2018 was a big year for female entrepreneurs. With more ways to raise capital popping up left and right, and communities like HEYMAMA gaining momentum, mompreneurs are entering 2019 set for success.
To close out the year, the team at QuickBooks connected with four awesome mompreneurs who are blazing their own paths. We chatted with them about the trials and tribulations they experienced in 2018 and what financial advice they would give to themselves and other entrepreneurs going into the New Year.
The key takeaway? In order to keep growing and taking risks, it’s important to ask for help, have full clarity and transparency on your financial situation, and always have a Plan A, B, and C to keep you going when things get tough.
Here’s what they had to say:
Julie Gordon White, Founder & Chief Business Coach, The WELL for Women Entrepreneurs
“As an entrepreneur who has grown a service business to $5M while raising three kids and holding a marriage together for 27 years, I’ve learned the most important thing you can do is hire experts that can get you to where you want to go the fastest, with the least amount of work required on your part. As a mompreneur, you don’t have any extra minutes to waste taking wrong turns, so pay for the shortcuts—even when you don’t think you can afford to—because you actually can’t afford not to.”
Amy Husted, Co-Founder, Komae
“As any seasoned entrepreneur will tell you, securing funding always takes longer than you anticipate and surely longer than you would like. Try to be aware and stay ahead of your finances. Educate yourself on what you don’t know. And always have a plan A, B and C so that you can make changes quickly when you need to pull different levers to get to your next goal.”
Hannah England, Founder, Wash.It.Later
“Don’t be blind to the numbers! Be in the know! What helped us get through 2018 was transparency through detailed tracking and budgeting. It helped us stay lean in the right areas to then financially take on more in areas that would facilitate real growth. You can make better, more responsible and even creative decisions for your business when you have a clear and honest picture.”
Mariette Martinez, Accounting Strategist & Public Educator, Mariette Martinez EA
“As mompreneurs, we are constantly prioritizing our time between our personal and professional lives. When we create S.M.A.R.T financial goals every year that measure our progress and profitability, we are able to allocate our time more wisely based on the time needed to achieve these financial goals and then spend the rest of our time keeping a strong hold on our families and personal priorities.”
What do you think of the advice from these mompreneurs? Share your thoughts and advice that helped you thrive in 2018 in the comments below!