Being a mum is a full-time duty. Being an entrepreneur too is a full-time duty. And being a “Mumpreneur” is a huge feat. A Mumpreneur is a mother who runs her own business in addition to raising her child or children. It is a serious commitment to strike a balance between the 2 roles – business ownership and motherhood. When both responsibilities are clubbed, there is a lot to be managed, organized, and cared for.
Without much ado, check out 5 crucial tips for mums to start a successful business in India:
Conduct extensive market research
Before beginning any startup business, you must first check its viability. As per Paul Graham, an American scientist, essayist, venture capitalist, entrepreneur, and author, “You require 3 things to form a successful startup business: begin with good people, make something consumers actually want and spend as little as possible.”
For this, you require extensive market research. Figure out the problem your company is aiming to solve. Once you lock in the challenges you are trying to reduce, check if there is any demand for tackling this challenge. For this, ensure to conduct numerous surveys of your end audience. You may also consider talking to your target group personally.
If you see a satisfactory degree of demand, go ahead with your research to learn about the number of competitors. Store this data with yourself as it may be required during the funding phase.
Look for a competent business partner
While it’s a characteristic trait of every mother to have full control of the duty, you must consider adding a business partner. Ensure to do so in the initial stage of your startup business as this may ease your funding process. Jointly applying for a business loan with your business partner may also allow you to avail approval faster.
Incorporate your business
It is an important step that will determine your startup’s lifecycle. Also, it will determine what structure your business will have. Business incorporation means registering your company as a legal establishment. The incorporation procedure will transform your business into public limited company, private limited company, joint venture, partnership etc.
File for intellectual property (IP) rights
A crucial step in launching your business is availing IP rights. This phase often is avoided by some due to the limited knowledge on how to begin a startup. Before you begin with your business, it is recommended to acquire IP rights. Applying for the rights will ensure you are not imitating any brand’s existing products and it will also protect your company against future competitors.
Do business branding
Branding is the next important step which you cannot skip if you want a successful business. Branding begins with deciding your company’s name. However, it is more than just picking a suitable startup name. It is a projection of your business image endowing it with an identity. Pick a name that is appealing, sounds fresh, catchy, and relevant. While you are on it, see if the preferred name is suitable for your future business diversification. Avoid keeping limiting names like Kiara’s Cosmetics, as later you may want to add in more categories like shoes, clothes etc. Also, ensure to purchase your business domain name as soon as possible as later it may not be available.
If you have been procrastinating the idea of beginning your business owing to the all-round responsibilities linked with raising a child, ensure to start right away. Like you are never 100 percent ready to leave your young child alone, you will never be 100 percent ready to begin your own startup either. A strong willpower, confidence and determination is what you require here. Factor in the above listed tips to begin a successful business. In case you need additional funds, you may opt for a business loan. However, before you click on the business loan apply button, ensure to compare amongst different lenders to zero on the one offering the best deal.