Moms in Business: How Mompreneurs Are Balancing Family & Entrepreneurship
Hey IM Mamas,
Creating and starting IM was no small feat. It’s been 9 years and I feel like I’m just stepping into what it will become.
This is a long one so if you need to, eat the elephant. take it paragraph by paragraph at the time of your choosing. Sometimes resources and information can be overwhelming, remember you are building a sustainable lifestyle for YOU.
You’re not alone! In today's fast-paced world, more and more moms are stepping into the world of entrepreneurship, creating businesses that reflect their values, passions, and the need for flexible work schedules. According to recent statistics, women now own 42% of all businesses in the United States, and the number of women-led businesses is steadily increasing, with a notable rise in mompreneurs—moms who juggle both parenting and entrepreneurship.
The intersection of motherhood and entrepreneurship is rich with opportunities, but it also presents unique challenges. For moms, the startup world is not just about building a business; it’s about building a life that aligns with their family’s needs, values, and aspirations. In this blog, we'll explore how moms are transforming startup culture, overcoming challenges, and thriving in their entrepreneurial ventures.
The Rise of Mompreneurs
Moms are more entrepreneurial than ever. According to a 2020 survey by American Express, women-owned businesses have increased by 21% over the past five years, with a significant portion of this growth coming from mothers. Many moms turn to entrepreneurship for flexibility, autonomy, and the chance to make a positive impact on their communities.
The reasons behind this surge in mom entrepreneurs are multifaceted:
Flexibility and Control: One of the most significant advantages of entrepreneurship for moms is the ability to set their own hours and work from home, offering a balance between professional responsibilities and family life.
Desire for Purpose: Many moms enter the entrepreneurial world to create businesses that reflect their values, whether that’s health, wellness, education, or social causes.
Technological Advancements: The rise of digital platforms, e-commerce, and social media has made it easier for moms to start and scale businesses with low startup costs.
While these opportunities are exciting, the path to success is rarely straightforward. Moms face particular challenges that others may not encounter in the same way, from limited time to lack of support networks and access to funding. However, with the right mindset, resources, and strategies, moms can thrive in entrepreneurship.
Making Startup Culture Work for Moms
Startup culture can be daunting, especially for moms who are trying to balance their entrepreneurial dreams with the responsibilities of parenting. However, many successful mompreneurs have discovered ways to make it work, and it's time to reshape the narrative about what a startup should look like.
Flexibility in Structure: Startups are often known for their demanding, 24/7 culture. However, moms have adapted to this by implementing flexible schedules and working in shorter, more focused blocks. For example, instead of working long hours at the office, mompreneurs may opt for early mornings or late nights when their children are asleep, ensuring that work doesn’t interfere with family time.
Outsourcing and Delegation: One of the key strategies for moms in business is knowing when to outsource. Delegating tasks such as accounting, marketing, or administrative work can help moms maintain a healthier work-life balance while ensuring the business runs smoothly. Many successful mompreneurs leverage virtual assistants, contractors, or even family members to help them manage their workload. If you don’t have the money to do that at this time, don’t worry, we at IM are building a structure that will change the way we look at mom entrepreneurship!
Building Family Support Systems: Many entrepreneurs depend on a support system to thrive, but for moms, this becomes especially crucial. Whether it’s involving a spouse, extended family, or close friends, having reliable help at home is often the key to success. This means communicating clearly about boundaries, needs, and expectations within the family.
Balancing Family Life and Business
Balance is a concept that many moms in business strive for, but it’s important to recognize that it doesn't always look the same every day. Family life and business should be seen as complementary rather than conflicting goals. Here are some tips for balancing both effectively:
Set Clear Priorities: Successful mompreneurs often have to set clear boundaries between work and family time. For instance, setting specific hours for business activities—such as 9 AM to 2 PM, when kids are at school or napping—helps moms maintain a balance between personal and professional life.
Involve Your Kids in the Process: Another strategy is to include children in the process of building the business, as age-appropriate tasks can teach them the value of hard work, creativity, and entrepreneurship. This involvement fosters a sense of pride and understanding in the family and allows moms to work without feeling torn between responsibilities.
Embrace Flexibility and Patience: While the dream is often to find the perfect balance, the reality is that flexibility and patience are essential. Some days, family comes first, and other days, business takes the lead. Allowing for this ebb and flow helps mompreneurs avoid burnout and remain motivated.
Funding Challenges and Solutions
Funding is a critical component of any startup, but it can be particularly difficult for moms who are managing both family and business. According to The National Women's Business Council, women entrepreneurs face greater challenges in securing funding compared to their male counterparts. This gap is even more pronounced for women of color and those from low-income backgrounds.
However, there are several strategies and resources that can help moms overcome these financial barriers:
Crowdfunding: Many mompreneurs have turned to crowdfunding platforms like Kickstarter, GoFundMe, and Indiegogo to raise money for their businesses. Crowdfunding can be an effective way to generate startup capital while also building a community of supporters around your brand. We are building here at IM a cohort/incubator to help moms thrive in finding funding. You’re not in this alone!
Grants and Competitions: There are a variety of grants and competitions specifically aimed at women and mothers in business. Organizations such as The Amber Grant and The Cartier Women’s Initiative provide financial support to female entrepreneurs. Many of these grants are tailored to businesses that have a positive social impact, making them ideal for moms looking to start purpose-driven companies.
Angel Investors and Venture Capital: While angel investors and venture capitalists are traditionally more focused on high-growth startups, they are increasingly looking for businesses led by women. It’s important for moms to build a compelling pitch that highlights both their business vision and the potential for scalability. Platforms like All Raise and WeRise have worked to connect female entrepreneurs with funding sources.
Personal Savings or Family Investment: Some moms choose to fund their businesses with personal savings or by seeking investment from family members. While this can be a good way to raise funds, it’s essential to establish clear terms and expectations upfront to avoid potential conflicts down the line.
Support Systems for Mom Entrepreneurs (What’s coming soon)
One of the most powerful tools for success is the support of a strong network. This is where we come in. My goal is to provide the needed support, education, empowerment and nurturing to accomplish your hopes, goals, and dreams. Having access to these resources can provide valuable insights, guidance, and emotional support throughout the entrepreneurial journey.
Networking Communities for Moms: Platforms like The Innovative Mom will start providing networking opportunities, mentorship, and resources specifically for moms in business. Our communities is being designed to offer support, share advice, and collaborate on business ventures.
Mentorship and Coaching: Having a mentor or business coach who understands the unique challenges of being a mom in business can make a significant difference. These mentors can offer advice on everything from business strategy to time management and work-life balance.
Online Resources and Learning: As more moms turn to entrepreneurship, there’s a growing collection of online resources designed specifically for their needs. Websites, blogs, and online courses dedicated to business and entrepreneurship can help moms develop the skills they need to grow their ventures.
The Future Is Bright for Moms in Business
IM Moms will be redfining the world of sustainable motherhood and entrepreneurship. With passion, creativity, and determination, we will innovatively prove that it’s possible to balance family life and business. As the number of moms in entrepreneurship continues to grow, so does the support, resources, and recognition they receive.
IM Redefining