Why it Pays to Plan

Recently, due to the G20 Summit, summitting has been all over the news. The goal of the G20 is not about quick fixes for complex problems, rather it's an opportunity to raise issues and plan how to tackle them.

While on a different scale, businesses also have complex problems that require thought and planning. When you own your own business, planning is essential. As a business owner, it’s very easy to drift off-course, reacting to daily business life without thinking about the bigger picture.

We are strong believers in writing a business plan. (Never did one? Take the time now – there are lots of resources online to help you get started, like this one from Ernst & Young.) However, there’s a big difference between a business plan and business planning. Although it's an invaluable exercise, your business plan pretty much becomes obsolete the minute you finish it – targets move, goals change, realities set in. This is where business planning comes in. The only way you’ll keep your business plan alive is with ongoing planning.

At Admiral Road, we didn’t hit our stride right away. There was so much we had to learn just to get a blanket out the door – how to make one, how to ship one, where to find our customers. And while we had spent the time on a comprehensive business plan out of the gate, regular ongoing planning definitely took a back seat. Then, about two years in, we had what we called the G2 Summit. (That would be the two of us!) We sat down and talked about our priorities for the business and began to look at our business in a new way. We made a plan for the coming 12 months and then executed it. A year later, we had another G2 Summit and made a new to-do list for the year ahead. Annual planning was a huge change for us. It helped us clarify our goals, which meant we were better prepared for whatever came our way.

Down the road, we moved to monthly plans and weekly check-ins. We set goals. We assign responsibility. And we move forward. Don’t have a partner? Have a G1 Summit. It helps you learn about your business, how the various parts work together, and how it might evolve.
Running a business is definitely a trip – and we all know that trips are a lot more fun when you’ve got a road map. All you need to do is follow it.

Read more of Amy and Danielle's 'ask and expert' column on SweetMama

Myths about Mom Entrepreneurship

So much has been written about mom entrepreneurship over the past few years. It’s a great choice for women – providing the best of both worlds – a blend of work and family. We wonder though, whether some of the less than perfect aspects of mom entrepreneurship have been glossed over in the media. So, from time to time, we’re going to do our best to shine some light on mom entrepreneurship myths.

Myth #1: Mom entrepreneurs get to spend lots of time with their kids.

Well, technically speaking this isn’t necessarily a myth. We do spend lots more time with our kids than we would if we worked for someone else. After all, that’s the whole point, right? We work carpool-to-carpool, and we wouldn’t trade that for the world.

The myth is about the quality of time we spend with our kids. Being a mom entrepreneur means that you always have something to do. So, even while you’ve scheduled “kid time,” it can be awfully hard to tune out the endless business to-do list running in the back of your mind. For example, we’re around with our kids after school – but we’re checking our BlackBerry and taking calls – and that’s on a good day. If there’s a business crisis, then all bets are off with respect to mommyhood. We may be sitting at the table with our kids for an after school snack – but so is our laptop.

And it can be hard for the kids to understand how it is that we’re home, but not available to them in the way they’d like us to be. We are not available to play Candyland again (mixed blessing on that one) and we may be only half listening to the endless discussion about Obi Wan and his cunning use of the Force. On the other hand, we are around to kiss a boo-boo better, to negotiate sibling scraps, and to listen when things didn’t go well at school. At the end of the day, we hope that they remember those things more than they remember the laptop and the phone calls.

We think that mom entrepreneurship is about having the things you want most. Sometimes we’re a little envious of the nine to five moms who can leave work behind, and also of the stay-at-home moms who are truly focused on their kids. For us and our families though, and maybe for you and yours, the balance generally works and we can’t think of an arrangement that would work better.

Read more of Amy and Danielle's business tips on Sweet Mama's "Ask an Expert"

Why Moms Become Entrepreneurs

We know that moms are starting businesses in droves, but what is it about self-employment that makes entrepreneurship such a compelling choice?

We’ve given this question a lot of thought, and we’ve asked around. Ultimately, the reasons women opt to juggle motherhood and business are as varied as the women themselves. We have, however, observed some general categories of reasons.

1. New Boss vs. Old Boss: All moms know that the “real boss” is the child at home. The problem is this new, little boss is making the old boss hard to manage. No workplace boss is going to love that you show up late because you had to change your puked-on suit, miss days of work for ear infections, or nap under your desk Costanza-style from sleep deprivation. The tension between the two “bosses” ultimately drives many women to strike out on their own.
2. Fulfilling a Dream: Many women tell us that they started their businesses in order to fulfill a passion, or because they had a great idea, or because they just wanted to work for themselves. In all cases, these women have used mom entrepreneurship as an opportunity to fulfill their dreams.
3. Big bucks or Pocket Change: Some moms want to make a zillion dollars and believe entrepreneurship is the best way to do it. Many others are would-be stay-at-home-moms who need (or want) to supplement their family incomes. Any entrepreneurial venture is going to be a lot of work, so getting into it for the money is a pretty solid motivation!
4. Identity Crisis: As much as some women want to be home with their kids, many fear that a total immersion means the loss of their own identities. Having a business is an opportunity to remain engaged in the adult working world while still being available to your children. With a foot in both camps, mom entrepreneurship can provide the perfect middle ground.

You probably have your own distinct reasons for contemplating mom entrepreneurship, but odds are that at least one of the above motivations applies to you.

What we believe is that your motivations only need to work for you. Want to make gobs of cash? Excellent! Want to engage in a business project while the kids are small? Also great. It really doesn’t matter what brings you to mom entrepreneurship. But here’s the caveat – and we can’t stress it enough: Know what your own motivations are. Mom entrepreneurship is too hard to juggle without clearly articulating to yourself why you’re doing it.

Whatever your business, it will involve a lot of work and sacrifice. You will come back to your reasons time and time again – so know why you’re making the leap.

Read more of Amy and Danielle's business advice in their monthly column on SweetMama.ca