Mompreneur: Four Ways to Protect Your Business

Being a mom and being an entrepreneur sometimes seem like they don’t go hand in hand, but the truth is that these can go hand in hand. While sometimes it gets difficult, there are easy things that you can do as a working mom to defend your business from times of trouble.

Your business is made up of people, data, and skills that make it everything that it is today and more. Like your family, it is a valuable asset worth defending, and it does not have to be expensive to defend your business. With these four simple investments, you can protect your business and still be the best entrepreneur you can be.

Protect Yourself and Your Employees with Insurance

There are a few types of insurance you will need:

  • Health Insurance
  • Disability Insurance
  • Key Man Insurance

Health insurance is very common for employers to offer. It is a very attractive benefit that employees like. This help you and your employees to afford healthcare. One illness or accident and you could be out tens of thousands of dollars.

Employees are people, too. Just like you would want time off if you got hurt or sick on the job to heal and spend time healing with your family, your other employees want the same kind of protection in case anything happens to them.

Employer-provided disability insurance can protect your employee’s finances from accidents and diseases so that employees can take time and focus on what really matters: themselves and their own personal health.

The healthcare industry is a dangerous industry. Anything can happen from a severe dog bite leaving a vet out of work or a dentist contracting a disease while working on their patients. The more risk you have the more important it is to protect yourself.

Key man insurance is what an employer has to cover the loss of their key employee. Imagine you have one employee that is crucial to your operation and they get into an accident that leaves them in a coma for two weeks. That can be devastating to your business. This is where key man insurance steps in and helps you financially.

Making Sure that Everyone is on the Same Page

Especially as a small business owner, it is crucial that a lot of operations have laser-focus and that every member of a team stays on the same page. E-mail chains and conference calls can only go so far when you need to work as a team. Collaborative calendars, like the ones you may use to keep your home organized, can help make sure everyone does what they need to do on time.

Other apps that can help keep workers connected and productivity high include:

  • Facebook Workplace
  • Workplace Chat
  • LinkedIn
  • Google Calendar

Using all of these tools, you can save your coworkers from confusion and complaining by making sure everyone stays in touch and stays focused on the task at hand.  You might also consider a Money Expert as well.  Its also important that you have the proper employment sign laws posted in the office space.

Growing by Learning New Skills

Professional development is a huge necessity for businesses to keep up with the growing demands of the modern economy. Fields are changing all the time and clients are expecting the businesses they work with to keep up or else they will find someone else that will keep up.

Investing in coding classes, website building classes, and language courses for yourself and for your staff is key to not only cutting business costs but key to holistic growth for your business and increasing your employees’ marketable skills. Learning new skills takes time, but it is worth the investment for the good of everyone involved.

Defend Your Data

No matter what you do, your job handles some type of data throughout the day. It is a data-driven world, and it is this data that should be defended at all costs. You can start to protect your data by keeping your hardware clean, investing in high-quality firewalls and shields, and having your employees trained to spot signs of data breaches and loopholes is one foolproof way to help defend data, too.

Customers and fellow workers alike will appreciate the peace of mind that comes from having data protected and safe from thieves and fraudsters of any kind.

Your business is worth investing in, and you can protect both the people that make your business run smoothly as well as the data and skills that help your business run as smoothly as it can. It does not take much to elevate your business from a simple small business helping you get by into a neighborhood staple. Through these four simple investments, you can guarantee peace of mind and smooth MOMpreneurship for the foreseeable future.

Customer paying his bill

As the term mompreneurship is getting popular nowadays, more mothers have realized their growth potentials in managing business and successfully raising their children.

According to a peer-to-peer lending marketplace, Funding Circle, about 1 in 3 US-based small-business proprietors or owners are mothers.

A survey by graphic design marketplace 99 Designs also showed that 79 percent of mompreneurs have one to two kids.

Another 80 percent of mompreneurs in a survey said they didn’t start running their own business until after having a family of their own.

As mompreneurs are now prevalent, they need all the help they could get to promote their welfare and their rights to earn.

Some tips to help mompreneurs succeed

Think of something that solves a problem

Think of a product or service that can make the life of others easier. Talk about it with your family, friends, and other business-minded people. Ask for feedback.

If the response or comments are mostly positive, then you are off to something good.

Maryville University cited the triumphant story of Doddle & Co. founders Nicki Radzely and Jana Badger, who are mompreneurs.

They launched a type of pacifier that pops closed whenever it tumbles to the floor, protecting the nipple from unnecessary surface contact.

Identify your target customers

Before starting your business, think first of your potential clients. Have a market research. Ask yourself this question: Who are my target customers for this business idea?

The skill you have in determining the target customers plays a vital role in the successful launching of your business.

Maximize the use of E-commerce

Take advantage of the different online business platforms to sell or promote your products. Relying only on your physical store will limit your chance of attracting new customers. Aspiring mompreneurs can use E-commerce platforms like Shopify, Etsy, or WooCommerce to sell their products across the globe 24/7.

Expand your business knowledge

There are plenty of schools or universities that are offering online business courses or degrees. Do not miss the learning opportunities you can find around.

In this manner, you can get more knowledge and insights in managing your business from the experts, particularly when it comes to management, accounting, and taxation, as your business begins to grow.