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In 2020 there was an influx of women-owned businesses, with 12.3 million businesses in the U.S alone. This number is set to increase as women are leaving corporate America for the opportunity to manage their own career path and gain the flexibility needed to integrate work and home life. However, one of the greatest challenges mompreneurs face is investing in their own businesses.
Every day mothers make financial decisions for their household, as research conducted by the Bank of America finds that women make 90% of the financial decisions at home from buying groceries and financing home improvements, to selecting investment options and deciding which charities to support. However, mothers tend to be more cautious and hesitant to invest in themselves.
Sara Alter, a Business Consultant for Mom Entrepreneurs and Founder of Moment Consulting, has worked with dozens of mom-owned businesses and knows how mothers can struggle to invest time and money in their ideas. “A common concern I hear from mothers is that investing in the growth of a small business takes away money from the family, and that comes with guilt,” she says. This often leads to moms only being willing to invest in their business when they feel there is an urgent issue, or it’s a necessity, such as an inventory order.
