May Money Moves for Mompreneurs
Businesswomen working over financial charts, for SHG's blog post "May Money Moves for Mompreneurs"

As a mompreneur, you know the hustle is real when it comes to balancing your businesses and families. And with May bringing seasonal shifts like wrapping up school years (right around now at the end of the month), gearing up for summer activities (also now), and navigating scheduling whirlwinds (all the time!) – your finances can easily get shaken up too.

That’s why it’s so crucial to implement smart financial strategies to keep your mom-owned ventures operating smoothly and profitably through the transitions. Here are some “money moves” to consider prioritizing:

Manage Seasonal Cash Flow Dips

 For many mom-owned businesses, May brings an annual lull in revenue streams. Between client vacations, customer spending drops around graduations, and your own kiddo chaos – sales can seriously slump. Get ahead of the cycle by:’

  • Incentivizing pre-paid packages or subscription sign-ups to bolster income
  • Creating new residual revenue streams like digital products, courses or ebooks
  • Exploring things you could productize, outsource or automate to cut expenses
  • Setting aside a percentage of quarterly profits into a cash flow savings buffer
  • Negotiating short-term interest-only payments with lenders if needed

It’s all about adopting a scarcity mindset for leaner months like May, so you stay cash flow positive even during the valleys.

Refresh Financial Self-Care

When you’re in the thick of mom-life chaos, lacking financial self-care routines can quietly snowball into major money stressors. Use May’s transitions to reset with:

  • Finally automating savings transfers into that untouched emergency fund
  • Paying down personal/biz debts with lump sums to reduce interest fees
  • Having money talks to get partners or spouses re-aligned on fiscal goals
  • Scheduling a money date to update financial projections and investments
  • Exploring money mindset books or coaching if your relationship with finances needs reframing

Whipping your foundational financial self-care systems into shape gives far-reaching benefits for your household’s security and entrepreneurial ventures.

Map Out Next Level Financial Goals

With summer stretching ahead, now is the perfect window to reflect on your big-picture business milestones and vision. Ask yourself:

  • What revenue goals are you wanting to hit over the next 6 months to a year?
  • Is it time to reinvest more profits into marketing, product development, or growth systems?
  • Are you ready to pursue investor funding, angel backing, or business loans?
  • How are you strategically paying yourself from the business as it scales?
  • Where do you need to upskill with financial literacy to operate at that next level?

Getting crystal clear on the desired financial trajectory for your mompreneur ventures allows you to reverse engineer actionable roadmaps to get there.

There’s no denying May’s unique cyclical stressors can shake up a mom entrepreneur’s finances like whoa. But staying proactive about protecting cash flow, budgeting intentionally, prioritizing fiscal self-care, and level-setting tax/growth plans – allows you to masterfully navigate the inevitable ebbs and flows. With savvy money strategies in place this month, you can crush both business and family responsibilities like the #bossmom boss you are! Here’s to making major mom money moves!

Carol Gavhane, owner of Sparkle Hustle Grow

I’m Carol Gavhane, Owner of Sparkle Hustle Grow. My team and I use this blog to share our favorite business tips, introduce you to thought leaders in our community and to feature products from SHG boxes.