Tips for Balancing Business Ownership and Parenthood

An increasing number of women are choosing to start their own businesses while simultaneously raising children. These so-called "mompreneurs" juggle the demands of business ownership with the responsibilities of parenting. While rewarding, being a mompreneur poses unique challenges. This article provides research-backed advice for balancing a business and family as a parent entrepreneur.

Defining Mompreneurs

"Mompreneur" refers to women entrepreneurs who are also mothers. While most mompreneurs have young children at home, any mother who runs a business while actively parenting qualifies. An estimated 43% of US small business owners are women, and over a third of those are also moms. Areas attracting mompreneurs include consulting, coaching, handmade products, social media services, and direct sales companies. Motivations include desiring income with flexible hours, creating products/services stemming from parenting experiences, and modeling entrepreneurship for kids.

Benefits of Mompreneurship

Despite the difficulties, mompreneurship has many potential upsides for parent business owners and their families. Studies show over 80% of mompreneurs are happy with their choice to start a business. Being your own boss allows you to set a schedule that fits your family's needs. Mompreneurship fosters a sense of purpose and teaches kids entrepreneurial skills. With dedication, mompreneurs can build successful, profitable businesses. In the US, the average income for women mompreneur-led businesses is $143,732, with 15% earning over $1 million annually.

Challenges Facing Mompreneurs

However, mompreneurship also comes with distinct challenges. A global study found that half of moms starting businesses do so without doing formal research or creating a business plan. Many underestimate the difficulties of running a business while parenting. The top struggles faced include:

• Finding time for business with kids at home
• Managing inconsistent income
• Lack of childcare assistance
• No separation between work and family
• Feeling pressure to succeed as the family breadwinner
• Physical and mental exhaustion
• Mom guilt over not spending enough time with kids

Mompreneurs also face societal doubts about their capability to balance business ownership with parenting. Support systems, from spouses to investors, may be lacking. These challenges underscore the need for mompreneurs to strategically set up their venture for success.

Best Practices for Mompreneurs

Research and experts emphasize several strategies that help mompreneurs minimize risks and optimize the chances of building a thriving business:

Plan Realistically

Develop a formal business plan factoring in your parental responsibilities and limitations on time and resources. Build in flexibility, but avoid being overambitious about what you can manage. Set realistic targets and projections. Planning for contingencies like illnesses is also wise.

Start Small, Then Scale

Resist pressure to accelerate growth too quickly. Starting small enables testing ideas, slowly acquiring customers, and focusing on quality. Once operations are smooth, processes systematized, and demand validated, smart expansion can occur. Services-based businesses are often easiest to start small.

Manage Time Wisely

Without careful planning, work and family obligations can quickly become overwhelming. Schedule business tasks during naptimes or after kids are asleep. Block the calendar for family activities to protect that time. Set boundaries like not working weekends. Tracking time use helps identify waste and inefficiencies. Some tasks may need outsourcing to gain time.

Secure Childcare

Having regular childcare is essential for most mompreneurs' success. Options like daycare, babysitters, family help, or swapping with other parents can provide critical blocks of uninterrupted work time. Even a few consistent hours a day make a difference. Many Successful mompreneurs leverage community resources like mommy networking groups and childcare co-ops to get support.

Create Separate Business and Home Spaces

Blending business and family spaces can breed distractions and stress. Carving out a dedicated office corner or room improves focus and mentally separates work and home. Noise-canceling headphones and off-site workspaces like coffee shops can also help delineate boundaries. Keeping spaces tidy with organized files and supplies saves precious time.

Set Priorities

Focus energy on the business activities with the highest impact and outsource or eliminate less critical tasks. Time efficiency tools like Trello, Calendly, and Slack can optimize productivity. Let go of excessive perfectionism. Teaching older kids skills like laundry or making school lunches frees up time while also building independence and responsibility.

Leverage Technology

Mobile devices, digital organizing tools, videoconferencing, and automation enable running businesses remotely and efficiently. Apps assist with scheduling appointments or deliveries and promoting through social media. Freelancing marketplaces provide access to affordable specialized talent globally. Software automates tasks like billing and payroll. Leverage technologies that integrate with your lifestyle and skillset.

Form a Community and Get Support

Connecting with other mompreneurs provides solidarity, mentorship opportunities, and professional growth. Local networking groups and online forums like Facebook groups allow sharing advice and best practices. Outsourcing, assistants, older family members, and spouse teamwork also increase capacity. Some communities have co-working spaces with childcare and programming, especially for mompreneur parents.

Practice Self-care

Burnout and inadequate sleep quickly derail productivity and mood. Carving out small windows in the day for exercise, healthy meals, and rejuvenation helps maintain physical and mental health. Be vigilant of stress levels and make self-care a priority, not an afterthought. Even small acts like taking 5 minutes to meditate or enjoying a cup of coffee outside reduce stress and give energy to tackle the workday.

Celebrate Milestones

Marking achievements keeps motivation high. Share financial or customer count milestones with family. Take time to commemorate website launches, new products, and other progress with self-care treats or special experiences with kids. Recognize that while demanding, mompreneurship is rewarding in letting you shape your future while being present for your family.

For determined, passionate parents, mompreneurship can provide the perfect blend of business ownership with active parenting. However, achieving work-family integration requires navigating major challenges. Strategic planning, delegating, outsourcing, using tools to improve efficiency, and community support enable mompreneurs to nurture their families while reaching business milestones. By leveraging resources and implementing best practices, parent entrepreneurs can grow successful, sustainable ventures that align with their personal values and responsibilities. Most importantly, remember that imperfection is acceptable - balancing entrepreneurship with parenthood is difficult, so be kind to yourself in the process.