Rocking it as a Mumpreneur

Women have been juggling the demands of homelife while crafting and creating on the side for centuries.

Being a 'mumpreneur' isn't new. It just got a name, a whole lot more potential, and several celebrity role models, including Hollywood stars like Jessica Alba, Kate Hudson, Rihanna and Sarah Jessica Parker just to name a few.  

For those of us non-celebrities, who don’t have nannies or family to pitch in, there’s practical motivation, to lean towards self-employment, like childcare costs versus take home salary.

If your work hours are limited by school drop off and pickup times, you might struggle to find work that pays significantly more than the cost of outsourcing your childcare.

Small and micro businesses (those with under 10 employees) are the backbone of the Australian economy, with one third of them run by women, and many of whom are mums. As The Sydney Morning Herald’s Matt Wade recently reported; in Australia, women are starting more businesses than men are. And the number of women owning and running businesses, has been rising steadily since 2000. Us gals are doing something right.

So, if you feel you’re in good company you might want to consider what business ownership can offer:  home-based; flexible hours; better returns than a part-time job; the chance to be creative and self-sufficient; best of all, you’re the boss.

It also has some challenges - unpredictable markets; hard work; you may need start-up capital; a steep learning curve; and having to fit it all in with raising kids.

So how do you know if you’ve got what it takes? Above all, a mumpreneur needs to be entrepreneurial. She needs to relish the challenge and excitement of creating something new and being the boss. She also needs to be tough, resilient, determined and willing to take some big risks. Think Meryl Streep as Miranda Priestly in “The Devil Wears Prada”, except 100 times more personable.

Most of all, mumpreneurs need a good idea and a head for business. But don’t panic - that last trait can be learned.

If you think you might have a shot at becoming the next big thing in the mummy economy, consider the following:

1. Do your homework. A great idea is only great if there aren't a hundred other people already doing it. Put on your investigative hat and scope out your competition; find out how similar businesses operate; talk to other mumpreneurs; make sure there is a demand for your product.
2. Fail to plan, plan to fail. If you don't know how to plan a business, then take a TAFE course, read some books on the subject or watch a Masterclass via Optus SubHub. Not wanting to rain on your parade, but stats show that 90 per cent of small businesses fail, mostly because they fail to plan.
3. Setting up your own business is exciting but also challenging if you're not prepared. The Australian Government guide to starting a business will take you through each step of starting a business and help you understand what's ahead.
4. Rally the troops, build a support network. Trying to do business without good support is like trying to win the Melbourne Cup without a horse. Think of joining groups like Business Women Australia (BWA), a national collective of businesswomen from all sectors, industries and states, who are passionate about business success and personal growth. Does your family support you? Who's going to pick up the kids when you're in an unavoidable business meeting? Have you considered a working alliance with other mums?
5. Dream big and don’t take no for an answer. If you want to be a successful mumpreneur you’re going to need a dream, one that gets you out of bed in the dark and offers a future that’s worth fighting for.

You can develop your business skills with Masterclass on Optus SubHub where you can learn from successful businesspeople like Spanx founder Sara Blakely who shares her approach to inventing, selling and marketing products that consumers love.

Every mumpreneur needs some downtime to recharge so don’t forget to take a digital break. With Optus Pause you can pause both your mobile and home connectivity across your devices, all from My Optus app.