The 3 Pitfalls of Beginner Mompreneurs
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Being a work-at-home mother is one of the biggest challenges of all. But when you are a mompreneur, you may look to have more control over your schedule which means being more flexible. But while you may think about starting a business to ensure that you are able to have more control of your life, there are a number of pitfalls that many mothers who start a business fall into. Let’s show you some of the key ones so you can get the balance right the first time.
Not Investing Enough in the Right Areas
Many of us feel that we’ve got to cut corners, which means cutting back on our finances in order to make sure our business flies. But the reality is that when we are building up a company we’ve got to invest in the right areas. When you are running a business that involves face-to-face customer service, you have got to remember that the customer is always right, but also you need to give them more options than you think is necessary.
This is especially true when it comes to paying for items. A POS (point-of-sale) system can be a great way to accept a wide variety of payments. You can get a POS from North American Bancard as well as a number of other suppliers. But it’s important to remember that if you have a really good business idea, you’ve got to give it the financial investment it needs. A good business idea alone is not enough.
Serving Too Many Types of Clients
While you may want to say “yes” to every single opportunity, this means you eventually get snowed under. Diversifying your efforts can be essential to keeping yourself afloat, but if you are too diverse you are potentially selling yourself short. It’s important to address the activities that will generate the best revenue. And if you have the expertise to offer, this means you’ve got to charge the right amount for your services.
You may think that in order to be competitive you’ve got to undercharge, which is especially true for those who are starting out, but you’ve got to figure out what your time is actually worth. One of the best ways to do this is to figure out how much you would like to make every year, add estimated monthly expenses, and generate a ballpark figure that you would like to make on a weekly basis to meet those goals.
Seeking Approval from Everyone Around You
Many mothers who are cutting their teeth in the entrepreneurial game will look to the people closest to them for advice. But it’s important to remember that there will be people who can give you advice, but you have the final say as to whether you want to accept it or not. It’s important to remember that you should trust your instincts. While a lot of people are reluctant to encourage you because of the potential for financial loss, when you look to start a business, the reality is that any company does not make a profit in the first year. If you have a passion, you must follow it!
*This article is based on personal suggestions and/or experiences and is for informational purposes only. This should not be used as professional advice. Please consult a professional where applicable.