“Mompreneurs are a powerful force in the business world, and they are changing the face of entrepreneurship as we know it.” – Nicole Walters, CEO of Inherit Learning Company.
As a mompreneur, you have a lot on your plate. You’re juggling the demands of running a business with the responsibilities of being a parent. It can be easy to put your business first and neglect your needs, but this can lead to burnout, exhaustion, and even physical health problems.
According to a report by American Express, women-owned businesses have been growing at a rate of 58% since 2007. This growth is particularly noticeable in “mompreneurship,” with more and more mothers starting their businesses while also managing their households and families.
Need help balancing everything on your plate throughout your journey as an entrepreneur and a mother? Check out these tips from our very own founding attorney and mompreneur, Danielle Hudson Laughlin.
1. Network with other mompreneurs
The isolation and stress of being an entrepreneur can often make it difficult to stay motivated and on track. That’s where a supportive network of people can come in. Networking can help mompreneurs feel less isolated and provide valuable support, guidance, and resources.
Networking can take many forms, from joining online communities and attending local meetups to participating in business organizations and conferences (check out the WBENC National Conference!). These activities allow mompreneurs to connect with other entrepreneurs facing similar challenges and share tips and advice.
By building a network of supportive people, mompreneurs can gain valuable insights into their industry, learn about new opportunities, and find potential collaborators or partners.
A supportive network can also provide mompreneurs with the encouragement and motivation they need to keep going. Running a business can be tough, and it’s easy to become discouraged when things don’t go as planned. Having a group of people who understand what you’re going through and can offer words of encouragement can make all the difference.
Networking can also help mompreneurs overcome some unique challenges they face as women entrepreneurs. For example, women entrepreneurs often struggle to access business funding and capital. By building a network of supportive people, mompreneurs can tap into a wider pool of resources and opportunities and gain access to mentorship and advice from successful women entrepreneurs.
2. Unleash the power of AI technology
AI technology can be particularly helpful for mompreneurs in automating routine tasks. This includes tasks like bookkeeping, invoicing, and inventory management. By automating these tasks, mompreneurs can save time and focus on other aspects of their business. Additionally, AI-powered chatbots can help with customer service by providing instant responses to common inquiries.
AI can also assist mompreneurs through data analysis. AI algorithms can analyze large amounts of data to identify patterns and insights that inform business decisions. This includes analyzing sales data, customer behavior, and market trends. By leveraging these insights, mompreneurs can make informed decisions about product development, marketing, and business strategy.
With AI-powered tools, mompreneurs can also automate social media posts, analyze their metrics, and even create targeted ads. This can help increase brand visibility, engage with customers, and ultimately drive sales.
3. Understand the legal side of running a business
As a mompreneur in the USA, it’s essential to understand the legal side of running a business. The first step is to choose the right business structure, which can impact your taxes and personal liability. Options include sole proprietorship, partnership, LLC, and corporation, so it’s crucial to carefully research each one and consult a lawyer or accountant to make the best decision for your business.
Once you’ve chosen your business structure, you’ll need to register your business with your state. This typically involves filing paperwork with the Secretary of State and paying a fee.
In addition to registering your business, protecting your intellectual property is crucial if you’ve created a unique product or service. This includes filing for trademarks, patents, and copyrights, and it’s essential to consult with a lawyer to navigate the process and monitor your intellectual property to prevent infringement.
If you plan to hire employees for your business, it’s also important to comply with labor laws, such as following minimum wage and overtime requirements, providing a safe work environment, and complying with anti-discrimination laws.
To ensure compliance with all legal requirements and complete this lengthy process on time, it’s always a good idea to consult a lawyer specializing in business law, who can provide valuable advice and guidance as your business grows.
As a mompreneur-owned business, we love supporting other mompreneurs
While this all may seem overwhelming at once, one of the best things you can do is to hire experienced business attorneys that can guide you in the right direction. Doing so can save you time, money, and valuable energy — all while supporting your entrepreneurship journey as you enjoy the beauty of motherhood.
Send us a message to learn how we can help you achieve your goals today.
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