A Mompreneur's Business 101

the mama 'hood's Co-Founder & CEO shares a few tips on starting your own business for those mamas who are ready to go it on their own!

YOUR USP (unique selling proposition)
What are YOU uniquely good at?

  • Better than others?
  • What aspect of the business taps into your strengths?

    NETWORK
    Talk to EVERYONE who will listen to you about your idea/your business. (not always overtly) and go to of events of all sorts.

  • You never know when an important link will be made, a gem of info or a lead

  • Be open to SERENDIPITY

  • Promote all the time!

TIME
Time is one of your greatest assets

  • Good things don’t happen when we are under pressure.

  • Family must come first, otherwise, your heart won’t be in it.

  • Keep another other job while you are building your business to minimize financial pressure

  • Time gives you objectivity, clarity and truth – do you REALLY want to do this?

  • Allows you to course correct as you learn

  • It takes time for your name to get out there.

  • The average person needs to see something new 7x before trying something new

ENTHUSIAM
You MUST love what you do – this is hard work.

  • Speak using the language of enthusiasm. It is infectious.

BEST-IN-CLASS CUSTOMER SERVICE

BE HONORABLE: ALWAYS do what you say you are going to do

  • Your reputation is everything

  • Say you are sorry if you do mess something up

    NUTS AND BOLTS

  • Write a Business Plan

  • Market Analysis

  • Competitive Landscape / SWOT  

  • Profit & Loss Statement

  • Statement of Cash Flows

  • Balance Sheet

  • B Corp Assessment is a useful tool to help you take a progressive 360° approach http://www.bcorporation.net

  • If you don’t know accounting, hire a bookkeeper to ensure you always know how healthy your business is. Then take a business accounting class.