As you blew your New Year's horn, were you thinking about money? Were you wishing you could make more or save more?
I'm constantly coming up with business ideas that I'm convinced will make me millions. If only I was brave enough to launch full force into one and make it happen. Instead, I've written lots of articles about moms and dads who see a need for a product or service and turn that need into a money-making venture. All of them tell me coming up with the idea is the easy part.
Today's Miami Heraldtook a look at six local Mompreneurs and how they got their start. One of those moms watched people drinking water from plastic bottles and came up with the idea of putting water in cardboard juice boxes (a big plus for the environment!)
I enjoyed reading how these moms came up with an idea, developed the product, shored up with the capital, figured out a marketing plan and devised a distribution channel. Their products include everything from water in box to personalized kids’ books that teach children about their heritage. I'm sure you will find their stories helpful if you're thinking of launching a business this year.
About a month ago, I interviewed Aliza Sherman, a successful serial entrepreneur, and Danielle Elliott Smith, founder of ExtraordinaryMommy, about their new book, Moms Incorporated. It's a guide to running a business while negotiating the landscape of motherhood. It think it's a must-read. The book is loaded with the nitty-gritty details for how to make a home-based business work -- from incorporating to building your brand to paying taxes. Aliza and Danielle told me their goal was to help other moms avoid the missteps they encountered when launching their home-based businesses.
The first step, they say, is deciding which type of business is right for you -- a lifestyle business, an income business, a growing business, a go big business? Service or product-oriented? Your answer may depend on your schedule.
Some big lessons these women shared:
- Decide whether you want a business that will earn major dollars or a job/hobby (jobbie) that earns you some money on the side.
- Look for a business that has a low cost to entry. (They give some examples)
- Include your family members in the planning process
- Don't EVER hesitate to ask for help. Consider bartering.
- Carve out times when you can work without interruption
- Be prepared to give up your free time.
Readers, have you tried to launch a business from home? Did you encounter a misstep you would advise others to avoid?
Good luck to future Momtpreneurs and Happy New Year to all!