It’s tricky, the whole ‘going back to work’ thing after or amidst your kids early years. I actually looked on Seek for a few jobs before listening to my husband’s advice about tapping into my talents and starting up my own business.
“Who’s going to pay for Networking tips?” I thought to myself, but I started slowly by running Biz Coffee Groups in my lounge and then I added Social Media workshops (that I ran in local cafes) and before I knew it Go to Girl was going off!
There are however, a few retrospective tips and words of wisdom that I would have given myself and that I’m happy to pass on to other fellow Mumpreneurs or Mumpreneurs-to-be!
1) The 3 tick Triangle
A wise woman once said,
A successful business is the intersection of 3 things: What you love to do, what you’re good at and what people will pay for.”
Luckily for me this was totally true and is probably one of the reasons things happened so quickly for me. I’ve met other women who can only ‘tick’ 2 of those things and so they’re finding roadblocks to their business.
So if you’ve got a business idea or you’re already running a business, re-visit the ‘triangle’ and make sure you love it, you’re good at it and that it solves a problem/pain and therefore people will pay for it! It should feel out of your comfort zone, but in an exciting way, that you just have to work on it!
2) Value your Time (and time away from kids) and Price Accordingly
When I first started my business I had been home with the kids for a few years and I was in that mode where $30/hour seemed like a lot of money! If you feel like you have to start low, that’s fine, just start then increase your prices steadily as your client list grows.
As my confidence and skills grew I increased my rate for Social Media coaching and attracted more of my ‘ideal client’ as well as better valuing myself and my family time.
As mothers, we all know how tricky it is to fit in anything extra or to work out the logistics of being able to get some work done amidst the kindy drop-offs, and endless snack-making. That’s why you need to really value your time away from your kids, when you’re working.
3) You Gotta Spend Money to Make Money
As a service-based biz, I didn’t need to invest a lot of money in stock or equipment, so I was pretty much earning money from day one.
My mindset at that time however, was more one of ‘earn don’t spend’ which when I look back, didn’t serve me, my clients or my potential. Fast forward 6 months into my business and I finally decided to ‘invest’ in some good Business Coaching (with Janine & Jo from Love Your Small Business). That’s when things started really revving up for me.
Other key areas to spend your revenue on are marketing, networking and client engagement, basically any area that will bring you new companies, or help get your brand ‘out there’ in front of real people.
You should really try and budget on not earning any income for the first 12 months of your business. You need to invest that initial revenue in growing your business and customer base beyond those crucial first few years.
4) Outsource What you Don’t Love (or what doesn’t earn you income)
I just recorded an entire podcast on this very topic!
Just like being a Mum, the ‘to do’ list is endless, well it’s the same scenario when you’re running your own business. So… The sooner you can outsource by hiring a virtual assistant or delegating some tasks that either you’re not super talented at, or you just plain don’t like doing, the better! This will free you up to focus on what you’re good at and love doing, and what makes you money.
Obvious areas are accounting/book keeping, basic administrative tasks, packing and sending product, customer service. These are all important areas of your business, but they don’t create revenue and growth for your business. So outsource the BAU tasks, and make sure you focus on growing your business, your customer base, and your revenue.
You can apply the 80/20 rule here. 80% of your time should be on tasks that create revenue for your business. The other 20% can be on admin and professional development.
5) Connect, Collaborate & have a Clear Call-to-Action
As the ‘Go to Girl’ I absolutely love the power and potential of Social Media as well as Networking (both online & in-person).
So my final tip (I have many more…) is to connect on Social Media by being on the 2-3 platforms where your ‘people’ (ideal clients) are hanging out. That might be Instagram, or TikTok or even your own email platform.
Then, you want to ‘connect’ with your customers or clients by being genuine, helpful, and showcasing your expertise. Only once you’ve demonstrated your integrity, and your ideal clients know, like and trust you, then it’s the right time to make an offer. Invite them to work with you or to buy your product, or show them how you can solve their problem/pain point.
Collaborating is A-mazing for business and can make a huge difference to the size of your audience as well as your bank account.
For any women in business/Mumpreneurs or those thinking of starting a business, I would love to invite you to connect with me and see how I can help! Cheers, Nat ‘the Go to Girl’ Gotogirl.co.nz.
For more great business start up advice, check out our Family Finances section.
An here’s an article for on business ideas you can start for home.
