You now have children and work doesn’t seem to be accommodating your motherhood. So, you decide to become a stay at home mum. But now you are low on cash. You then come up with this great idea to start your own business but in what? Almost most of us mums have been through this or are now thinking about this. The only problem is we have mouths to feed and low on funds so we need to decide quickly.
For most people, the biggest challenge is the start-up cost. Starting a business is expensive. Now according to Forbes (2015) 90% of start-up fail and the rest 10% go on to become successful why is that? According to Forbes (2015) the product is perfect for the market. Meaning that some entrepreneurs make products nobody wants. Well seems a bit obvious but when you are excited you can sometimes get lost in the moment and forget about your target market. Market research guys!
Now if you didn’t know mums are one of the best entrepreneurs. Why is that? This is because we are most likely to solve a problem. I mean, we do it in our everyday lives. For instance, when we are trying to figure out why our baby is crying or how to distribute our finances so that everyone is fed. We somehow manage to identify the problems or reallocate income and give our baby or children what it is they want or need. Mums are also great at building relationships, it’s in us. When we go to playgroup sessions we tend to quickly make conversations with other parents or carers and find something to talk about. Lastly, we are able to make do with what we have. Becoming a mother allows us to become creative especially when we want to entertain the kids or make meals interesting. These same skills that we have developed are useful for business and are what we should use as transferable skills when starting a business.
Below are some ideas on how to become creative in starting a business with no money!!
- Develop your website for FREE – There are many hosting websites that offer promotional package. You can develop your own website for free. Take note that your website address is likely to include the website hostname in the link address. However, in order to remove website hostname, you can simply pay for this. Depending on which website host you use you can spend as little as £1.99 per month depending on the website host. So be sure to do your research and look into different website host. Look out for offers.
- Start a FACEBOOK GROUP from DAY ONE!!!!! – I don’t think people say this enough or maybe they do. You need to make sure you create your audience with people who are likely to be interested in what you are offering. So, get your Facebook group growing straight away. Ps. Ensure it is interactive so you know people are paying attention. They are likely to become your customers.
- Crowd Funding – As I mentioned before funding is crucial as much as I say minimise your outgoings you still need some sort of financial help if you don’t have your own. Especially, if you have done your research and your product or service is wanted you need to develop quickly. Crowd Funding is very helpful. This is where you can ask people to invest in your business usually you offer something in return. Be sure to keep your investors up to date and show gratitude.
- Presale – Presale is very effective. This is a good way to know people want your product before you go to the manufacturers and make a big order. This way you know how much you need to order when you finally launch your product.
- Collaborate – Collaboration is so important when starting out. People won’t know you at first and by collaborating with someone who has an audience will help to promote your brand. Be sure to have something on offer to the person or company you are collaborating with. It must be beneficial to all. You can contact people with large followings via social media. It is also a good idea to make sure that they can relate to your brand.
Hope this helps any questions or comments please lBosseselow or alternatively email Bosess ‘N’ Mums. Don’t forget to follow Bosses n Mums on Instagram and Facebook and twitter.
Peace & Success
Forbes (2015) 90% Of Start Ups fail: Here’s what you need to know about the 10%. Available at: https://www.forbes.com/sites/neilpatel/2015/01/16/90-of-startups-will-fail-heres-what-you-need-to-know-about-the-10/#77a095786679 (Accessed: 07/09/2017).