Moms Who Want More: How to Rebound and Create a Money-Making Business
Guest Blog by: Sarah Bull of Economymom.com
Women who have been out of the job market due to staying home with children, or lost a job because of the recession, may feel compelled to get back to work at some point. Over 11 million women have been forced out of the workplace as a result of the global pandemic, a rate that is four times greater than displaced male workers. Of this population, a disproportionate number of affected women are Black, Latinx, or Asian.
Women everywhere are struggling to recover from inequity and job instability. And as women consider finding new employment opportunities, it may be wise to consider other options. Perhaps prior positions have not been satisfying or no longer work for your lifestyle, particularly if you have children. Starting a business is a desirable option, but you may be feeling as though it's out of reach. Fortunately, life coach Jennifer Jakobsen is here to show you that it is possible to launch and run a successful, thriving business! Let's dive into how to make your dreams a reality.
Starting Over
If you have been out of work, it may feel intimidating to get back into it. Losing a job because of the recession or being unemployed due to child-rearing responsibilities can sometimes cause people to feel inadequate or unskilled. The pressures of needing an income to support your family can feel intense, but there are options available for women to be extraordinarily successful.
Maybe it is time to work for yourself. You can earn money online or start your own business — maybe even one you can run out of your home. Consider using your skills, talents, and hobbies as a means of earning an income. There are some fun tests and quizzes you can take that offer ideas for income potential.
Women who are making the leap into self-employment may also find that their skills from prior positions can bring in cash. There are a lot of opportunities to use math and writing talents and organizational skills to develop a small business. Don’t underestimate the value of your talents and you might be surprised that you can cash in from your expertise.
Reaching Customers Through Marketing
A solid marketing plan will help lead customers in your direction. As you start your business, consider hiring a consultant to assist with a marketing strategy. Create a diverse plan that involves multiple sources of outreach. Social media presence on sites such as Facebook, Twitter, and Instagram are inexpensive; can boost your outreach; and tap into word-of-mouth business referrals. Create content that provides value to your customer base and establish yourself as a respected expert in the field.
An important aspect of developing a marketing strategy is knowing your audience. If you create a brand that is geared toward the needs of your customers, you offer a sense of belonging and kinship. Gear your marketing toward a certain age range or demographic to speak directly to that population.
Your marketing copy should reveal how your business can solve a problem. Use your own life experiences and struggles to inform your business plan, products, and marketing strategies. The way you set up and operate your business can have lasting results on your success.
Business Development
Your business may benefit from the way you classify it within your state. Developing a business as a Limited Liability Company (LLC) can offer the benefit of reduced paperwork, tax advantages, and limited liability. The flexibility of an LLC can reduce stress for women starting a new business, as well as protect personal assets. States have different regulations for LLC development, so check your state’s rules before proceeding.
Sometimes financial barriers prevent women from pursuing a small business. It may be worthwhile to consider various funding sources as you get started. There are a multitude of grants available for starting a business, and many are geared specifically towards women. Small business loans can provide the necessary funds to get started.
Finding investors for your small business may also be a helpful way to get up and running. If you are nervous about approaching potential investors, remember that you are offering them an opportunity while requesting money for your startup in return. Consult with other female business owners to learn how they became established — they may have some hard-earned wisdom for approaching investors and stakeholders.
When you share your passion and plan for the business, you may be pleasantly surprised at the response from investors and consumers. You can create a successful money-making sideline or a full-fledged business.
Are you an aspiring mompreneur? Get in touch with Jennifer Jakobsen to find out how you can successfully manage parenting and your business — minus the guilt!