There are a lot of challenges when you are a single mom. Among these are financial security and stability. When you’re a single mom, you are the only one who earns for the family unless of course if your ex-husband is paying you child support. But what if you are widowed?
This prompts you to leverage your income. A single person’s average earning can’t compensate for the growing needs of the children. You need to have a bigger and steadier source of income and you can possibly achieve this by having your own business.
If this sounds bold to you as a single mom who already has difficulties juggling your motherhood duties and work, you better read on.
Many single parents start their own business and here are the some of the reasons why:
1. You are your own boss
This means that you do not have to answer to anyone when you’re late with your reports. However, when you have your own business, you are now accountability.
2. You can work on your own schedule
Flexibility is what you need when you are a single mom. While many can argue that a business can be more demanding, it depends on you how you manage your time. When you have your own business, you can set your own hours of work. Use this to your advantage.
3. You are more focused
Having your own business as your main source of income will draw all your attention to it. Unlike when you take in multiple jobs at a time, having your own business is a lot better. You work for yourself and your family.
If these reasons resonate with you, then perhaps starting your own business is the way to go.
But how do you go with it?
Below are things to think about that could steer you to the right direction.
1. Why do you want to have your own business?
What is your driving force to start a business? Do you need it for your family or you just want to prove something? Knowing why you want the business in the first place is determining your motivation. If you lack this, sooner or later your business will close down.
2. What are you passionate about?
It is equally important that you know what you would like to do. If running your own business is something that you do not see yourself doing, forget it. You need to know if you will love your business. This will be answered by your passions. Do you like baking? Then, your business must be in line with baking, a pastry house maybe.
3. Do you have the resources to start your business?
You have to remember that you also need to invest money in order to earn it. That is applicable to business. You need to have capital to buy your tools, equipment and even labor to start your business.
You also need to know where your business will be located. For most businesses started by single moms, they originated from the garage or the backyard then developed to full-scale factories or establishments.
4. Who are your customers?
This is one thing that you have to think about. You need to secure a market share that will patronize your product or service. Your customers are equal to income. If you think your business concept doesn’t have a matching customer population in your area, be ready to modify it.
5. Do you need help?
Most single moms would start their businesses by themselves and eventually get an assistant before they expand the workforce. If you are not comfortable hiring people or trusting people, you may have a big problem when your business starts to grow or your business won’t grow at all.
Keeping these things in mind will definitely guide you in your business endeavor. You can also do your own research and ask experts for advice.