How To Succeed As A Mompreneur

There’s nothing new about moms earning money to support their families. What is relatively new is the way increasing numbers of moms are going about it. Instead of working for someone else, they’re setting up their own businesses. If that sounds like something you could be interested in, here are some tips on how to succeed as a mompreneur.

Recognize your limits

Moms who have high-flying careers have a lot of help with both their family and their work. What’s more, at least some of that help is likely to be paid help. If you’re having to squeeze your business in between taking care of your family, then you need to expect progress to be slower. You absolutely still can get where you want to be. It’s likely to take you longer.

This can be particularly important if you’re looking at running a creative business. Creativity often needs a lot of mental energy. It can be hard to get this together when you’re physically exhausted.

Be assertive on pricing

The real-world definition of “business” is an activity that makes money. Therefore figuring out how you’re going to make money should be a high priority. Your starting point for working out your pricing is your costs and then your labor. Remember to include all of the former and to be realistic about the latter.

Your next step is to maximize your profit. This means that you want to charge as much as the market will stand. You might find it helpful to learn the basics of Van Westendorp analysis. At a minimum, see who your competitors are and pitch your pricing in the same range.  

Resist any temptation to try to win business by undercutting competitors. Most consumers grasp the principle that “you get what you pay for”. If you’re priced a lot lower than your competitors, they will ask themselves why. Also, setting your prices too low to start with limits your room to maneuver, for example, to run special offers and sales.

Get to grips with marketing

As soon as you get serious about starting a business, it’s advisable to get a domain name and social media handles. Domains are very affordable and social-media handles are free. Domains are licensed annually but as long as you pay the license they’re yours for as long as you want them. Social media accounts generally stay active as long as you keep logging in.

Even if you never use these, you’ll know that they’re there if you ever change your mind. What’s more, if you have your own domain, you can have an email address linked to it. This can look a lot more professional than using a free email. It’s also a good idea to have a separate email address for your business and maybe a separate phone number too.

If you choose to run a website, you’ll need to learn about search engine optimization. In general, however, when you’re just getting started, it can be more effective to focus on social media. If you have the budget, you can pay for adverts to be shown on it. If not, just networking with potential customers can boost the visibility of your brand.