Pros & Cons of Owning Your Own Business

#292 - Unlock the secrets of successful mompreneurship with me as we navigate the rewarding yet challenging journey of balancing motherhood with entrepreneurship. In this episode I share my perspective on managing these dual roles. Discover how to harness the power of organization, task prioritization, and effective planning to achieve both personal and professional success. Whether you're dreaming of financial independence or craving a flexible schedule to harmonize work and family life, this episode provides the insights needed to make informed decisions on this transformative path.

We delve into the heart of what it means to be a mompreneur, sharing real stories and practical advice to help you thrive amidst the chaos. Explore the diverse range of businesses today's moms are spearheading, and get inspired by the endless possibilities that await. We don't shy away from the tough stuff, addressing the stresses and risks that accompany this journey, but also offering strategies for overcoming them. Plus, I'm here to offer guidance and support, ensuring that you're never alone as you pursue your entrepreneurial dreams while nurturing your family. Join the conversation and feel empowered to step boldly into the world of mompreneurship!

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Transcript

Speaker 1 0:09

Hey, my name is Teresa Hildebrand and this is Organized Chaos. We take a deep dive into living with intentionality, focusing on what's important in our lives so we can truly feel our best. It may feel chaotic at times, but with a little organization, the right mindset and a ton of self-love, we can still thrive. Join me as we talk to other busy moms and experts who will share tips and strategies to help you reach your goals. Hope you enjoy this episode of Organized Chaos. Now on to the show. Hey friends, welcome to another episode of Organized Chaos. So today, doing something a little bit different. So I am replaying an existing episode that I did last year and this is the pros and cons of mompreneurship. Now, every now and then I'll do this because I mess up, I don't plan ahead or I forget that the kids are off and I don't have any place to actually record a new episode. So today I am giving myself the gift of existing content and giving that to you. But I wanted to bring it back up to the surface, this particular episode, because I think it's just a good thing to have you know, kind of like at the top of mind, and really talking about the risks and the benefits of mompreneurship. So, without further ado, here's this episode. Hey everyone, welcome to this week's episode of Organized Chaos. So today we're going to explore the benefits and risks, or pros and cons, of mompreneurship. There's a lot of unique challenges and advantages that come with being a mom and an entrepreneur. So whether you're already in the thick of it or you're just getting started or you're thinking about creating a business, this episode will give you some really good insights. We all want to know that we're on the right path and we also want to plan. So knowing the good, the bad and the ugly of what you're pursuing can be helpful so you can be prepared. So I'll explain what mompreneurship is and kind of what it entails, and then I'll go into some of the advantages that come from being a mompreneurship is and kind of what it entails, and then I'll go into some of the advantages that come from being a mompreneur and also kind of discuss the potential disadvantages of being a mompreneur, and then I'll just share my final thoughts. So this is going to be a pretty quick episode, all right.

Speaker 1 2:41

So first let's define what a mompreneur is. So whether you love the term or you hate it, it's a term that gets used a lot to describe a mom and an entrepreneur, and it's a mom who runs a business in addition to, you know, caring for her children or other responsibilities, her children or other responsibilities. The actual use of the term mompreneur has increased because of the uptick in the number of women who have created businesses while raising a family, and in many cases, motherhood has inspired ideas to create a business, and mompreneurship is basically just combining the word mom and entrepreneurship. And the types of businesses or industries that mompreneurs create or join are, for example, blogging, some type of handmade product, graphic or web design, photography, virtual assistance, consulting, personal training, accounting, event planning, coaching, et cetera. So there's tons and tons of different types of businesses that moms can actually create many times online, which is probably why there's also the increase in mompreneurs, because it's I don't want to say easy, but it's so accessible for women to be able to create businesses nowadays. And you know I'm not just talking about women, I mean people in general.

Speaker 1 4:20

So let's start with the good stuff and keep in mind that this is basically when all of the stars align at this point. So you know some of the pros that I'm going to be talking about here is when things are moving smoothly and you kind of have your flow. So starting off with benefit number one is flexible schedule. So being a mompreneur allows you to work when it fits into your life, so you can spend more time with your family and take care of your needs as well. Benefit number two is the kind of elusive work-life balance. Now, it's really easy to just say work-life balance, but there truly isn't a balance. There's kind of a give and take, but let's say, for the sake of simplicity, we'll call it work-life balance. So this is when maybe you're allowing yourself to work from home and it gives you more control over your time, so you can create that quote unquote work-life balance that works for you.

Speaker 1 5:27

All right, so number three, benefit number three is financial independence. So owning your own business can provide you with financial security and independence. There is always that potential to create financial freedom. The benefit number four is pride and accomplishment. So being a mom and a business owner can be extremely rewarding, as you're able to create something pretty much out of nothing and watch it grow. So I'll leave you with the four advantages. There's plenty more, but I just want to keep it simple.

Speaker 1 6:08

So now let's talk about the disadvantages. So the disadvantages of entrepreneurship is stress. Starting a business can be stressful and challenging, and juggling motherhood and a business can be even more so. So risk or con number two is time management. So finding the time to balance your business and family can be really, really difficult. I mean, it's hard enough as it is to be a mom and you just, you know, throw in a running a business and growing a business, this it just becomes really really difficult to manage your time. Of course, there's many people who can overcome that and that's just something that we get to learn along the way. But Especially at the beginning, it can be very hard to manage your time, all right.

Speaker 1 7:09

Risk number three is a financial risk. So starting a business can be risky and you may not always make a profit at the beginning or it just may be inconsistent. Like owning your own business is not a you know, it's not always steady income. There's ups and downs. Sometimes you make a considerable amount of money and then other times there's like a dip, in that it really depends on the type of industry and the type of business that you have. So in anything there's always a risk, all right.

Navigating Mompreneurship for Success

Speaker 1 7:48

So risk number four is especially, you know one of those cons that are very specific to working from home and that's isolation. So many moms that work from home work alone and that can lead to feelings of isolation and loneliness, especially if you're a people person. So I really, really struggled with this when I first left my job to work on our business because my kids at that point were of school age, so I would drop them off at school and then I would come home and I would be at home by myself for seven hours when my husband was at work. So it was tough. You know I was. I was excited about running our business, but you know, coming from the corporate world and you know, always being able to to see people and chat with people and interact with other people face-to-face was very, very hard. So that's it.

Speaker 1 8:51

Those were the benefits and risks of mompreneurship and I hope this gave you a better understanding of this and just remember that the key to being successful is to stay organized, prioritize your task and find the right balance between your parenting and business or other responsibilities. We're all going to experience these risks, but we're also going to experience the benefits if you keep at it and you plan and you're prepared. So a lot of these risks can either be mitigated or avoided altogether if you have the right steps, and sometimes you need someone to help you with that. So if you ever do need help with navigating through mompreneurship, please don't hesitate to reach out to me and I would be happy to help. All right, I hope you have an amazing rest of your day and I'll see you next week.