Mumpreneurs and money

By: Antonia Chitty

Date: 16 June 2010

Most mums with businesses are serious and committed, but don’t always find it easy to turn this commitment into big bucks.

Many women need to change the way they think about money and how they feel asking for money. Research has shown that women are less comfortable to ‘name their price’ than men, and women in ‘helping’ professions are less comfortable than, say, women working in IT. Say how much you want for your service out loud: are you comfortable saying this or do you feel a bit apologetic? I know I do.

When I run courses the majority of women attendees are in business to HELP in some way. You can only be truly effective as a helper if your business is strong and making a profit will allow your business to grow and help more people.

If you are in the position of running a business that doesn’t make enough profit you could:

  • Pay close attention to where the money comes from. Which clients/product lines bring in most profit? What can you do to maximise these?
  • Look at your outgoings. Could you source more cheaply, alter suppliers to ones with bigger discounts or buy in bulk?
  • Work out which jobs you should outsource to allow you to work more effectively. Pick tasks that you struggle with which someone else could do more efficiently.
  • Ask clients and customers about the value your business offers. Collect their feedback and spontaneous thanks to help build your confidence in what you offer.
  • Work out what motivates you to earn through the business. Is it the feeling of independence, the need to put food on the table or the ability to pay for treats? Remember this when it is time to chase for payments.

Follow these tips, stay in control of your finances and you will see your business grow.

Antonia Chitty of Family Friendly Working