4 Tips for Starting Your Own Business as a Parent

[Lucy Clark]

It’s not uncommon for parents to decide that they’re better suited to a home office than a cubicle somewhere downtown. Working from home gives you a chance to spend more time with your kids while earning a stable living at the same time.  It also happens to be the perfect excuse to become an entrepreneur and start the business you’ve always dreamed of owning.

However, being an entrepreneur isn’t all board meetings and Christmas bonuses. There’s a lot of work involved in setting up a new business – especially if you’ve got kids to manage at the same time. So if you’re thinking of taking the entrepreneurial parent route, use these tips to make the experience a little less exhausting.

1)      You Need to Prepare to Succeed.  Success comes to those who prepare for it. Don’t try to rush your company into existence. Take time to get your licenses out of the way and establish a solid budget before you start working on company operations. As successful “mumpreneur” and What’s On 4 Australia founder Elise Easdown says, “A great deal of time went into research, website preparation and legals, in order to get everything right - such as the business structure. I think I saw more of my accountant than my husband for a period of time!” Though preparing to open her business took a lot of time, it helped make Elise successful in the long run.

2)      Set Realistic Goals. Setting goals for your business is important, but it’s also important to make sure those goals are realistic. Research your market and create a five-year growth plan based on a realistic projection of profits and overhead. At what point do you plan to hire on employees? How much money do you have to earn before you start investing in marketing campaigns? When will you incorporate through a service like Speedy? These are all things you need to figure out before you open your doors.

3)      Don’t Sacrifice Your Flexibility. The whole point of founding your own business as a parent is that you’ll have more time to spend with your kids at home. While you might have to work some long hours when you’re just getting started, it’s important to remember not to sacrifice your flexibility permanently. Once the business is up and running, make sure to keep your schedule clear enough to take your kids to lunch or soccer practice. If you absolutely have to leave the kids alone to handle a project or conference call, consider hiring a babysitter to watch them so they don’t have to leave the house.

4)      Get Your Name Out There. You might not have a big budget to spend on advertising out the gate, but that doesn’t mean you should just cross your fingers and hope that customers discover you. There are plenty of ways to promote your new business that don’t cost a cent. Create a Facebook page, post classified ads on Craigslist and advertise on relevant forums and Internet communities. The more you can promote your business online, the better off you’ll be.

Starting your own business is no easy task, especially if you’ve got young children to look after. However, if you’re willing to put in the work that it takes to get your new company off the ground, you’ll be able to enjoy a rewarding career that both supports your family financially and gives you more time to spend with your loved ones.