Three Ways Mompreneurs Can Back Themselves In Business

In 2020 there was an influx of women-owned businesses, with 12.3 million businesses in the U.S alone. This number is set to increase as women are leaving corporate America for the opportunity to manage their own career path and gain the flexibility needed to integrate work and home life. However, one of the greatest challenges mompreneurs face is investing in their own businesses.

Every day mothers make financial decisions for their household, as research conducted by the Bank of America finds that women make 90% of the financial decisions at home from buying groceries and financing home improvements, to selecting investment options and deciding which charities to support. However, mothers tend to be more cautious and hesitant to invest in themselves.

Sara Alter, a Business Consultant for Mom Entrepreneurs and Founder of Moment Consulting, has worked with dozens of mom-owned businesses and knows how mothers can struggle to invest time and money in their ideas. “A common concern I hear from mothers is that investing in the growth of a small business takes away money from the family, and that comes with guilt,” she says. This often leads to moms only being willing to invest in their business when they feel there is an urgent issue, or it’s a necessity, such as an inventory order.

Alter understands the complex challenges of balancing work and motherhood but she encourages moms to see how giving themselves the best opportunity to succeed can benefit their families in the long run. “By thinking more strategically about how to invest money in ways that will help their business run more efficiently and effectively, most women find that the capital they invest brings significant returns” she says.

Here, Alter shares three ways mompreneurs can make the most of the limited money and resources they have.

Invest Up-Front

One of the biggest mistakes moms can make when they start a business is failing to invest capital up-front. According to Alter, “Many moms look at their business as a ‘side-hustle’ when they start up, so they prefer not to invest a lot of money before they’re sure the venture will succeed. However, in most cases, to be successful, you need to invest. This doesn’t mean you need to allocate a ton of money, but you do need to decide what you’re willing to spend to grow.”

When women invest as they go, they often feel the need to ask their partners for permission, or they feel they’re taking money away from their families. Investing a certain dollar amount at the start of the business can help minimize this guilt and make mothers feel empowered to spend confidently wherever the investment will add the most value.

Outsource Your Pain Points

To invest wisely, moms need to start by understanding what the problem is that they are trying to solve. “If you have an amazing service but you aren’t communicating your offer in a way that sells, you should consider hiring a copywriter. If you’re spending hours a day shipping a product from your living room, you should look at working with a fulfillment center,” suggests Alter. “You want to spend money where it will save time and energy, and to help you manage areas of your business that don’t play to your strengths.”

To get started, Alter recommends making a list of the pain points you might be experiencing in your business. Determine what you can realistically learn to manage on your own and which tasks you could outsource to ensure that your business runs more smoothly, and with the potential to grow.

Money Isn’t The Only Investment You Need To Make

Another mistake that mompreneurs make is not consistently investing the time needed to build their business. “Instead of creating a set schedule each week to work, moms tend to squeeze in work hours around their kids’ schedules,” says Alter. “While one of the perks of entrepreneurship is its flexibility, you still need to designate work hours as you do in any other job. No business is successful without consistent time and effort.”

When it comes to creating a work schedule, Alter believes in keeping it simple and consistent. “Every mom knows the rhythm of her family’s schedule, so you can plan your work accordingly,” she says. “When the kids are occupied with school, camp, napping, or spending time with a family member or caregiver, that’s the time to shut the door, switch gears, and get to work.”

By planning your schedule in advance, you can feel confident that you’re using your time as effectively as possible and giving your business the focus it requires to succeed and grow. By taking up these three actions Alter believes mompreneurs will give themselves the financial investment, time and support needed to realize their business goals.