Becoming a parent changes many things in your life. Well, huge chunks of your life actually. And one of those chunks can often be your career aspirations. It’s one of the reasons why many women work part time and also why “Mumpreneurs” are a growing breed of women.
According to research by Kimberly-Clark, 70% of Australian women have thought more about pursuing a business idea since becoming a mother. Which makes sense really, because it’s the ideal time to do it. I mean, maternity leave really is one of those stages of life (along with lengthy holidays and long service leave and perhaps extended illness) when you actually have the time to take a step back, look at the big picture of your life and work out whether there’s anything that needs to be changed.
And a fair few do make that career leap, with women making up 33% of small business owners. It’s an increasing statistic, partly attributed to the rising number of Mumpreneurs. (Back in my Mum’s day it was simply called “making a living”, in much the same way as experiencing the joy and wonderment of becoming a mother was called: “having a baby”. But still – “Mumpreneur” does sound good). So: is it something that would ever appeal to you; could you be a “Mumpreneur”?
There certainly seems to be plenty of interest, with a recent “MumInspired” competition organised by Huggies attracting over 1,100 entries. From car window shades, to a sleeping jacket, a bra, hats for hearing impaired children and a bath time aid, the products are many and varied and you can view the five winners here.
No matter how good your product or service though, there is a big gap – a yawning chasm – between having a great idea and bringing it to profitable fruition. And of course even if you do bring it to fruition you still have to work your guts out to make it a success; according to the Australian Bureau of Statistics, the proportion of small businesses in place five years or longer is 53.3%. That’s a high attrition rate when you consider the amount of time and effort that you need to pour into a business. Not to mention the opportunity cost of your time and the opportunity cost of the rest of your family as they support you in your venture.
Still, it can work wonderfully. Carolyn Creswell, creator of Carman’s Fine Foods is a good example. Starting with making and supplying muesli for a few Melbourne cafes she has developed her business into a multinational, multi-million dollar company. She warns though that you need the right idea, the right mindset and passion for what you do. “You have an idea. You think it’s great and so does your family,” she says. “But, the trick is to get into an objective mindset and ask yourself – would any random person off the street think this is a good idea? Would he or she buy this product? At the end of the day, rely on your instincts. We mums are naturally great at this! We have them for a reason, and if a bad feeling sets in, then listen to it. And, remember that figures or financial statements won’t make you happy. You need to do what best suits you – even if it means saying no to something that might be financially rewarding but leaves you feeling uneasy.”
There are plenty of online resources out there for people who may be considering taking the “Mumpreneur” plunge. There’s the ATO’s Tax Tips for Small Business There’s scam advice from the ACCC. There’s great information on setting up a home based business here as well as information on grants that you might possibly be able to apply for here. And for something more Mum-specific, check out the business resources section here.
As a parent there are certainly plenty of advantages to being your own boss. Such as flexible hours, pursuing something you love, feeling in control. There are disadvantages too though, such as potentially long hours, less job security, less time to spend with your family and the added workload of those around you as they take over tasks that you would otherwise have done. Is it better or worse? Who can say.
I’d like you to say though: Did becoming a parent change your career goals? Have you ever toyed with the idea of becoming a “Mumpreneur”? Or, if it’s something you’ve already done then what’s your verdict on it? And also as Alastair (comments below) has pointed out, becoming a budding Mumpreneur most probably means that sacrifices need to be made by your family. Is this something that you’ve discussed or experienced?
Virginia Graham manages Model Mortgages, and is a qualified financial planner. She is regularly consulted by the Austereo MMM radio network on interest rates and has appeared on Channel Seven news and current affairs programs as well as more recently the Ch 9 Today show.