Motherhood is a demanding job. But this doesn’t mean you have to give up your dream of building a business. In fact, the concept of “lifestyle businesses” that offer the flexibility for individuals to live and work on their own terms has become more widespread than ever before.
The flexibility of lifestyle businesses makes them an excellent fit for mothers who are interested in entrepreneurship.
What to Consider when building a business
It is important to consider your lifestyle when building your business.
1. Establish Your Priorities
When starting a business, you should consider how your company will allow you to live the lifestyle that suits your needs. For example, as a mother, you’re probably not so concerned about being able to visit a new country each month. Instead, you’re more likely looking for a flexible schedule that gives you more time with your family.
You should write down all your goals as a mother and then prioritize them. You can then evaluate business ideas and determine if they are in line with your goals.
2. Find your preferred niche
In most lifestyle businesses, the first step is to assess your own skills. Next, you can identify business niches that match those skills. It is important for mothers to note the skills they have developed during their career and as mothers.
If you were a graphic designer but developed a passion in photography after leaving your previous job, then either of these options could be a valuable niche to your business. It’s possible to combine the two with some creativity. What’s important is finding something you enjoy to maintain long-term enthusiasm for your business.
3. Understand Your Expenses
While most lifestyle businesses have much lower operating expenses than a full-scale startup, this doesn’t mean you won’t incur any business costs.
As Shopify explains, “As an internet-first business, many of your costs will include subscriptions for online services, hosting, invoicing, and more (e.g., Mailchimp, Shopify, WordPress, QuickBooks, Thinkific, etc.). […] For anything you can’t do yourself, you might hire outside help to enable your company to grow without eating into your time (e.g., freelance designer, virtual personal assistant, marketing consultant).”
You’ll also need to account for other operating costs, such as taxes and incorporation fees. Keep in mind how these costs affect your household finances and bottom line.
4. Identifying Potential Income Streams
Many of the most successful lifestyle companies use multiple revenue streams in order to maintain a steady income. This could include selling physical products, paying subscription fees, or using advertising and affiliate marketing.
A fitness brand, for instance, could sell workout clothes and provide subscribers with exclusive tips. Entrepreneurs can also promote brands on social media by participating in paid posts. Ideally, look for passive income streams that won’t have a huge increase in the total number of hours you need to work each week.
Dr. Rachel Gainsbrugh, Founder & CEO of Short-Term Gems, says, “By investing in luxury short-term rental properties You can also find out more about the following: generating additional income through my coaching program, digital course content, public speaking appearances, and in-person events, I’ve really been able to diversify my income streams. The result is that I’ve been able to make a lot more while also having so much more freedom in how to spend my time—and these days, I often choose to spend it with my family.”
5. You can find your audience by knowing where to look.
You’ve identified your niche and developed a basic business plan with the revenue streams and a working model to help you manage your job and motherhood. It’s time to decide how best to reach your audience.
There are many ways to reach your audience in the digital age. You can showcase your work in a variety of ways, including paid ads and Facebook and content marketing. Consider which platforms and messaging will most effectively reach your target audience.
6. Automate your business
Automating your business is a great way to build it around your mother’s lifestyle. Automation doesn’t have to mean giving up control of your work. It can streamline your mundane, time-consuming activities so that you can spend more time with your family or on high-value business initiatives.
Workflow automation is a cost-effective way to solve a number of common business problems, including connecting data across different software, automating reports and helping you gain insights. It can also streamline customer orders. You can save money by outsourcing certain tasks to freelancers. They will also provide quality results for activities that are outside of your expertise.
Ready to build
You can create a business to fit your mothering lifestyle with careful planning. It doesn’t matter whether your business involves helping clients with social media marketing or selling products to other moms. You can create a business that allows you to maintain your desired lifestyle by taking into account these important considerations.
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