Australia boasts a large number of hugely successful mums in business who, over the years, have inspired other mums to take the leap. However business success doesn’t come without its stresses and strains on family, lifestyle and career.
Starting your own business is certainly not a fly by night decision. New business owners tend to try to be the Jack of all trades when they start out in order to save overheads and time which leaves many blinkered to the direction they need to take their business in order to achieve their initial goals.
Surprisingly around one third of new businesses are unlikely to survive beyond their first year and this increases to a fifty percent chance after five years (USP 2014).
In Australia, women own 585,000. More than 45% of women run their businesses from home (a 20% increase in the last five years).
Owning and running their own business gives mums the flexibility to be there for the kids, as well as have more independence, focus and drive. However, running a business also comes with its own unique challenges including loneliness, isolation and potentially, depression.
Research also shows almost 40% of mums admitted that they were nearly or always alone (Motivating Mum 2015). A staggering 70% state that they rarely, if at all, received any positive reinforcement or feedback on their performance.
Alli Price, Founder of Motivating Mum has five top tips that will ensure that you don’t become the next business flop statistic.
1 – Know your priorities and aims and get them down on paper.
Getting your priorities and aims down will ensure you structure your business model correctly – for example, if your main aim is to spend time with the kids then your structure will allow for that. If your priority is to make money it could mean the difference between manufacturing in China over Australia.
Not getting these down and building your business around it means that you could get a year in and find you have built something that doesn’t work with who you are – it’s hard to get excited running a business that isn’t an extension of you and what you want to achieve.
2 – Do research.
The more research you do, the better your chance of success. Especially when developing a product, which can be a very costly process, it’s worth seeing if there’s a market before you launch.
The types of things you should be looking in to: Is there a want/need for your product or service? How large a portion of the market is it? Is someone already doing it? Why is your idea better/different? Do people care about this? How much do you want to make? Could there be enough sales and is there enough margin for you to make this?
3 – Identify your target market.
This is really an outcome of number 2 but is so, so important it should be a point all of its own!
Knowing your target market is essential to business success. You should know who your primary target market is, where they live, what makes them passionate about what you do, what unites them, where they shop, how they speak, what they read, what they wear and more.
Understanding your market will inform everything from your business name to SEO to how you talk on social media to how to craft your marketing messages to the prices you charge.
4 – Networking.
Many people understand that networking is great for meeting potential clients and making sales, however it is so much more than that.
For a solopreneur, it can be hugely beneficial to network as you also gain solidarity, information and tips to help you run your business better, cross-promotional partnership opportunities, can relieve the loneliness of working at home and more.
5 – Learn, learn, learn.
Most likely, in the initial stages of business you will have to do everything yourself. You will have to be the accountant, the seo specialist, the social media guru, the PR chick so you need to put time aside to teach yourself skills, learn the etiquette etc. Take it slowly – try and read an article a week, follow great business blogs for tips and don’t be afraid to ask for help.
The 2015 Motivating Mum Mummy Mentoring Festival launches on 26th October and closes at 8.30pm on Monday 2nd November. To find out more about getting involved in the 2015 Mummy Mentoring Festival please visit http://www.motivatingmum.com/mentoring-mum/mummy-mentoring-festival or https://www.facebook.com/MotivatingMumOz