What Not To do When Trying To Earn From Your Small Business : Mistakes For You To Avoid
When I first started my business I made nearly $5000 in my first 2 months it took me 30 days to get everything I needed to start up and running. I was honestly quite surprised with the results because I had no idea how to run a business but it was fun to do. I learned a few things about running a business in that process and have used simple but proven strategies to make money with any products or services I launch and know I will get results.
My goal is to put some clarity on the web at least in my corner of the web because I know there is a lot of confusion out there at the moment with information overload it is the perfect time to get in the mental trap of ” get rich quick schemes” and as a mom my self I do not have to tell you how terrifying it is to waste your time only to get discouraged
I often asked how I am able to start businesses launch products and services and earn all at the same time. My answer is always SIMPLE! To start and run a successful business you have to find a pain point in a certain group of people , provide a solution to their problem seemlessly.
Let’s Get Started!
Embarking on the journey of entrepreneurship or starting a side hustle as a mom can be both thrilling and challenging. It offers flexibility ( which you might be looking for if you are reading this post ) and the opportunity to pursue your passions while managing family commitments. However, navigating this path requires careful planning and avoiding common pitfalls.
In this article, I will make clear the mistakes moms should steer clear of when trying to earn from their small businesses or side jobs.
Start With A Plan [Do Not Skip This Step]
One of the most crucial steps in starting any business venture is crafting a well-defined business plan. Yeah yeah yeah seem simple Right….? I learnt the hard way because I let my excitement for my new venture overshadow the the most important step of planning.
Moms often juggle multiple responsibilities, which can lead to a lack of clarity in business goals and strategies. Without a solid plan in place, it’s easy to get sidetracked or overwhelmed or even get discouraged. Take the time to outline your objectives, target audience, marketing strategies, and financial projections and cleary NOTE IT WILL GET HARDER BEFORE IT GET EASIER . A clear roadmap will guide your efforts and increase the likelihood of success in your business.
Planning can be as simple as getting a pen / pencil and paper and just noting your goals. for your new business or venture and how you are planning to get there. Planning does take research it does not have too but it is helpful if you want to start off on the right foot in your market.
Do Not Under Estimate Self-care
Self-care might be the last thing you are thinking about now while in the process of starting or running a business but know that self care is what drives your business it is what keep the excitement is you and your business relationship. Saturdays was my days to focus on my self believe it are not ( not evening being the oner of a self care brand mean you are having those days) 😌
Balancing entrepreneurship with motherhood requires immense dedication, but it’s essential not to overlook self-care. I was able to use my products and enjoy the beauty of the idea I was actually selling. Not only that but I was able to reflect on how how my business has grown and how far I have come in my small business journey.
Neglecting your physical and mental well-being can lead to burnout, impacting both your business and personal life. Make self-care a priority by scheduling regular breaks, practicing mindfulness, and seeking support from family and friends. Remember, taking care of yourself is not selfish; it’s necessary for long-term success.
Helpful tip : Do not overthink self-care just think about things you enjoy doing plan a head so you do not feel lost when you do decide to take that time off involve a friend or family helps to help as a positive distraction to help your mind focus on the fun.
Failing To Set Boundaries
When running a small business or side hustle, it’s easy for work to spill over into family time, especially for moms managing household responsibilities. Failing to establish clear boundaries between work and family life can strain relationships and lead to feelings of guilt or resentment. Set realistic work hours, communicate your availability to clients or customers, and designate specific spaces for work and family activities. Creating boundaries will help maintain a healthy balance and promote harmony within the household.
Boundaries mean everything your business is now a whole different person 💰
Here are 5 Simple Ways To Set Boundaries between you and your small business:
- Establish clear work hours and communicate them to clients, customers, and team members, setting expectations for availability and response times.
- Designate a specific workspace within your home or office, creating a physical boundary between your professional and personal life.
- Utilize technology tools such as autoresponders and scheduling apps to manage communication and prioritize tasks, allowing you to focus on high-impact work during dedicated work hours.
- Learn to say no when necessary, politely declining requests or projects that do not align with your priorities or capacity, ensuring you maintain a healthy balance between work and personal commitments.
- Implement a “no-work zone” during family time or designated relaxation periods, setting aside dedicated moments to disconnect from work-related activities and fully engage in leisure or quality time with loved ones.
Everything including emails , contact , social pages need to be separated you dont want a potential customer decision to purchase from your business base on how your personal facebook or instagram looks and have access to all your family photos and personal details if you aren’t willing to share that or if you are not ready. This is totally okay but you want draw and bold line between your buinesss and personal life from day one.
Ignoring Financial Management [ Ignoring Managing Money]
This will hurt your business if you are anything in the beginning I completely ignored handling money and staying on budget. I would keep putting $$$ in my business and not properly tracking my expenses and earnings. With the goal to eventually walk away from my 9-5 and run my business full time had to come with me facing reality. meaning I had to get everything on paper looking in your back account to see payouts is not running a business. Learning Key money Terms such as:
- Revenue: The total income generated by a business through its sales of goods or services before any expenses are deducted.
- Expenses: The costs incurred by a business in order to generate revenue, including overhead expenses (rent, utilities, salaries), cost of goods sold (materials, inventory), and other operating expenses.
- Profit: The amount of money a business earns after deducting expenses from its revenue. It indicates the financial success of the business.
- Cash Flow: The movement of money in and out of a business, including income from sales, expenses, investments, and loans. Positive cash flow means more money is coming in than going out, while negative cash flow indicates the opposite.
- Gross Margin: The difference between revenue and the cost of goods sold, expressed as a percentage. It represents the profitability of each unit sold, excluding other expenses.
- Net Income: The total profit earned by a business after deducting all expenses, including taxes, interest, and depreciation.
- Break-even Point: The level of sales at which a business covers all its expenses and neither makes a profit nor incurs a loss.
- Accounts Receivable: The money owed to a business by its customers for goods or services provided on credit, which is recorded as an asset on the balance sheet.
- Accounts Payable: The money owed by a business to its suppliers or vendors for goods or services purchased on credit, which is recorded as a liability on the balance sheet.
- Return on Investment (ROI): A measure of the profitability of an investment, calculated by dividing the net profit generated by the investment by the initial cost of the investment, expressed as a percentage.
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Effective financial management is vital for the sustainability of your business. It is so easy for entrepreneurs, especially busy moms to negect this crucial step. Failing to track expenses, monitor cash flow, or plan for taxes can result in financial instability and missed opportunities for growth.
Invest time in learning basic accounting principles, utilize accounting software or hire a professional to manage your finances. Stay organized, set aside funds for emergencies, and regularly review your financial performance to make informed decisions.
Neglecting Continuous Learning and Adaptation: In today’s rapidly evolving business landscape, adaptability is key to staying competitive. Moms entering the world of entrepreneurship must embrace a mindset of continuous learning and adaptation. Whether it’s keeping up with industry trends, honing new skills, or exploring innovative technologies, investing in personal and professional development is essential. Attend workshops, enroll in courses, seek mentorship, and stay open to feedback. Embracing change and staying agile will position you for long-term success.
Earning from a small business or side job as a mom can be a rewarding journey filled with opportunities for growth and fulfillment. By avoiding common mistakes and adopting proactive strategies, you can navigate the challenges more effectively and build a thriving venture while balancing your family responsibilities.
Remember to prioritize self-care, set boundaries, delegate tasks, manage finances wisely, and embrace continuous learning. With determination, resilience, and support, you can achieve your entrepreneurial goals while creating a fulfilling life for yourself and your family.
Let me know if this post was helpful.
