New research by St.George Bank reveals nearly one in two mums (43%) are motivated to start up a business in order to spend more time with the kids, followed by the desire to have more freedom and flexibility (27%), or to work for themselves (15%).
The survey conducted on the AusMumpreneur network found that while kids and family remain the top priority for mums, balancing a business with raising a family is still the biggest barrier to starting a business (60%), well ahead of other drawbacks such as limited access to funding (28%).
Along with the balancing act, personal challenges stand in the way with nearly half of mums (46%) admit being afraid of failure stops them from reaching their full potential, followed with being pigeonholed as a mum instead of being recognised as a business owner (23%), and lack of support from their family (11%).
Chris Screen, Head of SME Banking at St.George said the key theme throughout the research is that mum entrepreneurs work every hard, sometimes 24 hours a day, and it can be a real balancing act with two jobs.
“Mums in business often don’t get enough credit for their entrepreneurship. Being a mum entrepreneur takes a lot of hard work and courage, but it can be incredibly rewarding for mums as well as beneficial for the whole economy.
“It’s important we support mums and equip them with the tools they need to succeed in their business while maintaining a healthy work life balance. To help take some of the load of business mums, we’ve compiled a list of top five tips,” Chris said.
St.George’s top-tips for balancing family and business:
1. Organisation is key – Don’t wait for the perfect work/life balance to appear, you have to create it. Plan, prepare, create a routine, and write to-do-lists and work-in-progress lists that will help you keep on top.
2. A helping hand – It’s very difficult to succeed without a bit of help. Asking for help from your support network such as your partner, kids, family or friends goes a long way to ease off the pressure.
3. Join in play time – Kids are playful, fun and full of imagination. Jumping on the trampoline or engaging in games can help get your creative juices flowing or release stress, while making the most of quality family time.
4. Get tech savvy – Learn more about smart technology to maximise your time such as setting up calendar reminders for meetings and calls, holding client meetings via skype, or doing your business banking via an app.
5. Make ‘me’ time – Working 24/7 means you’ll eventually burnout, unless you take time out to recharge your batteries. Your business and family is most likely your pride and joy, but it’s important to take care of yourself in order to take care of your family and your business.
Key findings from the survey
• The top motivators for mums to start their own business was to earn money while spending time with the kids (43%), followed by freedom and flexibility (27%), and the desire to have always wanted to work for themselves (15%)
• Challenges that prevent mum entrepreneurs from reaching their full potential are: lack of confidence and being afraid of failure (46%), being pigeonholed as a mum instead of being recognised as a business owner (23%), and not enough help from their partners (11%)
• Biggest barriers for mums starting their business are balancing a business with raising a family (60%), not enough access to funding (28%), and lack of role models or mentors (6%)
• Mums says organisations can help them to be more financially confident by assisting them with their business plans (43%), provide mentoring support (27%), and offer financial literacy programs (17%)
• 80% of mum entrepreneurs call on inspiration from their kids and family, ahead of their business goals (15%) to keep them motivated throughout their day.