Mompreneurs Navigate the New Economic Highway
With big business failing all around us, the world needs entrepreneurs, however a recent study done by Inc. magazine and National Business Incubator Association revealed 80% of new businesses fail within the first five years. Throw tough economic times into the mix, and how will new mom-businesses ever survive
Three savvy mompreneurs have already begun to brainstorm about strategic ways to get through these uncertain times and come out stronger and more successful. By nature, Mompreneurs are good at analyzing situations, switching gears quickly and juggling tough issues because of the constant demands of motherhood, relationships and running a new business. So trying to decide how to navigate a new business during uncertain economic times is just another challenge for the list!
Kim Maksymuik has been in business for a year with her family communication game, The Chatterbox. Karyn Climans is in her 4th year of business with her adorable Tail Wags helmet covers that promote safety and fun for bike, skate, ski, snowboard, toboggan, and equestrian helmets. I am in my 3rd year of business as the founder and creator of award winning learning kits for babies and toddlers.
The trailblazing trio share some suggestions for tough times ahead:
We have reduced expenses by concentrating on using each other's strengths to divide & conquer! Who needs a PR firm, when I have a strong background in public relations. When we have sales questions, we go to Karyn, whose savvy sales skills have landed her product in retail outlets across Canada, the USA and international. Kim contributes her networking and research prowess to critique the best consumer and tradeshows, mommy blogs with the most traffic and bang for their buck. She looks outside the box for new opportunities.
Learn from each other's mistakes
We share our mistakes. According to Karyn from Tail Wags, she paid $3,000.00 for an expensive marketing tool that resulted in NO sales at a recent trade show! It was heavily marketed to her as a guaranteed way to bring increased traffic to the booth. When she reflects on the tool, she realizes that she is her best sales force! It is her energy and passion for Tail Wags that draws people close to the booth. All of the marketing firms are pushing harder than ever to reel in new customers. There are less expensive and more effective ways to market ones own business. The key to a successful business is a great product/service and passion for what you are selling.
We look to Kim's example to continuously challenge ourselves to think unconventionally. When Chatterbox was launched, she followed the lead of others who had created a product for children. She approached the independent toy stores, went to industry trade shows and contacted the big box stores. She quickly realized that there are hundreds of people trying to get into these locations. Also, even if The Chatterbox made it to the shelves, without an advertising budget, what would make the consumer notice the product? Her solution was to approach a retailer that had the same target market but that traditionally would not carry a product like hers. She carefully chose a national retailer that mirrored the company's values and growth goals. As a result, The Chatterbox has national distribution with a retailer who happily promotes the product.
We are working together to maximize our free publicity. We share media contacts and opportunities. We collaborate on press releases and pitches to make it easier for journalists to access our information. We are constantly developing new angles for our business, bouncing ideas off each other and trying to include one another where ever possible. We share retail contacts from around the globe. If one store seems particularly open to carrying mompreneur products, we pass the information along and e-mail introductions if there is a good fit. We are compiling a list of consumer and tradeshows and critiquing them based on attendance, sales, target audience, cost of show vs break even point. Our products appeal to many different audiences, so we are working to compare apples to apples!
Analyze traffic from Mom Blogs
After a year of giving away samples and contest prizes to mommy blogs across North America, as budgets tighten there is a need to become more discerning. We are comparing notes regarding on-line sales generated from blog exposure, website hits and the truth behind the numbers of readers claimed to be reading the blog!
Objective Support for each other's business
Every entrepreneur runs the risk of being too close to their idea, so they are not always objective. We help each other to see things in different ways. We suggest other directions, other target audiences and other methods of gaining exposure. Being a trail blazing mompreneur can be lonely. We regularly share tips on how to work more effectively. Recently, I explained my morning ritual of dividing a piece of paper into 4. One section for PR, one for sales, one for administration and one for new opportunities. I try to address one thing from each box everyday. Kim quickly picked up this tip and has found it extremely useful!
A healthy dose of optimism!
We all agree optimism is a key trait in every successful entrepreneur. After a disastrous turnout and low sales at a recent consumer show, we laughed as we set up for the next show. All of us brought as much product or more because we all see the glass as half-full. Staying optimistic, being strategic and cultivating powerful relationships with other mompreneurs will get us through these uncertain times
