Maggie would really rather be at home with her new baby, but went back to her job after a standard maternity leave because she and her husband decided they couldn’t afford for her not to work. Several months into it, she’s figured out that after paying for childcare and other expenses associated with the job, she nets about $300 a month. So, in her words, she’s working “to pay for a couple of tanks of gas and some groceries.”
Is there not a better way to make $300? Maggie is the sister of a friend of mine, and I’ve only met her once or twice, but I can’t quit thinking about her situation. I remember what it was like to have a new baby and be torn away by work. And I loved my work at the time, although I understand Maggie is not crazy about her job. I do know she comes from an entrepreneurial family, so the idea of starting her own business is probably not foreign to her.
What sort of business could she start that would mean limited time away from her baby? We’re not talking about the kind of all-consuming startup that requires 80 hours a week or depends on venture capital to get off the ground. To quit her job, Maggie would only need to create $3,600 a year in net profit. That’s not so hard to do. Let’s look at some hypothetical possibilities, making some huge assumptions about what sorts of skills and talents she might have to offer — and the kinds of things she’d actually enjoy doing.
A good solution would be something she could bill by the hour, for only a handful of hours a week. Let’s say she’s a talented tennis player and could give tennis lessons, or fluent in French and could tutor high school students, or a math whiz and could serve as an SAT coach for kids trying to raise their scores. If she charged $50 an hour, or even $35, she could work a very short week and clear her $300 net, even if she had to pay a babysitter. Although, she also might schedule some of those hours during the weekends when her husband could be with the baby.
Let’s say she’s been keeping the company books on Quickbooks at her current job. So many small businesses use that accounting software, many of which might not be large enough to have a full-time bookkeeper but would like to outsource the accounts payable, accounts receivable and basic financial reports. She could handle the books for one or two small companies by going in just a morning or so a week and come home with that $300 or more.
What about starting a company that would provide something needed by other mothers with young kids? I remember several years ago a woman in New York had the brilliant idea of an exercise class in Central Park that incorporated baby strollers (and babies) into the fitness routine. Maybe Maggie was a lifeguard and swim instructor in her youth and could start a group swimming class for mothers and babies using her mom’s backyard pool.
One trick to making this plan work would be choosing a business that offers the chance of recurring income from the same clients month after month. In other words, she signs up one student for tennis lessons and sees them once a week for months on end. Or connects with a small business who could use a freelance bookkeeper and continues to do their books until they’re large enough to need someone full time. Otherwise, she’ll need to spend a large amount of her time marketing her services so she can create new clients over and over.
Selling your hours adds up more quickly than selling a thing. Particularly a thing that requires hard costs for materials or equipment. This is not always true, but I think would be for the types of things I can imagine someone like Maggie selling, like homemade greeting cards (she’s very crafty) or hand sewn baby bonnets or fresh-baked birthday cakes. She would have to sell a whole bunch of any of those to make her $300 each month. If you have a skill or talent that allows you to charge a significant hourly rate, that can be an easier path to doing without a paycheck.
Starting a company as a mompreneur doesn’t have to be complicated. If you don’t need to rent office space or hire employees or buy expensive equipment, the startup doesn’t have to cost much either. This is not meant to be a pushy plug for our products, but the Start Your Own Company application for the iPhone is just .99 and could walk Maggie through the basic steps of launching a business. Or she could try the more comprehensive Start Your Own Company printed deck from Starter Cards, which also includes information on the Launch and Follow-Through phases as well as the Launch phase. Either one could be a simple first step to creating a life-sized business that works for this stage of her life.