| If you are a single mom and want to own your own | | | | Talk to others who have gone before you, and keep in |
| business, there are a few things you need to know | | | | mind what you bring to the table. Do you already have |
| before you make the commitment. | | | | a long list of potential customers from your job, or |
| First, regarding money, you should have 18-24 months | | | | nobody? Compare where you are now to others in |
| of living expenses available - separate from start-up | | | | this business and where they started. Evaluate how |
| monies. If you are counting on child support, take a | | | | long it took them to make the kind of money you are |
| close look at your ex. Is his job history stable? Is he at | | | | looking for. |
| risk of being laid off? Does he have any savings and | | | | If, after looking at your savings, your time and the |
| would he continue paying if he lost his job? | | | | income potential, you are still interested in starting your |
| A few months after starting my business, half of my | | | | business, there is planning to do. |
| monthly income disappeared. My ex lost his job and | | | | Who will make up your customer base? If your target |
| my child support was gone. I had to look very closely | | | | market is not 'viable' or does not fit into your lifestyle, |
| at whether I would keep my business or go get a job, | | | | you will need to reconsider. For example, if you want |
| and ended up acquiring a lot of debt to keep my | | | | to be a wedding planner, you need to understand that |
| business. | | | | your clients will probably want to meet with you in the |
| Time is your other important consideration. How much | | | | evenings and on weekends. As a single parent, this |
| time are you with your kids and how much time are | | | | probably does not work for you, since that is usually |
| you available to run your business? Is there daycare or | | | | family time. |
| an after-school program available? If you want a | | | | When I started my coaching business, I first thought I |
| full-time income, you need to expect to work full-time | | | | would work with the people at my old job, but they |
| to get it. Seriously - 40 or more hours per week are | | | | work regular business hours and wanted to meet with |
| required to make a full-time income. | | | | me in the evenings. I tried it with a few people, but it |
| Some network marketing companies (aka multi-level | | | | just didn't work. I became exhausted. Then I thought I |
| marketing) promise a full-time income only working | | | | would love to work with restaurant owners because |
| part-time hours. I have never seen this happen. Mostly I | | | | of my past experience, but they were not interested. |
| see full-time hours for part-time income. | | | | Neither of these target markets was viable. |
| If you are interested in this type of business, you | | | | Learn a lot about how to market your business before |
| should consider building a customer base and perhaps | | | | you start. There are two components to this - 1, learn |
| some business builders under you before quitting your | | | | business planning and marketing fundamentals and 2, |
| full-time job. For most single moms, they do not have | | | | standards in your industry. For example, financial |
| the time to work their full-time job and begin building a | | | | planners are mostly not permitted to use any kind of |
| part-time business at the same time. You need to take | | | | results numbers in their marketing and must get |
| a good, hard look at this and perhaps put your | | | | approval from 'compliance' before publishing their |
| business idea on hold until your kids are driving. | | | | marketing content. You don't want to get fully vested |
| In analyzing your situation and your expectations, | | | | in your new business and get hit with a big surprise like |
| remember this: you will have one shot at raising your | | | | that. |
| children to be great adults. Your responsibility is first to | | | | If you have already started your business, get busy! |
| them since they have no way of taking care of | | | | Study, study, study. Read free articles and ebooks, |
| themselves yet. You can start a business later. This | | | | take free teleclasses and read books. Then you can |
| consideration needs to be part of your analysis. | | | | identify the gaps in your knowledge and hire experts |
| Next, get a realistic picture of your potential income. | | | | to help. Good luck! |