The Top 5 Reasons 80% of Mom Entrepreneur Businesses Fail
Nearly 11 million American women and one million Canadian women will own a small business by the end of 2010. The majority of those women are moms. The reality is 8 out of those 10 businesses will fail before they reach their 3rd year. Why? In a nutshell… time, planning, investment, commitments and support. Are you going to be a part of the 80% who fail or the 20% who succeed?
1. Time
Being a mom is a full time job on its own. Starting a business is a full job on its own too. Combine the two and stand back – fireworks may erupt. Understanding how to leverage your talents and your strengths while maximizing you time is a critical component to business success.
2. Planning
Much like an Olympic athlete follows a set training plan and a road trip require a map – knowing and understanding the direction of your business is vital. It is so easy to stray from your path by the latest and greatest idea – and sabotage all progress to growth. Growth happens most effectively in a structured manner. Being crystal clear on your company’s goals and objectives in a well written business plan is your secret weapon. Too many businesses fail because they don’t take the time to annually plan and map out their direction.
3. Investment
Your business needs three investments to flourish; time, energy and money. It’s the money piece that many business owners don’t have. It would be so nice if we all had deep pockets on which to draw… but the reality is we don’t… and we don’t need to. Starting a business should never, ever put your family’s financial security in jeopardy. Some risks are simply not worth it. There are steadfast ways to minimize your financial investment and maximize your output to grow your business. Understanding how to mitigate the risk and increase efficiencies and systems should be the cornerstone of all entrepreneurs knowledge base.
4. Commitments
We know mom entrepreneurs are committed to their families... they also need to be committed to their business. Understanding how to make money while balancing work you love and taking care of your family is the key to be a successful mom entrepreneur. You can do it all, and there are plenty of hours in the day.
5. Support
Mom entrepreneurs bring a certain skill set and knowledge base to their business. Naturally, they then come face to face with the seemingly immovable “what next” wall. All too often, entrepreneurs either don’t know who to ask, or are afraid to ask for help. Their business then goes in circles and hits a plateau – and sometimes initiates a down slide. It is so important to surround oneself with knowledgeable and supportive people to keep a business growing.
About Lara Galloway and Shelagh Cummins
Lara Galloway is a speaker, trainer and business coach helping mom entrepreneurs run successful businesses while raising a family. She's the founder of Mom Biz Coach and co-founder of Mom Biz Retreat. Shelagh Cummins specializes in content creation, course development, strategic facilitation & course delivery. She is the principal at Biz Train Her. Lara Galloway and Shelagh Cummins will be conducting their New Year Mom Biz Retreat in Chicago on Friday, January 27th-Sunday, January 29th, 2012. To register, go to: http://mombizretreat.com/register/chicago-2012/
Lara Galloway and Shelagh Cummins know and understand why mom businesses fail. That is why they offer MomBizRetreats throughout the year – to give mom entrepreneurs the opportunity to work on their business instead of in it. The MomBizRetreat provides tools, techniques and strategies to help mom entrepreneurs better manage their businesses, their families and their lives.
At the Mom Biz Retreat, participants leave with:
• A Time Map to provide clarity of when you are actually available to work.
• A clear picture of the viabilty of your business and a better understanding of what we can modify to make it more sustainable
• A rockin’ elevator pitch that gives you the confidence to market yourself and qualify your clients
• An EASE Mindset designed to help you do only the work you love with clients you love to serve.
• A well-designed business model that helps you leverage your expertise and keep your customers coming back for more.
• Your engagement marketing strategy so you know where to find your target audience and how to build relationships with them.
• Specific systems and support structures to allow you to grow and prosper.
• A one page business plan for next 12 months.
• A weekend away to work ON your business, not IN it
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