what is a momtrepreneur
Gone are the days when Mary Kay was the only option to supplement income as a stay-at-home mom (SAHM). Thanks to the internet, plenty of “side hustles” exist to help moms earn a pretty penny.
But first, let’s back up a bit. What exactly is a momtrepreneur?
The word “momtrepreneur” is a combination of “mom” and “entrepreneur.” As you may have guessed, a momtrepreneur is a stay-at-home mom who is running a freelance business at the same time.
Each momtrepreneur handles her job in her own way.
Here are some guidelines you should follow to crush it as a momtrepreneur.
1. Choose the Right Industry
It’s vital to offer a product or service that potential clients desire. That may seem like a no-brainer and yet, aligning your talents to consumer’s needs can get tricky. It may even require you to brainstorm acceptable compromises, per se.
Thankfully, some industries are ripe for the picking for many momtrepreneurs. Some of the more popular and successful freelance industries include:
Health and fitness coach
To choose a niche that will make money, take note of products or services that people are looking for. Remember, you don’t need to be an industry expert to figure out what people want.
For example, what are others always complaining or chatting about in your circle of acquaintances? Do any of the talents in your skillset match what they want and need?
Once you find a money-making niche in which to apply your talents, your momtrepreneur endeavor will be much more successful.
2. Get Organized
Juggling business and family responsibilities can create a lot of mental clutter. Unsurprisingly, the to-do lists for both endeavors tend to become a little scattershot after a while. It only makes sense, because simultaneously acting as the CEO of two organizations is tough!
One surefire way to tackle everything on your list is to find a way to stay organized. Let’s be real; it’s not all going to fit in your brain every single day.
Thankfully, plenty of organizational apps and tools have been designed to help bump up your logistics a notch. After all, when you’re more organized, you’re more productive.
Most successful entrepreneurs will tell you that one key to getting organized is not to be a hero. Decide to depend on others—whether that means delegating some family responsibility or using an app to keep you focused during “work hours.”
3. Know Your Worth
In a recent post, we focused on why a stay-at-home mom’s “salary” would top 150K (in 2019). Naturally, most moms don’t know how valuable they are. If you’re like most SAHMs, then an enormous chunk of what you do is out of love.
Here’s the thing, entrepreneurs don’t work for love—they work the daily grind for greenbacks. When you’re unsure of your worth, it can feel uncomfortable to charge for products or services.
If you want to crush it as a momtrepreneur, an essential step in your venture is to place value on what you can do. Face it; your skillset is worth money to someone. The aim is to find those “someones” and negotiate the full price.
If your not sure what to charge those first few ) clients, join a group of other entrepreneurs offering similar services as you do. Ask around the industry to see what the going price is for this service or that product.
4. Find Your Balance
Many times, the launch of a startup business is a harried mess of worry and to-do lists. When you’re a stay-at-home mom, this often means that your family takes the brunt of the stress.
As you may soon discover, balance is the primary driver in your goal to crush it as a momtrepreneur. Without balance, something is going to totter off into the Land of Neglect.
Whether it’s forgetting to feed the dog or not returning a client email, an imbalanced lifestyle creates chaos.
Some women strike that perfect momtrepreneur balance by establishing daily “work hours” with clients and family alike. Other women follow a specific family schedule, set a timer for work projects, or make the most out of work breaks by accomplishes household tasks.
The way you achieve balance isn’t nearly as important as that you complete it. But remember, family life is always in flux so your endeavor will likely need to be regularly assessed, too.
What works today may not work tomorrow. To crush it as a momtrepreneur, roll with the punches.
5. Stay Covered
Let’s admit that it feels good to get paid for our talents and skills. Even without your business, though, your contribution to your family is probably worth more than you know.
The many hats that you wear—chef, tutor, nurse, teacher, CEO, chauffeur, etc.—would add up to a high cost if your family suddenly lost you. They would have to find replacements to cover the daily tasks that you currently complete.
Plus, the money that you make as a momtrepreneur is beneficial to your family as well. What if that income ceased?
If you want to crush it as a momtrepreneur, you need to think with a business mindset. Consider the risks and cover your bases with the appropriate amount of life insurance.
Take the Next Step
Knowing how to thrive as a momtrepreneur can be challenging. But we can help!
To support you as you safeguard your family’s financial security, I’ve created an up-to-date guide for parents who need life insurance here. My guide can help you with your long term life insurance goals, especially with little kids at home!
Here at CB Acker Associates, we want to help you take care of your family. If you’re ready to find a policy that fits your needs and your budget, we can help!
With access to all the top-rated life insurance companies, we work extra hard to get you the best life insurance rates possible. You can even compare prices and benefits from over 40 providers with no obligation to buy here. Plus, it’s fast—under 60 seconds kind of fast.