If you’re like many working moms, juggling your time to be available for family while also meeting workplace demands, the thought of ditching your 9-to-5 and starting your own business is probably both extremely tempting and scary. Venturing into the unknown world of entrepreneurship (especially while trying to keep pace with the always-evolving skillsets required by moms) can be intimidating.
But your peers are doing it—and succeeding! Beyond mompreneur icons like Bethenny Frankel (Skinny Girl) and Julie Aigner Clark (Baby Einstein), millions of other success stories emerge every day. In fact, the growth rate of women-owned businesses in the U.S. is outpacing overall business growth by nearly 2:1.
Still, starting a business isn’t easy and most mompreneurs could use a hand in getting going. Luckily, that is exactly what we have to offer!
Becoming a Savvy Mompreneur
To help would-be mompreneurs better prepare for launching a new business, a handful of free tools are available online. One of the most comprehensive new tools is the Startup Financial Planner by Intuit, the makers of QuickBooks.
What makes this free tool especially helpful is the guidance it offers to help entrepreneurs decide how much money to allocate for certain types of business expenses—based on actual financial data from the company’s half a million customer companies. Without requiring you to register or sign up, the planner also shows you how your financial plans compare to existing businesses like yours, generates a break-even analysis, and provides a downloadable draft version of your first-year company financials.
The Startup Financial Planner is easy to use, and can save a tremendous amount of time in the long run. Here is what you have to do:
1. Get it together.
Gather basic information about the type of business insurance you need for your business and what licenses and permits you’re required to hold. Also find out what your company’s expected tax burden will be based on your anticipated revenue in year one.
2. Plug in.
Enter your anticipated costs for everything ranging from office space to web hosting. The tool will prompt you to consider every possible cost—even the ones you may overlook—and even suggest costs in each field based on your initial filter selections for industry, state and number of employees.