A parent entrepreneur business is one that is started and operated by an entrepreneur who happens to be a parent. . . not just any parent, but a parent who also desires to have the significant time and freedom to do things other than running a business.
In other words, a parent entrepreneur business is a lifestyle supportive business. It is a business that supports the ability to have a more meaningful and active family and personal life.
Given the nature and purpose of a parent entrepreneur business, there are 3 required elements that will make a business one that works well for a parent entrepreneur. Here they are:
Element #1: You must provide a service or product that is already in demand
When most people think of entrepreneurship, the sexy start up world comes to mind. Start up entrepreneurship involves creating demand for something new . . . or creating entirely new marketplaces. Amazon.com is a perfect start up example. Jeff Bezos created an entirely new marketplace for selling books online.
Start up entrepreneurship requires herculean efforts to start something new and create a new market and new demand for it. As parents, we do not have the time and often the resources for a start up business venture.
For parents, the main objective is to start bringing in an income stream as soon as possible. The fastest way to do this is to offer a product or service that people already want or need.
Now, just because parent entrepreneurship may involve satisfying an existing demand does not mean that your product or service cannot be innovative. In fact, the key to a really successful business is to add something unique to what you offer- something that makes your business more attractive than the other providers who are trying to satisfy the same existing demand.
Element #2: You must tap into existing markets and channels
The second element of a successful parent entrepreneur business is to tap into existing markets and existing channels for reaching the people who want or need your product.
If there are no existing channels and markets for a business, it will be more expensive to find, reach and communicate with your target customers. It will also take a much longer time to develop your customer base.
With the Internet, there are existing markets and existing channels for almost every category of customers. In order for your business to be successful with the least amount of time, money and effort, you should focus on tapping into these markets and channels right from the start of your business.
Element #3: You must love and respect your business in the same way as you love and respect your children
This last element is so important for business sustainability. Yes, we all want a business that can generate unlimited profits for us. Often, we look at choosing a business based on opportunity. What is the hot thing? What are the trends? What will bring in the most money with the least amount of effort?
Those questions are not bad ones to start off with. But you should not make your decision of what business to start based on just those kinds of questions. You need to be strategic. not opportunistic.
When I say strategic, I mean that you must make this decision for the long term. Your business will require your energy and will bring challenges. Anything worthwhile in life is the same! So, if you choose a business that you love and one that you will take care of in the same way you take care of your children, then when your energy is required or these challenges come up, you will be in a success (whatever it takes) mindset.
This mindset is essential for any entrepreneurial venture. If you can create the same kind of passion and loyalty to your business as you do to your family, then you are years ahead of most entrepreneurs.
These 3 success elements together will help you set up your business for success. They do this because they align your desire to create an amazing business with other factors that are important to you: you want to see success faster in your business, you want your business to support your life not take away from your life, and you want a business for the long-term.