Why Every Entrepreneur Needs a Plan for More Than Just Their Business

As entrepreneurs, we spend so much time thinking about growth.

We think about revenue goals, marketing strategies, hiring, and building businesses that support the lives we want to live.

But there's one area many business owners avoid until they absolutely have to think about it: insurance.

In this week's episode of This Mother Means Business, I sat down with Laura McKay, co-founder of PolicyMe, to talk about her incredible journey from studying mathematics to building one of Canada's fastest-growing insurance companies. Along the way, we explored something I know so many entrepreneurs struggle with—protecting themselves while building their businesses.

 

 

One of my favourite parts of this conversation was hearing Laura's story.

Starting an insurance company probably isn't something many people dream about as kids, but that's exactly what makes her journey so interesting.

After studying mathematics at the University of Waterloo and working in management consulting in New York, Laura saw an opportunity to make insurance simpler, more accessible, and more transparent for Canadians. What started as an idea between Laura, her brother, and a colleague has grown into a company of more than 120 employees.

It's a great reminder that entrepreneurship doesn't always begin with a lifelong dream. Sometimes it starts with recognizing a problem that needs solving.

 

 

Laura and I also talked about something I know many entrepreneurs wrestle with before taking the leap into business ownership: leaving the security of a traditional job.

It's easy to believe that walking away from a corporate career is a one-way street, but Laura shared a perspective I loved. The relationships you've built don't disappear simply because you decide to bet on yourself.

Sometimes we build the risk up to be much bigger in our minds than it actually is.

 

 

One topic I was especially excited to explore was health and dental coverage for entrepreneurs.

I can't tell you how many conversations I've had with business owners who put off dentist appointments, physiotherapy, massage therapy, or even prescription medications because they no longer have workplace benefits.

Some assume there aren't any options available.

Others believe individual insurance is simply too expensive.

The reality is there are plans specifically designed for self-employed Canadians, giving entrepreneurs access to many of the same types of coverage they'd receive through an employer. For many people, having that option can remove one of the biggest barriers preventing them from making the leap into full-time entrepreneurship.

 

 

As always on this podcast, our conversation eventually found its way back to motherhood.

Laura shared something I hear over and over again from successful entrepreneurial moms: having children didn't make her less effective—it made her more intentional.

When your time becomes limited, you naturally become more focused on the work that truly matters.

You stop trying to do everything.

You prioritize differently.

And perhaps most importantly, you become incredibly protective of your time.

It's a message I think so many women need to hear.

Motherhood doesn't make you less capable of growing a business.

It often makes you a better leader.

 

 

One of my favourite moments in the conversation came when we talked about growing a business.

There's a common belief that if you want your business to double, you simply have to work twice as hard.

Laura challenged that idea.

As her company grew from three founders to more than 120 employees, her role evolved dramatically. Instead of doing everything herself, she learned to lead, build partnerships, develop people, and focus on the work that only she could do.

That's such an important lesson for every entrepreneur.

Growth isn't about adding more tasks to your plate forever.

It's about becoming the kind of leader your next stage of business requires.

 

 

We wrapped up our conversation talking about one of my favourite topics: community.

Entrepreneurship can be lonely.

There are incredible highs, difficult lows, and plenty of moments where you wonder if everyone else has it figured out except you.

Laura shared how valuable it has been to surround herself with peers who understand the journey—people who remind you that setbacks are normal and that every successful business has experienced difficult seasons.

It's a reminder I hope every entrepreneur takes to heart.

Whether it's through mentors, masterminds, friends, or podcasts, finding people who understand your journey makes all the difference.

 

 

This conversation is packed with practical advice for entrepreneurs navigating business ownership, motherhood, leadership, and the often-overlooked topic of protecting yourself while building the life you've worked so hard to create.

If you've ever wondered what it really looks like to scale a business, why benefits matter more than many entrepreneurs realize, or how motherhood can actually strengthen your leadership, I think you're going to love this episode.