication – all things that may be in short supply for a single mom. Raising a kid will require full attention, energy, and resources, and coupling that with running a business might not be an easy path. However, it is still possible. Here are a few things to keep in mind, especially if you are a single mother considering starting a business.
Plan Your Schedule
Being an entrepreneur is already time-consuming, so plan your schedule carefully. You’ll need to factor in time for childcare and school activities if you have young children. It would help if you also considered hiring some help around the house to free up additional time.
It’s important to remember that your business will likely require a lot of start-up time before it becomes profitable. Stay prepared to sacrifice some nights and weekends, in the beginning to get your business off the ground.
One area where you can save time is the legal process. Pushing papers will take up valuable time that could get spent on more critical tasks, so it’s essential to have a plan for taking care of the administrative work.
You can use serving court papers services to have legal documents delivered for you. This strategy will allow you to focus on other aspects of your business while still staying compliant with the law.
Of course, your child will also be affected by your time working on your business. You’ll need to find a balance that works for both of you. An understanding and supportive co-parent can be a big help in making sure your child is taken care of while you’re working.
Get Your Finances in Order
Another critical factor to consider is your finances. Starting a business can be expensive, and you’ll need to be sure you have the funds available to cover your expenses.
You should create a detailed budget for your business and ensure you have enough in your budget and your emergency fund to cover any unexpected costs. It’s also a good idea to have a financial cushion in case your business doesn’t generate as much revenue as you initially hoped.
Several ways to finance your business include taking out loans, using credit cards, or investing your savings. Be sure to explore all of your options so you can find the best way to fund your new venture.
Being a single mother also means you’ll need to be extra careful with your money. Make sure you’re not spending more than you can afford on your business and set aside some money each month to cover personal expenses.
You can also look into government programs that offer financial assistance for businesses owned by single mothers. These programs can help you get the funding you need to get your business off the ground.
Get Some Help
Starting a business is no easy feat, so getting all the help you can is essential. If you have friends or family members who are entrepreneurs, reach out to them for advice and guidance.
Some online resources can help you get started, including business plan templates, funding databases, and marketing tips. The Small Business Administration is a great place to start your research. You might even find business ideas that could help you.
It would be best if you also considered hiring a business coach or consultant to help you through the process. A professional can provide valuable insights and help you avoid common mistakes.
However, your best support system will likely be your fellow single mothers. Connect with other moms who own businesses to get advice, share resources, and offer each additional moral support. You can also rely on your loved ones for help with childcare and household duties so that you can focus on your business.
Prepare for Challenges
Starting a business is full of challenges, so it’s essential to stay prepared for anything that comes your way. Do your research and create a solid business plan before getting started. And remember, even if things don’t go according to plan, don’t give up. With a little hard work and determination, you can make your business a success.