The new mom economy is taking the world by storm. According to News24, women-run small to medium enterprises (SMEs) have increased by 6% from 2019, making up a total 47% of all SMEs in South Africa. 1 in 3 of those are run by moms who are balancing running a household and running a business with grit and grace.
Moms around the world are starting their own businesses for reasons such as:
Being in control of the time they spend with their family. According to Entrepreneur, that's the number-one reason women become mompreneurs. It allows them the freedom of flexible working hours.
Being able to bring in more income for your household.
Being your own boss. Mompreneurs experience greater levels of job satisfaction, flexibility and added income.
In 2021, Mompreneurs are embracing technology to not only make their lives easier but to create innovative business ideas that are relevant for the market whilst still maintaining a work-life balance.
The improved accessibility of technology and services is making running a business more attainable for many moms. Customer Relationship Management (CRM) tools such as Hubspot, AI and marketing automation like Mailchimp are now more accessible to small businesses.
Starting a business involves a fair amount of risk and often getting that capital kick start you need might be hard, however, according to News24, banks like FNB are now constantly seeking to help uplift and empower women-owned businesses by making it more accessible to access loans for your business. Research shows that women are a lower risk for potential investors and empowering women is one of the most effective ways in helping improve the lives of families, communities and countries across the world.
Here are our 5 tips for Mompreneurs when starting their business:
1. Find your Passion
A lot of entrepreneurs don’t have business backgrounds but they found what they are passionate about and ran with it! Passion can often trump expertise.
2. Do your research
Make sure you know the ins and outs of your business, your customers and your market. This will help you focus on how you can actually meet and improve the lives of your consumers.
3. Don’t Rush
It takes time to build a successful business. The general rule is that during your first year, it’s unlikely you’ll see a profit, the second year you should start breaking even and in your third year, you should start making a profit. Remember, slow and steady wins the race!
4. Ask for help
Surrounding yourself with the right people is important for the success of your business. Connecting with like minded women on social media platforms like Future Females on Linkedin and Facebook are amazing for helping uplift women in business.
5. Take care of yourself
It may sound cliche but make yourself a priority. Your health and wellbeing are important for not only your family but your business as well.
A Mompreneur truly is a superhero who raises her children with passion and love whilst hustling hard to build her brand. If you’re a mom and have always wanted to start your own business, we hope this helps inspire you to start living out your dreams of being your own boss.
This Mother’s Day, we’ve also put together a list of our top picks so you can #ShopWIthLove + Peach Payments at these amazing businesses to spoil yourself or the special women in your life.
A business born from passion and exposure, Thira Jewellery reveals its ancient Santorini feel in the minimalistic patterns of its design. Penelope has been able to create a business that flourishes off her passion for making jewellery. Find out more with our latest blog post on Thira here.
An ambitious business that focuses on you having a premium shopping experience with curated fashion items at affordable prices. Find out more by reading our latest article on Honeey here.
A mom-of-three finally turned her dream into a reality with her ecommerce store ‘Gillybean’. Gillybean offers beauty and skincare products from a place of passion. It is the mantra of the founder, Gill, that hair, body and skin are a lifetime investment and should always be taken care of. Find out more with our latest blog post on Gillybean here.
Emgee is a proudly South African business that focuses on ‘slow living’ and convenient clothing that is beautifully designed by a team of passionate and talented women. Emgee’s focus for their clothing is on comfortability, affordability and local high quality. Find out more with our latest blog post on Emgee here.