As more and more women and mothers are making the choice to start a business, the name ‘Mompreneur’ or for us in the U.K ‘Mumpreneur’ has been coined. There is no exact definition of this term which is roughly defined as:
‘Women who run their own businesses while also acting as a full time parent.’
Mumpreneurs are more likely to run a business out of the home than out of a commercial building. According to the Independent newspaper:
‘The number of female entrepreneurs has increased by 9.6 per cent during the past two years, according to the Office for National Statistics. Of these, an estimated 300,000 are mumpreneurs, according to Mumpreneurs UK, contributing £7.4bn to the economy each year. The support network found that almost 90 per cent of mums would like to start their own enterprise.’
If you are thinking of joining the growing ranks of Mumpreneurs, read these essential business tips from Jane Hopkins, creator of http://www.mumsclub.co.uk, the free business club for entrepreneurial mums.
Top Business Tips for Mumpreneurs
Women are generally multi-tasking machines and therefore perfectly capable of raising a family while generating a second income by being a mumpreneur. It might be a cliché but the sky really is the limit; all you need is a good idea, and the motivation to turn it into a viable business.
1. Be realistic about your IDEA
Light bulb moments are often ideas that come from a need. As parents we identify so many potential products that would help our busy lives, but what we see as the next best thing, in reality, may not be. Think about how much it will cost to bring it to market, research production and marketing costs thoroughly, how much will you have to sell a single product for to cover its costs, and how much do you think people would pay in comparison to the benefit it will bring. Always look at the bigger picture and be realistic.