A “mompreneur” is both a mother and an entrepreneur, someone who can expertly balance their roles as a parent and business owner. This may sound like an impossible feat, especially if you’re already juggling a 9 to 5 job and a family. But it’s not impossible. This guide offers advice for quitting the 9 to 5 and embracing life as a full-time mompreneur.
Start a side hustle
Before you can quit your job, you’ll need to figure out what your new business plan is. Whilst it may be tempting to give up your job and dive headfirst into starting your own business, this could be risky if you haven’t tried and tested your business plan.
The best way to get started with a new business idea is to start small and start it as a side hustle. This could be dedicating one day every weekend, a few hours in the morning or evening, or even a single night a week to your new business idea and starting it as a very small business. That way, you can see how easy it is to make money from your business idea and get the ball rolling before taking the leap. If you’re unsure how to start a side hustle and transform it into a full-time job, check out this podcast where you can learn from others who have succeeded.
Create a business plan
Once you’ve got the ball rolling with your side hustle, it’s time to create a business plan that will help you scale your business from side hustle to full-time job. You may even want to take this step before you start your side hustle as it will help you perform the necessary market research, set goals and milestones, and plan for the future.
If you’re unsure what a business plan looks like or what you should include in it, the UK government has plenty of resources for writing a business plan, templates and links to pages about self-employment and taxes. You should do plenty of research, especially before quitting your job, so that you have all the tools you need to succeed.
Get your finances in order
No matter how confident you are that your business will make you enough money so that you don’t need to work full-time anymore, it’s essential that you have healthy finances before quitting your job to become a mompreneur. Make sure that you and your family are living well within your means, pad out your savings account, and eliminate as much debt as possible.
This doesn’t mean you need to be rich to start your own business. Many mompreneurs start off with little to no investment and even take out business startup loans to get going. What’s essential is that your personal finances are healthy so that you don’t need to worry about them in addition to managing your business finances.
Take the leap
You can prepare all you like, but there’ll never be a ‘perfect time to quit your job and start your own business. At some point, you just need to take the leap and go for it. Whilst preparation and organisation are key to becoming a full-time mompreneur, it requires the courage to get started too. With the right balance of preparation and self-belief, you’ll be off to a great start.