Many people think running a business from their home would be a dream job. They imagine relaxing in a comfy chair in their sweatpants, drinking coffee and running their business in a leisurely way. Nothing could be further from the truth. Running a home-based business is hard, and there are lots of pitfalls they can encounter along the way that they just aren't prepared for. Here are four common mistakes momtrepreneurs make and how you can avoid them.
Failing to Maintain Focus and Self-Discipline
When you become a momtrepreneur, you're essentially taking on two jobs. You're home taking care of your family as well as building a business. It can be hard to stay on task and formulate a schedule with small children running around and constantly distracting you. In addition to those distractions, it's natural to want to just take care of a quick load of laundry, but then you suddenly get sucked into the vortex of unfinished household chores that are lurking over you.
This is where it's important to schedule times to deal with the housework, taking care of your children, and working on your business. This seems like a lot of organizing, but it's vital to making a home-based business work. If you know there are certain times where you need absolute focus, schedule those times when your husband can take care of the kids or you can have a friend or family member step in to babysit. Perhaps even consider hiring someone to watch your kids for a short period of time so you can get some work done without interruptions.
Having No Business Plan
George Washington didn't go into battle without a plan as to how he was going to defeat the British, and you can't go into business without a plan on how you'll make it work. You can't run blindly into something like a home-based business without some sort of plan on how you plan to make it successful.
If you don't know how to create a business plan, there are resources to help you. If you plan to borrow money to finance your business, a bank is going to want to see a well-organized business plan that has a step-by-step strategy for growing your business and protecting the bank's investment.
Getting Involved In A Pyramid Scheme
A large number of momtrepreneurs are opting to work with direct sales companies, selling products to clients and receiving a commission from their sales, but some companies are actually fraudulent. It's easy for people to be fooled by a lot of promises of making a large profit for very little investment of their time or money. You should see a huge red flag if a company makes giant promises and doesn't give you the details on how the business is run.
Some people claim that Amway is a pyramid scheme, but it's not. Its independent business owners do not make any money by recruiting other people. If you're interested in working in direct sales, you should learn the truth about Amway. When considering working for any company, you should do research on the company, learn its standing with the Better Business Bureau, and even get reviews from other individuals who are already working for the company. A reputable company will be transparent and very open about itself. Finding information on its business standing should be fairly easy.
Many momtrepreneurs think that in order to succeed in business, they need to be in complete control and can't afford to hire outside sources to handle tasks they're unfamiliar with. Most of the time it has a lot to do with having a tight budget. However, there are just some tasks that should be handled by people who know what they're doing. For example, if you're unfamiliar with preparing your business taxes, it's important to hire an accountant who can do this for you.
Momtrepreneurs can get themselves into some pretty hot water, not to mentioned getting burned out, by trying to take care of everything by themselves. The additional expenses are worth it in the end and may actually end up saving you money.
Running a home-based business is not easy and may even feel overwhelming at times. Following these simple tips can help you succeed in your business and take a large burden off your shoulders.