Life & Career Takeaways Mom Entrepreneurs Can Learn From Self-Made Women
Welcome to our Mommy Mogul column where we cover issues of importance for moms who are launching a new business, working a side gig, or managing work life and home life. Is there a topic you’d like us to address? Send your thoughts to tgarcia@ . And, as always, take to the comments with your feedback.
Let’s be honest, it’s not walk in the park to be a mother — let alone one about her business. In addition to navigating the realm of being self-employed, you also have to worry about your household, child demands and other tasks that come along with being a mother. I love my family and what I do. That doesn’t mean it’s not tiresome from time to time.
Forbes magazine recently published a list of America’s Richest Self-Made Women that highlights some of the most successful women in the game. Even though they operate in different industries, that doesn’t stop them from working hard to pave their own way. I don’t know about you, but I love reading about successful mommy entrepreneurs who are making strides in their industry. It’s empowering and encourages me to pursue my endeavors as a work-from-home mother.
In thinking about mommy entrepreneurs, here are some takeaways we can apply to our work/life hustle.
Have dreams of expansion and acquisition. Yes there will always be competition, but that doesn’t mean they can’t become an employee of your company. Billionaire Diane Hendricks is the second richest self-made woman — and also a mother of seven — who made the decision to buy one of her biggest competitors. Even if you don’t yet have the money to make such a pricey investment, there’s nothing wrong with having dreams to expand your brand.
Side ventures pay off. No worries if you have to work your business idea on the side. You never know how it will grow. Johnelle Hunt is a widowed, mother of two who created a trucking company with her late husband. Raking in $6.2 billion in sales, this venture was once a side business that grew over time.
Dare to step out of your comfort zone. There’s a good chance your “big break” might not come in the current industry you’re in. Tons of people have seen success in the least expected places. While Jessica Alba technically didn’t make it on the list, she did grace the cover of the Forbes issue because her empire, The Honest Company, is now valued at $1 billion. An actress who made a name dancing in that movie Honey, who would’ve thought her greatest success would come from providing sustainable household and baby products? Through research and years of hard work, she continues to position herself as a growing expert in her industry.
Address a general need. Even if you aren’t able to reinvent the wheel, that doesn’t keep you from addressing a general need. Sara Blakely is a self-made billionaire who helped introduce the world to the phenomenon knows as Spanx. The shapewear has helped give women confidence and continues to expand in products, now offering intimates and yoga apparel.
Look for multiple streams of income. It’s great you’re working to create a lucrative business, but what are other ways you can bring in additional income? BET co-founder Sheila Johnson is a great example of someone who casts her net wide when it comes to investments. She owns resorts, has minority stakes in professional sports teams and is branching into the entertainment industry (helping to finance the film The Butler).
Use your life a source of inspiration. What can anyone say about Beyoncé? She is a force in the music industry who continues to evolve with time. Much of her success has come from her own life experiences that have helped her be a relatable figure to so many. Look for areas in your life that will help you better address the needs of your target market — and make you a go-to resource.
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