There have been few better times to become a mompreneur. You have access to a wider range of resources to help you along the way, financial, practical, and educational in nature. Not to mention that the digital landscape has opened entrepreneurs to a truly global marketplace of potential consumers.
However, that doesn’t mean it’s necessarily easy. Indeed, you may find that your experiences of going through a divorce can add a few additional challenges or concerns. It’s important to remember, though, that with commitment and some focus on some key areas, you can thrive in the business environment.
We’re going to explore 3 secrets to success when you’re starting the journey to become a divorced mompreneur.
Consider Your Timing
Time is an important resource for any business owner. It’s also a valuable element as a parent. This means that getting your timing right is an essential aspect of being a successful mompreneur.
This begins with assessing when it’s the right time to quit your day job and start working for yourself. Look at the components of your current position for signs that you should move on, such as recurring burnout and feeling professionally unfulfilled. Be sure not to start the transition until you have a solid idea of what it is you want to do and what needs your business should address. In some instances, starting as a side hustle can mitigate the financial hurdles when you first start an enterprise, too.
Another consideration for your timing as a divorced mompreneur is building a balanced schedule. It can be easy when you’re first starting out for your business to suck up not only all your working time but a lot of your spare time, too. Without a balanced schedule, you may find your quality time with your children and the space to unwind is disrupted. From the outset, commit to fixed hours and create solid boundaries around these.
Be Mindful of the Risks
Risk is a reality of running your own business. Taking the time to be aware of and understand the range of risks can help you to manage them more effectively. This not only improves the longevity of your enterprise but also the stability you and your family experience.
There are certainly some key risks related to the common mistakes business owners tend to make in the beginning. These include failing to create a thorough enough business plan, over- and under-estimating the potential for growth, and missing essential market research, among others. Many of these issues can be avoided by looking at the experiences of other entrepreneurs in your field. Look at how the aspects they ignored could have improved their chances of success. Establish how prominent mompreneurs have navigated these risks to influence their growth.
It’s also important to get into the habit of regularly assessing the specific risks of your type of business now. There will be common factors such as cybersecurity and physical accidents. But there will also be issues related to your industry or business model. These will change over time, too. Learn how to perform effective risk analysis and management.
Another point of risk as a divorcing mompreneur is how your ex fits into the picture. Wherever possible, wait until after your divorce is complete, as this tends to mean your business won’t be treated as a shared marital asset that can be divided between both of you. This may present additional risks to the integrity of your enterprise or you may wind up running the business together. Be mindful of how your clash of personalities and interests could disrupt the company. If necessary, it can be wise to involve a mediator to ensure both parties set aside personal differences and make good decisions for the company.
Running a business is a challenging process. One of the mistakes many people make is assuming because they’re in charge they need to take everything on their own shoulders. Particularly as a divorcing mompreneur, this can result in additional stress and pressure that’s not good for mental wellness or entrepreneurial efficacy. Instead, be proactive in seeking out resources that can help you.
Some of the best resources come in the form of finances and opportunities. Many states and cities offer grants and loans that are directed toward supporting women in business. It can also be wise to connect with the U.S. Small Business Administration’s women-owned business initiatives. There are various programs available to provide access to funding and training. Registering as a women-owned business may also open your company up to some federal contracts.
It’s also important to seek out local groups of women entrepreneurs. Connecting with business groups can be a valuable source of mutual support. You can also gain mentorship, share insights about local business activities, and get to know the challenges facing nearby divorcing mothers who run businesses.
Being a divorced mompreneur can be challenging, but there are steps that can influence your success. Be cognizant of the risks of entrepreneurship and prepare for them accordingly. Carefully consider your timing both in terms of when to start your business and how to effectively schedule your activities. Don’t forget that there are considerable resources available to women-owned businesses that can help support you on your journey. Whatever industry you’re entering, it’s worth taking the time to consider your approach, which is key to preparing for success.