Tips for entrepreneurial mothers to strengthen their finances

According to figures from the National Administrative Department of Statistics (DANE), 45.4 percent of households in the country are headed by women, a trend that has grown steadily over the last decade. Added to this is a revealing statistic from BBVA: 35 percent of new businesses in Colombia are led by women.

In this context, entrepreneurial mothers face unique challenges, such as balancing family care with business management, as well as making financial decisions, often without specialized training.

In response, various institutions, such as BBVA, have begun offering support tools to improve the financial health of this population group.

"One of the most common mistakes is mixing business income with household expenses. This makes it difficult to know whether the business is truly profitable," says BBVA.

The first recommendation is to separate personal and business finances. It's suggested to open a dedicated bank account for the business and record all transactions separately. Apps like Fintonic and QuickBooks are also suggested to facilitate income and expense tracking.

Another key step is to establish a monthly budget that addresses both personal and business needs.

"The importance of identifying fixed expenses—such as electricity, internet, or supplies—and variable expenses, including advertising and transportation, is emphasized. Likewise, it is recommended to set aside at least 10 percent of monthly income as a reserve or for reinvestment," the bank suggests.

They also recommend setting aside 10 percent of your monthly income as a reserve or to reinvest in your business.

Amidst daily demands, entrepreneurial mothers must also recognize their own strengths.

"Mompreneurs are masters of multitasking. They can leverage these skills to organize their day efficiently," the document highlights.

The guide suggests using a weekly planner that allows for a balanced time between family, business, and self-care . This organization aims to provide entrepreneurs with time to rest, aware that productivity also depends on physical and emotional well-being.

Among the core pillars of financial support, it is recommended to promote access to education. " Many women start businesses without prior financial training, which can hinder the sustainability of the business," the organization says.

There are also free courses, online workshops, and support networks where you can acquire knowledge that will make a difference.

"You have to start with the basics: understand your cash flow, calculate your profitability, and set appropriate prices. That's already a big step," he adds.

Finally, it is recommended to create an emergency fund for both personal and business purposes. The suggestion is to save between three and six months of monthly expenses to provide a backup against unforeseen events such as sales declines, medical emergencies, or unplanned investments.

"You can save this fund in a savings account or digital tool that allows you to withdraw it quickly if necessary," says BBVA.

The guide seeks to support the economic independence process of women who lead new businesses, in an environment that, according to official data, shows a significant transformation in family structure and the role of women within the national economy.

"The existence of support networks and the availability of technological and training tools are key elements for this group of businesswomen to consolidate their projects sustainably," the bank argues.