The Myths of Mompreneurship

Don’t get me wrong. I own my own business, and I love what I do. But I often hear from women who have unrealistic expectations about starting their own business. Life choices you love are easier to make when you have clear information.  So here are four myths of mompreneurship, and a little advice from the real pros; other successful moms in business. 

Myth #1: I will be able to do what I love

Whether your passion is a product or a service, as a business owner doing what you love will only be a small part of running your business. If your love is flower arranging, as the owner of a flower shop, you also have to do accounting, front counter sales, marketing your business, purchasing supplies, cleaning the shop and many other roles. It is possible to hire people, but initially you may not have the money.

Helpful tip: Appreciate the variety and set up some structure for yourself. “It can be overwhelming when you are doing absolutely everything,” says Penny, owner of Milk Factory. “What helped was to structure my week and break it down into different tasks on different days. For example, Touch Base Tuesday for my day for client relations, and Workout Wednesday where I go to the gym, and I work on my web site from home. Knowing when I am going to do something helps me put it out of my mind the rest of the time.” 

Myth #2: I can make a lot of money!

Didn’t Sandra Wilson recently sell Robeez, the baby footwear company she started in her basement for $30.5 million? You might have dreams of being the next success story. But even when your business is taking off, often the money coming in is needed to hire additional staff or fund new products or services. And if you do manage to sell for a handsome chunk of cash one day, your investors or loans may take a big piece of that attractive sum. Keep in mind that most businesses take three years to just break even.

Helpful Tip: Have a solid financial plan. “If you are working part time, expect to make part time money,” cautions Melanie Osmack, Founder of Fit 4 Two “Sit down and do the numbers for your best case and worst case scenarios,” she advises. “Seeing the numbers on paper is really powerful and it changed my original business direction!”

Myth #3: I will have more time with my children

Running your own business can mean more time with your children, but how fast do you want that business to grow, and how much money do you want to make? Unless your business stays at the hobby level most moms in business and work at home moms still find they need childcare.

Helpful tip: Set boundaries and have separate times for work and family. “Multitasking is a necessity in my life as a mompreneur," says Nicole Garza, founder of Mally Bibs.  "However, I've realized I need to limit it or it will get in the way of my quality time with my children.  Recently, while at the playground with my 2 and 4 year old, I found myself answering emails on my blackberry, which completely defeated the purpose of taking my children to the playground!  When I have focused, productive blocks of work time then I can take my mind off of business and fully engage with my children.” 

Myth # 4. I will be less stressed and guilty

When you work at home or are your own boss, it is wonderful to be able to pop out and have lunch with your children, or to make that Mother’s Day tea at preschool. But work activities have deadlines even when you work for yourself. Time taken away from work during the day often means time working late at night or on weekends.

Helpful tip: Check your expectations and priorities. “Sure you will have flexibility when you work for yourself,” says Lisa Will, co-founder of Stonz, “flexibility over how you work your 18 hour day!” Starting a business is a lot of work, so be realistic about how much one person can do. Get really clear about what matters most to you, and identify what you can let go of from your schedule. 

Starting a business is a lot like having a baby. There are intense moments of joy, lots of learning and you wouldn’t trade it for anything. It is also more work than you could have imagined, so make sure your dream has the planning, support and information it needs to succeed.

Sarah Dakin is the founder of a small business called Baby Steps Life Coaching. She helps moms make sure things that matter most are not at the mercy of things that matter least.