A Mom’s Guide to Launching a New Business
Opening a business as a woman, and as a mom comes with its own set of challenges as well as profitable opportunities. If you are a mom who wants to start a business you are in luck. There are countless home business ideas moms can peruse ranging from starting their own new business to joining an existing business. Starting a new business venture can be exciting and fulfilling. However, it is important to implement crucial planning and research before getting started in order to ensure that you set yourself up for success from the get-go.
Women-owned businesses have been on the rise in recent years and now account for account for 31% of all privately held firms and employ nearly 7.9 million people, according to the National Association of Women Business Owners. Not all women business owners are mothers, of course, but the existence mom owned businesses are on the rise. The climate is right for women to tackle being business owners while raising their families. Accomplishing this can be done by focusing on essentials such as a solid business foundation and detailed planning.
Every new business starts with your unique idea that should evolve into a full business plan. Creating a business plan is the first crucial step to formulate your goals. Your business plan will outline exactly how your business will work and how it is set up.
Your business plan should be clear, concise and simply outline a detailed plan for reaching your goals. Every business plan should include key essential elements. including the following:
• Executive Summary. This summary includes all the key points of your business which will be expanded on in detail throughout the plan.
• Business Overview. The business overview is the legal structure of your business and includes all the important points of your business.
• Market Analysis. This is the portion of the business plan defines your target market, ideal customers, and provides an overview of the market as a whole and includes your market research.
• Management. Describe all the key players involved in managing the business and promote their credentials.
• Products & Services. Define with specificity the products and services you will provide.
• Sales & Marketing. Outline promotional strategies you’re currently implementing, along with strategies you hope to implement as your business expands. Include a sales and pricing plan, including reasons why your target audience will purchase from you an how you will reach them.
• Competitor Analysis. Find out who your direct and indirect competitors are. Make an analysis of their strengths and weaknesses and how you plan to gain an edge over them.
• Financial Projections. Create a financial plan including the finances required to start the business, an outline of expense estimates to maintain growth for the first few years and extra funding that may be needed.
As you move forward implementing your strategies you will often find that things will not go according to your original plan. The first year, in particular, will require you to be cognizant that adjustments are inevitable. You will need to revisit your plans from time to time and make amendments to suit your business growth as it evolves over time. Think of your business plans as both a solid foundation and moldable starting point that will evolve and grow with you through the years.