With a growing cross-section of new entrepreneurs tuning out to be mothers, the term ‘momtrepreneur’ is becoming a household one. According to the 2018 State of Women-Owned Business Report, women accounted for 40 percent of all small businesses in America. Fast forward to today and women now make up 27 percent of all franchise or small business owners, fueled by the desire to be their own boss and provide an income for their families. For the overwhelming percentage of entrepreneurs that are mothers, launching and sustaining a business venture while juggling the demands of parenthood can call for a lot of skill, organization, and the right tools to make it happen.
Hire Services and Use Process Automation Tools to Your Advantage
With time being one of the most common issues for any mompreneur, identifying places where you can reduce the time spent on certain tasks not only improves your productivity across the company but gives you more time to dedicate to both business and family development. Certain automation tools can help. For employee communication, Slack helps to streamline employee communications while Salesforce allows for mobile business and marketing analytics. For your financial functions, using a software like Quickbooks time tracking means you can easily sync project hours with your payroll function, removing unnecessary steps. You can also hire a social media manager or digital marketing service, which will help your business to succeed.
Stay Up to Date With Organization and Scheduling Calendars
As a mom and a businesswoman, time is limited. According to a Pew Research Center study, working mothers spend at least 14 hours a week on childcare. On the other hand, the working pattern for entrepreneurs is notorious for being intense. For mompreneurs juggling full-time childcare with building a business, this number is even higher. Organizational tools can be a great productivity booster for entrepreneurs.
Start with time management tools like Focus To Do or Trello. Trello allows for color-coded tasks which means you can categorize them by urgency, deadlines, or even personal versus business tasks. For moms always on the go, take your business information with you using Pocket and Buffer. Buffer includes a social media scheduling tool which means you can preset social media posts to go live at a designated time and focus on something else like dinner time around the family table.
Stay Ahead Of The Finance Game With User-Friendly Money Management Apps
With more than 8 in 10 small businesses failing due to cash flow problems and female entrepreneurs struggling to secure financing, money management is a key aspect of succeeding in business for all mompreneurs. Add in the financial demands of being a parent and the task becomes much more critical. The use of cash flow management and forecasting software like Float, Pulse, and Scoro can help you keep an eye on your business financials at all times. Not only do they offer features like cash flow monitoring but some web-based applications like Thrive allow you to track your business performance and include business budgeting. This gives you the time to adjust both your business and personal finances in the event of a downturn or decline in a business activity like seeking external finance.
Additionally, mobile-friendly personal finance apps like Mint and YNAB are handy for keeping all your family finances in one place every month- including outgoings to your business and accounting for your monthly salary. It also allows you to be more proactive about your family finances by offering tools to help you work on financial security for your family like creating an emergency fund.
Whether it is running your own business or raising your family, they can both be time-consuming and challenging. Doing both at the same time requires you to be organized and armed with a handful of tools that can lighten your load.