5 Tips for Budding Mumpreneurs

mumpreneurIn today’s world, it is becoming increasingly common for women to raise a family and run a business at the same time. The ability to run a business from home via the Internet has made this much easier than in the past. Let’s take a look at some tips that can help women who want to become successful mumpreneurs:

1. Be realistic about your time

People who run their own business always have many plans and every intention of seeing them through. However, you will need to consider exactly how many hours per day that you will realistically be able to devote to your business. If you are required to pick your children up from school every day, then usher them to soccer or football practice, these things can seriously eat into your day. It is impossible to effectively run a full-time business when you are only working on it part-time. It is important to figure out your limitations before you start your business.

2. Be realistic about your idea

Necessity is truly the mother of invention. Many great ideas have originated from a need. However, if you have an idea that you think might be the next hot product or service, there are some things you need to think about. You will need to consider the cost of bringing your product to market. Do some research into the marketing and production costs of your item. How much will you have to charge for your invention in order for you to make a profit? You will need to decide if your product or service is valuable enough for people to pay the price that you will need to charge for it. Also you need to consider the scope of your operation and whether running the business from home is realistic. There are a number of options to rent office space in Melbourne that may work out more beneficial if your business idea isn’t suitable to a home headquarters.

3. What is unique about your service or product?

In order for your business to succeed, you will need to find a way to make your service or product stand out from other products on the market. Your service or product does not necessarily have to be new or innovative. However, you need to offer it in a way that is different than anybody else. This will help you to create some buzz around your business. This is called finding your unique selling point. It is critical to any business that is just beginning.

4. Research your service or product

You need to determine if the public has a current need for the service or product that you are going to offer. Will there be a demand for it? Family and friends may not always give you an honest answer, so talk to complete strangers on online business forums. Get their input on your idea. Use the constructive criticism they give you to help you decide if you should move forward, do some revisions or completely scrap your idea.

5. Manufacturing

Contact as many suppliers as you can. Doing some price comparisons can eventually save you a lot if you go into production. You should also get referrals from people who are already in business. The online business forums are a great place to network and find out this information.

Image Credit:
Ambro – FreeDigitalPhotos.Net

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