Single parents find it difficult to start their own business, especially from the confines of their homes. Single parents work for longer than parents with partners. They have to take care of their children and manage the entire household by themselves. Single mothers have to deal with everything from groceries to the house’s finances all on their own. On top of this, managing their startup can be a task all on its own.
Most single mums take up startups instead of sticking to their cubicle jobs because they allow more flexibility. An office job comes with painstaking hours, which don’t offer the flexibility mothers want for being present in their child’s life. However, sole trader mums can set up their schedules. They can switch it up however they deem best. Single mums also understand that they might have to work more with their startups. However, most switch to sole trading so they can put their passions at the forefront of their lives right behind their children.
Regardless of their passions, sole trading can be difficult. Thus, we have compiled a list of business tips for sole trader mums. They are as follows:
1. Asking for Help is Not Weakness
We’re all human, and no one knows how to do everything. When you’re just starting with business, it’s okay to ask for help. You should often consult multiple people before you make a decision. You are self-sufficient, and you don’t have to rely on anyone. But, asking people for advice or help doesn’t make you less. Reach out to your family members and the people you trust and get them on board with your plan for the future. Ask people to help in whatever way they can. If someone you trust can take your children off your hands for a little while, let them. Asking for help and accepting with grace when someone offers it will open up your time so you can focus on your business and pour your energy into something that lets you provide a better future for your children.
2. Remember to be Patient
They say Rome wasn’t built in a day. Your business won’t establish itself overnight. Take your time. If you’re worried about how much time you can afford, enlist bookkeeping services that help you keep track of your finances. The average small business takes at least two to three years to start becoming profitable. The best thing that you can do is to network as much as you can. Get the word out for your business, enlist as much helps as you can. However, you must also understand that all you can do is put in the effort.
3. Prioritise Your Children
It’s good for you to have some perspective when you’ve been slaving away at your goal. Hanging around your children will remind you that all they want from you is to be present with them. You may even want to work around your children’s schedules so that you can get the most time with them. Try to maintain that balance between work and life as much as you can. Learn to stretch and enjoy your surrounding even when your business seems to need you.
4. Create a Network of Trustworthy Advisers
A business cannot grow without taking risks. To ensure you’re taking the correct risks, establish people in your life who will give you the right entrepreneurial and personal advice. It’s always wise to consult people who love you before making decisions. However, for business, talk to experts about your growth plans. They’ll inform you about all you can do. You’ll feel supported as well.
5. Have a Contingency Plan in Place
You may want to take a risk as a business owner. However, as a parent, you know that any risks you take will affect your children’s future. So it’s best to have one or more contingency plans. If your business seems to dwindle, you may ask your advisers and then apply the contingency plan in place. Don’t put too many eggs in one basket. Make sure to diversify your holdings as this is less risky.
6. Listen to Small Business Podcasts
Podcasts are a great way to get into the mindset of a small-business owner. These podcasts also make you feel seen and heard. As a sole trader mum, it may be difficult for you to feel supported. Listening to podcasts such as these can also give you the answers you’re looking for.
7. Trust Your Gut Instinct
Business is calculative, yes. But so much of it is also relying on your gut instinct. Learn to listen to your gut. If something tells you to leap, then you should do it. If a deal feels like it’s going to fall through, don’t make it.