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A New Work-From-Home Trend that Reunites Fathers with Family
There’s a wave of new start up companies sweeping throughout the home business industry. At the source is a population of Dads who want more than weekends and the typical two-week vacation a year to spend time with their families. Call them Dadpreneurs: the newfangled term for fathers—single and married—who take on primary care for their school age children and bring in the bacon.
Dadpreneurs represent every category of the home business work force. Whether they are starting a company for the first time or have spent more than a decade running a true brick and mortar, they have the same concerns and needs as any other home business owner. What makes Dadpreneurs different, though, is they’re no longer viewed as stay-at-home dads who spend all day trying to figure out how to manage the toaster and their toddler’s diaper rash. Instead, these dads are organized, quit-witted, entrepreneurs who have a heavy aptitude for parenting and business. Jordan Kerner, founder and owner of Waddajuice, a company that makes multi-flavored nutritious juice drinks for kids puts a face on what Dadpreneurs look like. He’s a parent of two and runs his business exclusively from home. Jordan first got the idea for his business when he observed his wife mixing water into their children’s bottled juice to tone down its sugar content.
Realizing the need and the obvious gap in the market, Jordan got to work on creating a formula for an all natural juice. His business savvy led him to create a product that was not only healthy, but tasty and convenient for families on the go. One way Jordan differentiated his product was through its packaging. An easy grip bottle with a spill-proof sipping cup and jumbo cartoon-like labeling made it clearly visible on store shelves.
Jordan reports that today, national chains and major companies are seeking him out to do business. “The sales through our product in stores are fantastic, and the greatest accomplishments are the many emails and calls that I receive from parents after they find our product.”
Waddajuice’s success story may appear like it was an overnight sensation, but success is a work in progress. Like all companies starting out, Jordan’s company required thorough planning. It takes considerable effort to create a product, acquire the necessary funds to produce it, identify appropriate markets to purchase it, and then build an effective strategy to promote it. All of these steps are necessary to build a successful company. Yet, many of these components can seem daunting and have the propensity to make would-be entrepreneurs weigh all pros and cons before taking on such a major commitment. Here’s a look at a few of the steps Jordan Kerner took that lead to his company’s accomplishments.
Having the Right Motivation
You may want the freedom and flexibility that comes with being your own boss, but understand there are copious tradeoffs. It’s essential that you give considerable thought to your individual needs in addition to those of your family. “I love what I do”, says Jordan. “I have a great product for kids, and it is exciting to grow the company. And of course I need to support my children and also would hate to have to take a job that takes me away from them.” The more clarity you have, the easier it will be to determine whether or not the endeavor of a home business is right for you.
Raising the Necessary Capital
One of the most common problems for any new business is acquiring the initial seed money. How do you know how much you really need? One rule of thumb is to always assume that you’re going to need more money than you think and that it will take twice the time to acquire that amount. “All start up companies take longer than expected and face issues that are unexpected and the largest fault in start up businesses is under funding them”, says Jordan. He advises that “Anyone starting a business needs to concern themselves with a realistic budget, realistic revenue projections and the ability or lack thereof to finance both. “ Some companies get started on personal financing from savings, credit cards, or gifts and loans from family and friends. Personal funding may be more doable if the money you need can be easily obtained; however, other routes involve you going to lenders or private investors. You could also apply for a small business grant. In each of these cases, having a business plan will better assist you in obtaining a loan. Determining a Cost-Effective Marketing Strategy
Eight out of ten business owners will swear that marketing is synonymous to the plague. Yet it’s a given that in order to generate income marketing must always be done. That said, it’s critical you know who your target customers are and market directly to those prospects. Though Jordan’s Waddajuice is primarily consumed by children it’s health-conscious parents who make the buying decision. Therefore it makes sense for Jordan’s marketing promotions to be ones that parents can identify with. Smart marketing is also about making your advertising dollars stretch. It’s not necessary that you invest in every new marketing strategy that comes along. Some of the most effective marketing campaigns can stem from using your creativity instead of your wallet. Just think in terms of what you can do to maximize the tools you already have in place. For instance, blogging has become a strong marketing arm in e-commerce. It could be a way for you to attract new customers and keep current ones coming back. You probably already have a website. Does it introduce your staff and acknowledge their specific expertise? Is critical information easily accessible and downloadable? Does the style and content of your website accurately reflect your image? Is there an FAQ that addresses common customer concerns? A marketing plan helps you design your promotional strategies step by step. The advantage of this is that you can gage and plan your spending while monitoring results. Maintaining Sufficient Cash Flow
Cash flow has to do with how much money is coming in and going out of your business. One of the worst things that can happen to a small business is not having enough cash on hand to cover normal operating expenses—things like replenishing inventory, meeting payroll, and keeping phone and electricity bills current. A cash flow shortage can also prevent businesses from expanding. Keep in mind that the more value you create for your customers, suppliers, and employees, the easier it will be for you to maintain adequate cash flow. Creating an Organized and Dedicated Work Space
To make sure there was plenty of room to manage all his company functions, Jordan remodeled the lower level of his home and converted a garage into a storage facility. If a home-makeover is not appropriate for you, then your basement, attic, or a portion of a room partitioned by a Venetian blind or large plant can help you set boundaries and avoid distractions. Another consideration that comes with planning your work area is ensuring you have all the technology and tools you need. These days, an office set up can be totally functional with just a cell phone and laptop; however, depending on the nature of your business, you may need to have a copier, a company vehicle, or if your business involves cooking, a mega food processor. Be mindful of your budget when it comes to outfitting your business. Leasing can be more cost-effective until you can afford to make new purchases. Many times, maintenance and repairs are included in the leasing contract. HBM
Sonya Carmichael Jones is a marketing strategist and advertising copywriter. She is also the author of the Art of Smart Marketing: What small business owners must know to get customers and sell products. Need more marketing resources? Go to marketingbuddha.com.
Previously published in the April 2007 issue of HOME BUSINESS® Magazine, an international publication for the growing and dynamic home-based market. Available on newsstands, in bookstores and chain stores, and via subscriptions ($15.00 for 1 year, six issues). Visit www.homebusinessmag.com |
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