This article is courtesy of Huggies MomInspired Grant Program.

If you’re reading this blog, you probably know that moms start 5.5 million businesses each year. Much like my experience in 2000 when I decided to leave corporate America and branch out on my own, a mom’s priorities (and previously held career ideas) often shift drastically when the first baby arrives. Whether it is a brilliant product concept designed to fill a gap in the newly discovered baby market, the need for more time and job flexibility to spend with family, or a combination of both; moms have launched unique and successful businesses from ideas they thought of while baby was napping.

But before this starts to sound like a fairy tale with a never-ending source of time, funds and 100% profits within the first year, the reality is much different. Starting a business requires hard work, research and resources.

That’s the main reason we started this blog. So moms who are thinking of starting a business or have already done so can benefit from the experiences of other moms who have put their dreams on paper, secured financing, created a business plan and launched a company. Here are just a few of my tips for starting a business:

  • Plan for the plans. Your business, sales and marketing, operational and financial plans should be thorough and complete before anything else. There are many elements to each of these, but they are a critical road map. Remember to keep the plans flexible, too.
  • Place a fair (and profitable value) on your product or service. There is more psychology to this theory than there is space to cover here, but many women shy away from asking for what their product is worth. Do your research and have confidence to name a price that conveys a confidence in your product or idea. Customers, vendors and potential buyers will pick up on your attitude and belief in yourself and your business.
  • Make money while you are sleeping. A business mentor gave me this tip many years ago, when I asked how I could make the most of my time. If you can have a product that can be sold 24/7, you can make money while you are sleeping, cooking dinner or volunteering at a school function.

This article is courtesy of Huggies MomInspired Grant Program and Maria Bailey. Huggies recognizes that there is a dynamic and talented community of moms who strive to make life as a parent easier and more enjoyable every day. They’re giving moms a chance to channel their moments of ingenuity into products that help improve the lives of children and parents through the Huggies MomInspired Grant Program. Now in its fourth year, the Huggies MomInspired Grant Program celebrates the natural creativity of parents, who solve real parenting challenges every day in innovative ways. Since 2010, 32 $15,000-grants have been awarded to provide capital and business resources to help fund business startups and new product innovations inspired by parenthood. Applications for the 2013 Huggies MomInspired Grant Program open on May 6th, so be sure to apply for your chance to receive $15,000 in capital as well as business resources at HuggiesMomInspired.com to help you channel your moments of ingenuity into products that help improve the lives of children and parents!

See the original article here.