A good way to increase profits, reduce risk and broaden your market is by joining forces with a competitor. Maybe not all the time but a project or two may be a good way for both of you to grow your businesses and to see if a long-term association is worthwhile. If you have multiple businesses, the joint venture may be just one of those businesses, and the others you continue to run on your own. For instance, if you’re both life coaches, you can offer more seminars in more places for mutual benefit. A shared company name will also help to brand your services.

However, be careful. Make sure the venture is on an equal footing. It’s probably a good idea to get a legal agreement that clarifies exactly what is shared and who is boss, things like that. A legal document gives you the way in and the way out, if you need to end the venture.

It’s imperative that there’s a business plan for the venture. The plan should detail what the goals are and how you’re going to reach them together. You can’t be working at cross purposes if you want to succeed.

Of course, the most important factor in a joint venture is trust. Without mutual trust and openness what could have been a successful venture (the usual result of a joint venture is success) will fall flat on its face. PREPARE YOUR BUSINESS FOR SUCCESS.

Too many mompreneurs hold a pistol to their heads and give the revolver a good spin when trying to get their businesses started and keep them going. They have what I call shiny object syndrome. Any little thing can pull them away from business job one, starting their entrepreneurial life and making sure it brings in the income and keeps the customer satisfied. Getting distracted will surely harm the business.

Trying to balance family, the most important people in your life, and a business isn’t for the faint of heart. It takes drive and desire and focus and plans. If you feel in your deepest soul and in your head that you must have your own business, then go for it. But don’t go off in every direction at once. Make a business plan and make sure you build in the right amount of work time but also children time and significant partner time. Remember you left the rat race because you didn’t have enough time for the people who make your life worthwhile.

Don’t get sidetracked from your goal. If the home phone rings during business time, don’t pick up even if it’s your best friend. It’s business time now, and you can call her during non-business hours. That’s what answering machines (and even all the gizmos on cellphones) are for. Just because you work at home doesn’t mean you’re available to everyone, and that includes the older kids. Of course, if your son just fell out of a tree (which they seem to do with regularity, well, yeah, you have to take him to the hospital). Otherwise, you’re at work; don’t lose your focus and stay directed.

Keep your eyes on the prize, sign up for the contest TODAY so that

you can get the support you need to stay on TRACK.

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On Twitter, mom entrepreneurs are talking about the Business Baby Shower Contest. Sponsors are posting announcements on their blog, and radio hosts are discussing with their listeners. Everyone is buzzing about this new contest, and the vibes are feeling good!

One mom entrepreneur on Twitter said: “Thank you for the wonderful link! I am so going to do it!”

Just in product and service donations alone, we have exceeded the $13,000 mark. This does not even count the value of the 20+ media sponsors who have signed up to help promote the contest and the 1st, 2nd and 3rd place winners.

I have not seen any other contest like this since I have been a mom entrepreneur. There are many popularity contests out there where the winner is picked based on how many votes they receive. Our panel of judges actually reviews every application and video, and then rates them based on certain criteria.

The application process is an excellent exercise in business planning and goal setting. Entrants need to be succinct in their answers since they are only allowed a certain character count. They are also encouraged to be creative when producing their business introduction video.

We will be blogging about more tips and advice on completing the application process and video for the Contest over the next several months. Stay tuned and feel free to Contact Us with any questions you may have.

GOOD LUCK!