A Mom Entrepreneur's thoughts on: #8 of 53 things to keep in mind if you want to become a better entrepreneur / professional

Continuation of a series: I'm currently sharing my thoughts on a great blog post: "53 things to keep in mind if you want to become a better entrepreneur." by Neil Patel. His blog Quick Sprout is a must read. The original list is here: http://www.quicksprout.com/2009/08/07/51-ways-to-become-a-better-entrepreneur/


8. Try not to mix your family life with your business life.

 

This one is very funny for work at home parents. This seems like an impossible task…if you take in on face value. There is a good message here, though.

 

1. Do NOT mix your business finances with family finances. You should have separate accounts and then “pay yourself a salary” from your business account. Keep receipts separate and accounting separate. For heaven’s sake get quick books.

 

2. SET BOUNDRIES:
It is very very easy to work every day. Technology has created this world where we are always connected. I keep my work load light on Saturday and I never ever work on Sunday, with one small exception. If we are home, then I will only get on the computer if and when my kids are napping. Even then, moms, I recommend self-care or spouse/partner-care instead of business!

 

Even though my husband might be on his lap top in the kitchen in the middle of breakfast, he’s not really at breakfast. So, don’t think you can fool your family - just because you are in the same room doesn’t mean you are in the same room.

 

3. WHEN TO MIX:
If you work inside or outside the home, you teach your children valuable lessons. Here is where and how you mix business and family.

• Teach them about responsibility
• Teach them about having a passion
• Teach them about having their own interests outside the family
• Teach them about your values surrounding money

 

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A Mom Entrepreneur's thoughts on: #7 of 53 things to keep in mind if you want to become a better entrepreneur

Continuation of a series: I'm currently sharing my thoughts on a great blog post: "53 things to keep in mind if you want to become a better entrepreneur." by Neil Patel. His blog Quick Sprout is a must read. The original list is here: http://www.quicksprout.com/2009/08/07/51-ways-to-become-a-better-entrepreneur/

"7. Don’t get too greedy… pigs get fat and hogs get slaughtered. "


Not sure what to make of this rule. It seems there could be many interpretations. For myself, I’m going to think that I should go for it on my pricing but not too pricey. My husband is good at this. When he puts prices on his antiques he looks at several factors.

1. What is the price for the same or similar items, in the same market.

2. Undercut them but not by too much.

3. Be willing to negotiate. Americans don’t do this much, that’s why they get in trouble at when car shopping but, get into the habit.

4. Don’t get emotional or take it personally – be willing to do something or part with something for less – just don’t lose your shirt!

5. Remember your market and venue. My husband sells on craigslist. If he put his merchandise in a retail store, it would have a higher price but, on craigslist the prices HAVE to be lower.

Look at your services and merchandise -- Make sure you are competitive so that they aren’t going to another place to buy!