Are you considering dropping the day job to become a mompreneur? Honestly, I can say that there is no better time to launch a new business than the present. However, there are a lot of things people don’t tell you when you quit working for someone and start working for yourself.
Here are my top 5 tips that have saved me when I first launched my new boutique. For details on my business please visit www.mommyboutique.net.
- Taxes – Yes, we are all aware that Uncle Sam needs to get paid on anything you sell, but what they don’t tell you is that in the state of Florida, you have to file sales tax every 3 months! For someone who knows nothing about taxes, this was a huge wake-up call for me. Luckily, I spoke with a very patient and understanding lady from the IRS who walked me through the whole process. To avoid me having a panic attack the next time, I actually enrolled in a program called Tax Jar (This is an affiliate link). After not knowing what the heck I was doing I started researching tax programs and fell in love with Tax Jar. The reason is that they make it super easy for you. You link your website to theirs, then they provide you with all the information the Government will need, plus you can see your net profits. That’s not all, here is what sets Tax Jar apart from the others in this industry. You can enroll to have them file your quarterly taxes for you. Yep, that’s right! They do everything for you and honestly, it’s so worth it, so that I have peace of mind, and don’t have to worry about the stuff I know nothing about. I feel confident that they have my back. Check them out, you’ll thank me later https://taxjar.grsm.io/MOMMYBOUTIQUE
- Wages – As a work at home mom or Mompreneur you expect to get paid for all your efforts right? WRONG! Yeah, you’ll make money when you sell stuff, but all those hours you’re promoting your brand, organizing, buying products, and doing sales pitches are all your time. Now, there will come a point when all those hours will pay off and you’ll be able to pat yourself on the back for sticking with it through the hard times, but believe me, there are many hard times. This is something no one ever tells you. They say yeah, quit your job and work for yourself, but they don’t tell you the long hours you’ll be grinding away, learning your craft. The hours you will spend arguing with your spouse over money issues, and the times you will have to tell your kids no ice cream when the ice cream truck comes around. Being a mom is hard, but adding your own business takes it to a whole new level. Now, don’t get me wrong I would not trade working at home, for anything. My kids get to be a part of my job, they even do live video’s with me on YouTube. But no one ever tells you about the real-life struggles that you face, the long hours, and the exhaustion that sets in when you are first starting out. You do way more work then what you get paid for at first. Our goal is to get to a point where all these efforts pay off, and we are able to hire someone else in our place! But don’t go into this thinking you’re going to be making a lot of money at first. The money follows the efforts!
- Sweat – Blood, sweat, and tears! We’ve all heard the saying, but when you’re a mom working for yourself that brings on an entirely new meaning. For me, I mean literally sweating! I have a booth at a flea market every Monday and I sweat. Some day’s I do really well and I can say the day was worth it, other days I’m sitting in the Florida heat for hours and never make one sale. During the summer I had to drag my kids along with me and they had to endure the heat as well. I mean let’s be honest who can afford childcare these days? Especially for kids in diapers (FORGET IT)! So, on those days with no or little sales, you really start to question if you made the right decision. From experience, I want to push you to hang in there. Consistency wins people’s trust. If you can stick with it during the slow times, you’re going to see the benefits during the busy seasons. At least that’s how it’s been for me. Most of us become mompreneurs and work at home mom’s (WAHM), so we won’t have to pay a babysitter or daycare, so keep in mind some days are harder than others. Remember you are building a legacy, and hopefully one day your children can take it over, or help you with it when they are older. That’s my plan anyway.
- Balance – This is one I talk about a lot on my podcast – WAHM RADIO. Balancing your daily life with kids, and your work is not easy. Most of us have errands to run, chores to do, a to-do list, and not to mention if you’re married, then that list gets even longer. You have to worry about dinner, girl scouts/boy scouts, tutoring, Bible class, speech class, laundry, dishes, and afterschool sports. We have to help with homework, baths, lunches, diapers, and the list goes on and on. This is before we even start to focus on our work at home job. So balance is your lifeline. No one ever told me that you’d have to be very disciplined to stay at home and work. The reason I say this is because your bed is going to look mighty cozy once your baby takes a nap mid-day, and the never-ending list gets overwhelming. However, to combat this, I have learned to set alarms and schedules. I give myself a daily schedule. We all have smartphones, so get out your calendar app and start giving yourself a daily schedule. Then set alarms for everything. I have about 30 alarms that go off during the day. They range from: it’s time to feed the baby lunch”, to “go pick up the girls from school”, or “do marketing on social media”. I have to give myself a small task that I know I can finish in order to get anything done. Otherwise, I will leave everything until tomorrow and then nothing get’s done. Time management is going to be your best friend when running your own business!
- Getting incorporated – When starting a small business, one of the most asked questions I get is when should I incorporate? I have had many businesses in my life, some have been successful, some not so much, but here is one thing I’ve learned through the years. When you start making enough money to cover your business cost and daily living wage, then you need to consider an LLC or Corp. Now, I can not advise you as to what is best for your business. I’ve been on both sides and had LLC’s as well an S – Corp so you’d want to speak with a business advisor on what will fit your company best. The reason I say to incorporate once you see profits is to protect yourself and your business. When you become a legal corporation you no longer are liable for anything that may happen through the business. Right now, if you were to get sued they could take your house, your car and any other assets you may have. When you have an LLC or Corporation, now the business has it’s own set of assets and they can no longer go after your individual assets. Plus, it’s a great way to record your income, and prove you are a dedicated business owner to your clients or customers. Most people want to see the LLC or INC behind the name. It builds trust and helps people know you’re not just playing around, but in it for the long haul. If you are selling cakes for friends on Facebook, then maybe waiting is a good idea, but if you have an online store like me “Mommy Boutique” then perhaps getting incorporated is worth it. Along with this comes other factors like business licenses, tax licenses, county licenses and so on. Be sure you have someone to speak to about all the requirements for your state. If you’re in Florida here is where you would go to get incorporated. http://dos.myflorida.com/sunbiz/
There is a lot that I can’t cover in a blog post, but I hope this gives you some things to consider when becoming a mompreneur. We are powerful, we are worthy, and we can accomplish great things when we put our mind’s to it. Together we stand as women, and support each other on our daily grind that is life, working from home, kids, spouses, and all the in-betweens!