As a business owner and a single mom, you are already familiar with juggling your obligations so you have enough time for everything. One informal study of working moms found that 88 percent are suffering from at least one stress-related issue -- and only 8 percent of those women surveyed were trying to manage as single parents! It's likely that you are looking for ways to save time in your life.
And that's where a good business coach comes in. A coach is more than a cheerleader; the right person has the expertise to help you avoid common problems specific to business owners and company founders. A coach with an understanding of what it means to be a single parent can be especially useful, because they will be on the look out for ways to free up the time you need to manage motherhood. Here are three ways that a good business coach -- who understands the juggling act of single parenthood -- can be invaluable in your life:
1. Helping you hire.
Delegating some of your responsibilities is key to finding more time in your life so you can enjoy your time as a mother in addition to your work responsibilities. Don't have anyone to delegate to? It may be time to hire another person to work in your fledgling company. But a bad hire can be really expensive -- the Association of Certified Fraud Examiners found that it could cost a small business as much as $190,000 in expenses, lost revenue and lost opportunities. To minimize the risk of hiring the wrong person, a business coach can help you determine:
- How to pay for that employee's salary and benefits.
- The exact job responsibilities you need covered.
- Where to advertise or recruit for an employee.
- How to interview and what questions to ask.
- How to choose the best candidate from your available options.
A business coach can also give you resources for creating employee policies or a handbook and for the process of bringing an employee on-board. This will save you time, which, as a single working mom, you may desperately need.
2. Finding you temporary or task-specific help.
A new employee may not be enough to bridge all the gaps you are starting to see in your business. Without professionals to do many of the tasks a small business needs, you're required to answer the phones, balance the books, manage the payroll, create the website, update the sales material... the list goes on. And this is on top of helping with homework, driving to soccer practice and making meals -- all the things a single mom has to juggle.
For example, you may not have enough work to hire a full-time accountant, but your business coach can help you find and vet a freelance bookkeeper as well as all the other professionals who can take a load off your plate and free up more time to spend with your children. Some business coaches can also advise you on hiring virtual assistants and freelancers via online services who do tasks for a reasonable fee.
3. Helping you set prices.
On the surface, it doesn't seem like having the right prices for your products or services would save you time. But the truth is that if your prices are too low, you'll find yourself struggling to stay afloat despite working all the time. If they're too high, you won't bring in enough business. That can be a lot of stress on top of your responsibilities as a mother.
Finding the right price is a balancing act and a hard one to manage if you don't have a lot of experience. And when your work is priced right, you won't be flailing around trying to get everything done or trying in vain to bring in customers. You'll have just the right balance.
Working with a business coach can give you a lot of other benefits, as well. You'll get insight into key markets and ideas for how to get your product or service off the ground. But in addition to this, a great business coach will help you use your time wisely and get help when you can, which is vital for a single mom who needs to balance work and family. Contact a company like The Business Coach for Moms for more information.