Aspiring mumpreneurs, here's how you can finally get that dream business started
This new accelerator programme is structured to be an "efficient, effective and convenient" way to help mum entrepreneurs start and grow their business.
Mothers with young children are turning to entrepreneurship as a way to explore alternative ways of working or to supplement their income. But they also face unique challenges such as having to juggle responsibilities and the lack of an effective support network, according to social enterprise Mums@Work.
A new business accelerator programme, launched by Mums@Work and UOB's innovation accelerator The FinLab on Wednesday (Aug 25), aims to change this.
The Business Transformation Programme for Digital Mumpreneurs is a five-week virtual programme that promises to equip women entrepreneurs, particularly mothers, with the knowledge and resources they need to build a solid business foundation.
It will also expose participants to business networks and connections that they can build and deepen to sustain their business, according to a joint press release.
For a fee of S$69, participants will receive access to five weeks of workshops guiding them through the process of starting and growing a business, beginning with topics such as how to register a business, sales and payment methods, and digital marketing strategies.
It will then introduce participants to the various e-commerce channels, as well as the different components and tools needed to efficiently run their day-to-day business operations.
In the final week, participants will learn about the ASEAN business landscape, discover the types of support available to businesses that want to go regional and attend Tech Showcase Day, where they can explore a curated list of tech solution providers for their company.
"Running your own business is never an easy feat – especially for mothers with young children," said The FinLab's co-founder and director Janet Young.
"The FinLab's expertise combined with Mums@Work's understanding of the needs of women has enabled us to create an effective programme that really sets mums up for success.
"As UOB's innovation accelerator, we are also able to tap the bank's expertise in serving ASEAN SMEs and its connectivity in the region to help mumpreneurs succeed," she added.
Mums@Work said it has seen more than 3,000 of its members show an interest in starting their own business in the COVID-19 pandemic, but face many challenges in actually doing so.
"Apart from having to juggle work and family responsibilities, they tend to lack an effective support network, including relevant financial, social and technological resources.
"Those who are interested in starting their own business also tend to have limited knowledge on sourcing for initial capital, deciding on a starting point or formulating an overall business strategy. Mitigating financial risks and coming up with an effective digital marketing strategy are two other key concerns that mumpreneurs-to-be have," the press release stated.
Mums@Work founder Sher-li Torrey said: "While it is encouraging to see greater interest from mothers who are keen to start their own business, many are unsure of how to go about it. With the added challenge of working around their children’s home-based learning, they need more tailored guidance.
"We are grateful for our partnership with The FinLab as we are able to not only leverage their expertise, knowledge and connections, but also do it in a way that is considerate of our aspiring mumpreneurs.”
The programme runs in cohorts, with intakes held every quarter. The first batch of participants began on Aug 12 and will conclude the programme on Sep 10. Visit the website to register.
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