Running a business while raising a family has quickly become the optimum choice for many mothers. When corporate life would leave limited time for family, mompreneurs are embracing flexibility. Recent statistics show an increase in the number of moms choosing this way of life.
Statistics Canada estimates that women account for 80 per cent of new business owners, and a large percentage of these women are moms. Industry figures show 70 per cent of mompreneurs are under the age of 40, while one in ten are in the 40-49 age bracket. Mompreneurs aged 50 years and older are the second largest demographic and account for 20 per cent of the segment, increasing at a rate of four per cent per year.
Cathy Pin, Vice President, Commercial Banking, BMO Bank of Montreal, notes that the transition from life at the office to running your own business can be a difficult one, and that prospective mompreneurs should carefully examine the pros and cons of running their own business before getting started to ensure long-term success.
“An important factor for any successful small business owner, and mompreneurs in particular, is finding that work-life balance,” said Cathy Pin, Vice-President, Commercial Banking, BMO Bank of Montreal.
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