3 Things To Consider Before Starting A Small Business
Welcome to my "Starting a Small-Business Series!"
Check out the full series below:
KEEP HUSTLIN' DREAMER.
My husband may roll his eyes a little at this one, but I am a big Dave Ramsey fan (financial crush). One of the things I have recently come to notice about Dave Ramsey, which should not come as a surprise as he is an entrepreneur himself, he is a HUGE supporter of mom's starting their own business and becoming super awesome Girlbosses. Why? In 2014, data shows that approximately 29% of mothers were stay at home moms. I'll repeat - Twenty Nine Percent. That is huge! 29% percent of American mothers are not in the workforce, and are not bringing in an income. While it is amazing that so many families have this opportunity to allow a mom to stay at home with her children, not every family decides to have a non-working mother simply because the father is able to support the family all on his own. So what does this mean for American families?
WHY START A SMALL BUSINESS?
It means that a lot of those mothers may have quit their jobs and stayed home simply due to the fact that their paycheck was practically being diverted directly to childcare. Why work if your money comes in and goes right back out in order to hire a babysitter? Other mother's may be at home due to the fact that their work schedule is difficult to organize child care around.
Or perhaps it is the working mom, who dreads her 9-5 with the same routine, day in and day out. She is rarely at home, her children are more frequently at daycare than she cares to admit, and she struggles to manage dinner, laundry, cleaning, sick children, getting any sleep, all while remaining in good standing with her employer. It is life, and no one ever said it was easy - but what if it could be different?
Whatever the reason - many mothers (and fathers) start getting creative with other means of bringing in extra income. This may be something as simple as couponing to cut costs at the grocery store. However, there are some situations where you can only cut so much, and the extra money still is not there. It is at this point that a mom who has a specific talent or skill set may start contemplating turning that skill into a source of income. This brings us to our next point - when is it a good time to start a small business and how?
IS IT WORTH THE RISK?
Starting a small business is an amazing way to bring some flexibility and financial freedom into a family or a home that may be struggling. When I moved away from 12 hour shifts, I went from working 36 hours per week to 24 hours per week. We were thrilled to have me at home more, with a more reliable schedule (bonus - I love my job!) but we were not thrilled with the pay cut. That is when I decided it was time to start my own business! While the purpose of starting your own business is to do something you love and/or to provide your family with additional income there are a lot of risks that go along with starting any business - big or small. Some more data coming at you - According to the US Bureau of Labor Statistics - approximately 33% of businesses fail within the first two years, while 50% of businesses make it to the five year mark.
A business is difficult to start up, there is no way around that. It involves hard work, and a lot of time, but it shouldn't be destined to fail from day one. While my business is still relatively new, I wanted to write this post while the struggles and triumphs I have gone through are still fresh in my mind! This is going to be a four week series on starting a business, when to start, where to start, learning from my mistakes, and more helpful tips on getting your business off the ground and being the amazing creative entrepreneur that you are. Make sure you check back next week for Part One of starting your own business! I am so excited about this series and I cannot wait to share more!