Elite Mompreneur® Member Kate Arnold is from London, Ontario. Through her company BALANCED, Kate simplifies your money so you can balance your life, by developing cash flow plans based on your priorities, and using simple strategies to stick to your plans, so you can live the life you want with the money you already have.
What inspired you to become an entrepreneur?
A conversation with a friend inspired me to start my own business. She asked me what I was passionate about and I said “I am passionate about my ability to successfully manage my day-to-day finances.” During this conversation, she confessed her daily money stresses despite her above average, family income. I knew she wasn’t the only one and I set things in motion to start BALANCED, a business that develops plans and strategies for those who make enough and want to be in control of their money.
What’s the best part about owning your own business?
I am a role model for my daughters. They are understanding what it means to be independent and learning to connect hard work with outcome.
Can you describe a typical day?
I get up with my daughters around 6:30am and make sure they get to the bus stop on time. I review emails and social media and often do a workout in the morning. My late mornings and afternoons are spent preparing plans for clients, and I take a break to greet my girls after school. I continue to work at my desk until 5:00pm and often attend networking events or client meetings in the evening. It’s a good day if I am home in time to say goodnight to the girls!
Who do you count on for help? Do you have a network of family that answer the call?
Lately I have been depending on my husband to prepare meals and shuttle the kids to school and activities. My daughters have gained independence as they grow and they have become part of my network. They are responsible for their laundry, kitchen clean up and cutting the lawn. I am fortunate to have very supportive parents and they are there when I need them.
In developing my business, I count on Mompreneurs and the women I have met through this organization. Mompreneurs provides learning and networking opportunities with like-minded individuals who are always there to cheer your efforts.
Have you ever had to sacrifice something at home for work? Or vice versa?
One of the best things about owning my own business is the opportunity for a flexible schedule. Of course there are times when I may have to put in longer hours one day to free up time for my children on another day. Friday nights have traditionally been our family night, but it seems to work well for client meetings too. So, on occasion, I have sacrificed our Friday Family night to meet with clients.
What do you do on a day off? Do you even know what a day off is?
I try to take weekends off to be with my family. I also try to take a day off during the week, every once in a while. On the weekend, we often entertain family or friends, get the kids to their activities and my husband and I will walk, run or ride together. During the week, on a day off, I like meet friends for coffee. On my days off I try to avoid social media. Getting away from my work allows me to be more creative with my work.
Are you active in your community? What does supporting local mean to you?
In my past working life, I managed volunteer programs for no-for-profit and municipal organizations, so I understand the benefits to all in being active in our communities. As my children need me less, I am again, becoming more active in my community. Supporting local, to me, means buying products and services from my friends or business in my community. I especially like supporting those business that, in turn, support community initiatives that benefit others.
Name another entrepreneur who inspires you.
Cassie Krysgman and I shared a past working life and she was as committed to her role working for an organization as she is building her own business. Her courage and hard work inspires me.
What does the future look like for you and your business?
I am very excited for the future of my business. I am on the leading edge of a new service, in an established industry. As a Personal Cash Flow Specialist, I don’t sell financial products and that’s what sets me apart. With a fee for service model, I can help someone build a plan based on their priorities, not mine. My service offers a gentle entry into the financial world where people feel in control of their money. I think that’s what we all want.
Any tips for moms thinking of starting a business?
Find a mentor who has been there and is willing to help. Regularly remind yourself of why you are starting your own business and learn what you can while you hold true to the beliefs that set you on this road. It is easy to believe that, because others choose to do something one way, you should too. Group think can be dangerous. You will succeed because you are different.