While much of the conversation around lifestyle businesses imagine single entrepreneurs who can ... [+]
There is no denying that motherhood can be quite hectic. But this doesn’t mean you have to give up your dream of building a business. In fact, the concept of “lifestyle businesses” that offer the flexibility for individuals to live and work on their own terms has become more widespread than ever before.
While much of the conversation around lifestyle businesses imagine single entrepreneurs who can manage their company from the beach or pool, the flexibility offered by these businesses can also make them a good fit for mothers focused on entrepreneurship.
One of the first things to consider when starting your business is how it will help you live your ... [+]
Of course, building your business around your current lifestyle requires some essential considerations of its own.
1. Establish Your Priorities
One of the first things to consider when starting your business is how it will help you live your desired lifestyle. For example, as a mother, you’re probably not so concerned about being able to visit a new country each month. Instead, you’re more likely looking for a flexible schedule that gives you more time with your family.
Regardless of your specific goals, you should start by writing them down and prioritizing the items that will help you live your desired life as a mother. This will help you vet business ideas to determine if they align with what you want.
2. Find Your Preferred Niche
Most lifestyle businesses start with the individual assessing their own skills, then identifying business niches relevant to those skills. For mothers, it is a good practice to take note of skills you previously developed in your career and those you have honed during your time as a mother.
For example, if you previously worked in graphic design but have developed a passion for photography since stepping away from your former job, either option could serve as a valuable niche for your business. With some creativity, you might even be able to combine the two. What’s important is finding something you enjoy to maintain long-term enthusiasm for your business.
3. Understand Your Expenses
While most lifestyle businesses have much lower operating expenses than a full-scale startup, this doesn’t mean you won’t incur any business costs.
As Shopify explains, “As an internet-first business, many of your costs will include subscriptions for online services, hosting, invoicing, and more (e.g., Mailchimp, Shopify, WordPress, QuickBooks, Thinkific, etc.). […] For anything you can’t do yourself, you might hire outside help to enable your company to grow without eating into your time (e.g., freelance designer, virtual personal assistant, marketing consultant).”
You’ll also need to account for other operating costs, such as taxes and incorporation fees. Be mindful of how these affect your bottom line and household finances.
4. Identify Potential Income Streams
While you may initially focus on a single revenue stream for your business, many of the most successful lifestyle businesses utilize multiple revenue streams to ensure a steady flow of income. These could include the sale of physical products, subscription fees, advertising or affiliate marketing, and so on.
For example, a fitness brand could offer a subscription to exclusive tips or exercise plans and sell workout clothes. The entrepreneur could also participate in paid promotional posts on social media to promote other brands. Ideally, look for passive income streams that won’t have a huge increase in the total number of hours you need to work each week.
Dr. Rachel Gainsbrugh, Founder & CEO of Short-Term Gems, says, “By investing in luxury short-term rental properties and generating additional income through my coaching program, digital course content, public speaking appearances, and in-person events, I’ve really been able to diversify my income streams. The result is that I’ve been able to make a lot more while also having so much more freedom in how to spend my time—and these days, I often choose to spend it with my family.”
5. Know Where to Find Your Audience
You’ve identified your niche and developed a basic business plan with the revenue streams and a working model to help you manage your job and motherhood. The next step is determining the most effective way to reach your audience.
In the digital age, there is no shortage of options for reaching your target audience. From paid ads on Google search and Facebook to content marketing and guest appearances on industry podcasts, there are countless ways to showcase your work. Consider the platforms your target audience actively uses and the type of messaging that will be most persuasive to them so these efforts will be truly effective.
6. Look for Ways to Automate
Automation is one of the most valuable ways to ensure that you can build your business around your lifestyle as a mother. Automation doesn’t have to mean giving up control of your work. Rather, it can help you streamline many of your more mundane and time-consuming tasks so you have more time to focus on your family and high-value business activities.
Workflow automation can solve several common problems for your business, such as connecting data between the different software you use, minimizing errors during data entry, automating reports, helping you find insights, and streamlining customer orders. Outsourcing select tasks to freelancers can also be a low-cost solution that enables you to save time and get quality results on activities outside your expertise.
Ready to Build
With careful preparation, you can build a business that meshes perfectly with your lifestyle as a ... [+]
With careful preparation, you can build a business that meshes perfectly with your lifestyle as a mother. It doesn’t matter whether your business involves helping clients with social media marketing or selling products to other moms. By accounting for these essential considerations in advance, you can set yourself up for a successful business that lets you maintain your desired lifestyle.
