For supermoms, starting your own business can seem very appealing. You get to be your own boss, have more control over your own time, earn extra income, and have an opportunity to contribute a product or service to your community. At the same time, however, it might be a difficult endeavor because, as supermoms, we must balance this with giving attention to our kids and managing the household. With you juggling all these things, the idea of taking on such a great endeavor can sound overwhelming. How do you even begin?
There are so many tips out there for starting a new business that choosing which ones to follow can get confusing. That's why we've made a simple list of dos and don'ts for the aspiring Momboss!
Don’t: Let your initial business idea snowball into something overcomplicated.
Do: Define your business in a clear, concise way.
As a new business owner, try to start small to narrow your focus. Learn how to test your business idea. Create a simple quality good or service. A successful business idea should fulfill promises to customers and exceed expectations. As practice, you can try and use an elevator pitch. An elevator pitch is a quick synopsis of your background and experience. Here's an example:
“Hi, my name is [NAME] and my company develops and designs personalized online sales funnels [what your company does]. That means two things: one, online customers enjoy a flawless user experience tailored to their needs and interests, and two: our clients get automated solutions that dramatically boost sales [unique business proposition].”
Having a simple business idea makes it easier to create a reason to invest, which results in clearer sales and profit. And with good sales and profit come the scope to invest in more products and services, enabling the business to grow.
Don’t: Be afraid to start a business.
Do: Think of business as a calculated risk.
There will always be a level of risk with launching a new business venture. Calculating, understanding, and planning for risk is an important step to take before you start working on your business. This means assessing your industry's risks before moving forward with a business plan. Taking a calculated risk gives us a chance to learn. Without risk, entrepreneurs will not experience failure and therefore will not learn from their mistakes. In addition, taking risks teaches us important skills like strategic thinking and planning.
Don’t: Start your own business without understanding the rules.
Do: Follow the necessary requirements when registering a business.
Starting a business is exciting, but you need due diligence when registering for it. You need to understand the rules that come with opening a business. If you fail to follow government regulations, you could face steep penalties. From forming a legal structure to setting up an accounting system, you must follow laws in registering your business. Different kinds of businesses require different kinds of registrations. As a single proprietor, you’ll need to process your business registration at the Department of Trade and Industry (DTI). You can do a quick online check on the availability of your proposed business name/s through the Philippine Business Registry website.
For more information on the different kinds of businesses and how to register them, click here.
Don’t: Go into your business without knowing your market.
Do: Understand the industry you wish to enter and assess your future competitors.
Assess the market before opening your doors. Understand the industry you wish to enter, as well as its major players and your future competitors. Getting a clear picture of who needs your product or service can help fine-tune your offerings. Identifying a target market allows marketers to focus on those most likely to purchase the product. Limiting the population funnels research and budgets to the customers with the highest profit potential.
Don’t: Go into your business all haphazardly.
Do: Put together a good business plan.
Even if you don't think you need it, put together a professional business plan that's ready to go. Take the time to put together the main components of a business plan. These include:
A business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results.
Don’t: Treat it like an independent endeavor.
Do: Network with other professionals in your industry.
Starting a business should not be an independent journey, no matter how tempting that may sound. Look for veterans and professionals in your particular industry to help set you up for success. Network with other professionals, rub elbows, attend industry specific events, and reach out to leaders in your industry to learn their approach. This will help you develop and improve your skill set, stay on top of the latest trends in your industry, keep a pulse on the job market, meet prospective mentors, partners, and clients, and gain access to the necessary resources that will foster your business.
Don’t: Shy away from promoting your business.
Do: Confidently put yourself and your business out there.
A potentially scary thing about mounting your own business is that you have to sell your business in front of an audience. It can be intimidating to share your business with the world, especially when you’re new. You might worry about what others have to say about your ideas, but it’s important to overcome that fear. Being open to constructive criticism will only help you better refine your business concept, and confidence will help you gain support from both investors and potential customers.
Don’t: Run your business for monetary gain alone.
Do: Run your business with wisdom and passion.
One of the most important things in a successful business idea is passion. It will consistently drive you to improve your process so your business grows. That being said though, don’t let passion take over all your decisions. You need to balance it with wisdom. Wisdom has great value because apart from helping you avoid pitfalls, it shapes and drives your business activity, your ability to sell or do more, and stand apart from your competitors.
Don’t: Let your energy run out when you’re starting your own business.
Do: Try Fortima to bring out the Momboss in you!
With all the trials and tribulations in starting a business, some people might not want to go through with it, but not us supermoms! We tackle everything head on, that’s why we need Fortima! Fortima contains 500 mg Sodium Ascorbate (Vitamin C), 27.5 mg Zinc Sulfate Monohydrate (equivalent to 10 mg elemental Zinc), and 22 I.U. d-Alpha Tocopheryl Succinate (Vitamin E) that help you have strong immunity, a strong body, and healthy skin. It’s exactly what you need to run a business successfully. Dahil pag may lakas ka, iba ang ganda!