How You Can Get Your Small Business Off The Ground As A New Parent
Just over one-third of American mothers do not return to work after having a baby, according to estimates from the Motherhood in America Report. This statistic does not necessarily mean that they stop being apart of the workforce, however. In fact, entrepreneurship is actually booming in America, with the launch of many small businesses by new parents. The flexibility, ability to be with your baby, and pride of ownership that launching your own business can bring are just some of the top reasons why more new parents are going from employee to business owner. While the task of starting your own business soon after becoming a parent may seem like a crazy idea, many mothers and fathers alike are proving just how possible it is. From the financial benefits of owning a small business to finding the time to dedicate to a new business with a baby in tow, a few well-planned strategies can help you achieve your entrepreneurship goals.
Parent Proof Your Start-Up Finance
Let’s be honest — having a baby can be expensive and so can launching a business. The cost of raising a child in the first year alone can average $21,000, contrary to the $1,000-$5,000 price tag estimated by 36 percent of parents. If you are going to do both simultaneously, financial planning will become incredibly important. If you currently have no source of income, budgeting will help you reduce your household expenses and give you money leeway to finance your business. If you don’t already, now is the perfect time to get on board with personal finance and budgeting apps — both for your household and your business.
Another alternative is to apply for a startup loan. Lenders will normally consider your credit history, collateral on offer (dependent on the kind of loan you are applying for), and your business vision. Before you choose a financing option, be sure to do your research on the current startup financing options out there and the costs attached to it. Another suggestion is keeping your day job with reduced hours or in a consulting capacity — making time for parenthood, entrepreneurship, and income-earning. Many experts recommend building up at least 6 months of living expenses before taking the leap to start your own business since it can be both time consuming and expensive.
Be Prepared To Outsource, Automate Or Give Up Time With Your Baby
Launching a business can easily become a full-time job. Many entrepreneurs will attest to this fact. From formulating your idea to sourcing your products and marketing your business, the time demands of starting a new business are one of the key reasons many people are skeptical to launch a business so soon after parenthood. While you may have to recruit babysitting help for your baby in some instances according to this parenting blog, there are also things you can do to ensure your time is not completely consumed by your business venture.
Where you can, utilize automation and software tools for entrepreneurs like Bizplan, Monday, Trello or Evernote. They can cut down the hours you work, increase your productivity and help you stay organized in a stressful time. You can choose to outsource secondary functions such as website design or IT service management to firms or freelancers. This frees up your time to focus on your business and your baby. As a bonus, these options may end up costing less which is a good thing in your business’ books.
Find The Common Ways You Can Wear A Parent And Entrepreneurial Hat
Launching your own business should be based on an idea or business model that you enjoy and work towards the common goal of creating the life that you want. For many new parents, it is a life where they can be there for their children. A great way to overcome the split between business and parenthood is to incorporate your evolving knowledge and role as a new parent into your business venture.
The baby product market is a lucrative one, with an estimated 4.21 CAGR between 2019 and 2027, according to figures released by Inkwood Research. You can also be guaranteed a market since parents are always going to be shopping for the needed gadgets and supplies for their children. Common ideas that new parents can incorporate into their business startup can include starting a parenting blog, offering matching parent and child products, or specializing in must-have nursery or child healthcare products such as sleeping aids or diffusers to help their babies breathe better.
Take The First Few Months To-Do Your Planning And Market Research
Finally, with statistics like only 75 percent of small businesses surviving past their first year, it is crucial that you take the time to plan your new business venture. So while you may feel eager to get your business off the ground, take the first few months of parenthood to do less strenuous or flexible tasks such as business research or drafting your business plan. It is easily adaptable to your new baby’s schedule, can be done from home and provides you with key tools to launch your business successfully.
Lastly, pace yourself and seek help if you need it — whether it is a business partner, employees or a good childcare provider. Rushing your business to market can do more harm than good. Accept that you will continuously be learning the art of balancing when it comes to parenthood and your business. Instead of worrying, focus on implementing these and other strategies that will prepare your business and yourself for the flurry of activity that comes with entrepreneurship.