As I dragged my sleep deprived tush through the -30 degree weather to stand in line at my daughter’s school yesterday, I was approached by a couple of fresh faced moms looking for advice on starting a business.
Now, normally I try to be positive, supportive, charming even, but I think the cold was causing a severe case of Seasonal Affect Disorder. They mentioned meeting for coffee, I asked if they had a partnership agreement. The answer: “Oh, no – this is just something small, we don’t need anything that fancy.”
Uh huh.
My next question – “Do you have a business plan?” The answer: “Oh – I think you have us confused with a bigger business, we just want to do something small.”
Ok.
When most businesses fail in their first year, no matter how small, it is a crappy, torturous affair, the kind of thing that usually obliterates friendships. If you are thinking of starting a business, you need to take it seriously, if not, then get a hobby and save yourself the stress.
Speaking from experience, being an entrepreneurial mom is a job full of sacrifices, financially, emotionally and physically. If you are thinking of starting a business, here are a few questions I want you to ask yourself before you get started:
1. How much do you want to work?
2. How much money do you have to invest?
3. How much money do you need to make and by what date?
4. If you are thinking of doing this with a partner, are you comfortable being business partners and NOT friends? Business partners will consider the best interests of the corporation first, friends consider each other first. Know the difference and what side you are on early.
5. Are you willing to give up every moment of spare time away from your family in order to achieve your goals?
6. What is the ultimate goal and is that goal realistic based on your business plan? Ie. Can you make a million dollars a year selling hair clips for toddlers?
So if you have a dream of being a successful entrepreneur, please, don’t let me dissuade you. If anything, I want you to try, just do it smartly, take it seriously and dedicate the time each business project needs in order to be well thought out, planned for success and fully aware of how much work this will be.
Or ask me again in August.
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