Advice for Mompreneurs: be realistic, take time to plan and have solid support networks in place

According to RBC Group, there are 821,000 self employed women contributing $18 billion to the Canadian economy.  About half are mothers. A recent Toronto Star article notes that “mompreneurship” is on the rise, “helped along by an increase in women with a high level of education, and the advent of the internet and social networking tools.” Many are professionals who are giving up their jobs to start a home based business so they can spend more time with their kids.  

Starting a business can be a very difficult task, but when you have small children, it can be even more complex.  This is where balance of expectations and realistic goals need to be set.  There will always be challenges that may slow down prospective mompreneurs, but with careful planning and solid support mechanisms in place, they will be better prepared to open and sustain a successful business.

One of the biggest challenges mompreneurs face is time.  As any parent knows, taking care of small children can consume every minute of your day.  When you add in the responsibilities of running a business, it can be overwhelming. It is of the utmost importance that you open the kind of business that will fit well with your schedule. Set realistic goals.  And whether you are starting a small or large business, you need a strong and well planned foundation, along with a solid business plan that includes financial goals and objectives.

The Halton Region Small Business Centre has worked with several mompreneurs.  We know that time is a factor and that knowledge is a must.  Taking the right steps and making the right decisions about your start up business can either make or break it.

This year the Small Business Centre has incorporated a series that runs three times in the evening during the year.  It is called “Steps to Success” and includes:

  • Market research: why and how to conduct market research
  • Business plan development: concepts of a business plan from executive summary to the financial overview
  • Understanding financial statements: recording and maintaining financial records including balance sheet, cash flow and income statements
  • Marketing: cost effective marketing options

The Halton Region Small Business Centre is here to help mompreneurs.  If you are considering entrepreneurship, please get in touch with us and make an appointment with one of the Centre’s consultants to discuss next steps.  Also check out our upcoming seminars.  If you have any questions, please call us at 1-866-442-5866, www.haltonsmallbusiness.ca, smallbusinesss@halton.ca or visit us at 1151 Bronte Road, Oakville. You can also follow us on Twitter @haltonecdev and Facebook at www.facebook.com/HaltonSBEC.

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