Staying at home with your kids can be one of the most rewarding experiences for your family. However, many families cannot survive off of one income. So, what are you to do when you can’t afford to stay home with your little one, but you’re still not ready to go back to the office? And perhaps you do not ever want to return to the office.
How do you find common ground to be able to stay with your little one and generate income?
One of the most significant benefits of starting your own home-based business is that there is no glass ceiling to your earning potential. In fact, by starting your own home-based business, you have the potential to earn a significantly larger salary than you would with your full-time job.
There isn’t a textbook method to “doing it right,” per se, simply because every family dynamic is different. What worked for one mompreneur may not work for you. So, there are some routines and schedules you will need to work the kinks out of within your family schedule to set yourself up for success.
Doing it right
Nonetheless, from a business perspective, certain business principles are here to stay. By implementing them, you can feel assured in knowing you’re doing it right. That applies whether you’re a single mom looking to make extra income or if you have a spouse or partner.
In your efforts to add another title to wife and mother, starting your own home-based business will earn you an additional title of CEO. Take a look at the following tips to starting your own home-based business. By following and implementing these tips, you’ll be on your way to running a successful online business.
Develop Your Business Plan
Developing a business plan is something that most people tend to neglect because they feel they don’t need one since they’re working from home. That’s a mistake you don’t have to make. Developing a business plan can mean the difference between a successful and thriving business and a “barely making it” business.
- Goals of Your Business: Your goals will encompass every facet of your business. Where do you see your business in the next three to five years? How much revenue do you plan on making in your first year? Everything from sales to customer acquisition, these are the goals you work towards in every business decision you make.
- Potential Obstacles to Overcome: In starting a business, you can’t just think about the good, you have to factor in the bad and the ugly as well. Think about the types of obstacles you have the potential to face and the action plan of how you can resolve those issues should they arise.
- Immediate, Short-Term, and Long-Term Needs: Initial costs, monthly expenses, maintenance and upkeep of your business, and supply and demand all factor into your immediate to long-term needs to run your business. Outlining these needs is what’s going to help you spend your money more efficiently and effectively, potentially saving you money.
Weigh Out Your Financing Options
By developing your business plan, you’re going to have a clearer picture of exactly how much you need to get started. This will give you a better idea of which financing options are better for you.
The type of business you’re starting is going to play a significant role in how much funding you’ll need upfront. For example, a photography business may require more money upfront due to the camera equipment and accessories you will need. If you are going into retail, you will need supplies. In contrast, if you are starting a consulting firm or event planning services, your upfront expenses may be significantly less.
Fortunately, there are small business loans available to help you get your business off the ground. Just make sure you have a few options to look at. A study by Biz2Credit revealed that female-owned businesses receive loan approvals at a 33% lesser rate than men. The Small Business Administration later rectified the issue with its initiative in measuring the representation of women and minorities in the SBIC.
Have the Right Tools
When considering your finances, you will also want to be thinking about the items you need to buy. If you are going into retail, you will need a POS system for your new business like these: https://www.northamericanbancard.com/products/merchant-services
If you are looking into consulting, you may only need a few electronics such as an iPhone, Mac Book, and smartwatch. According to where you will be working, you may need to consider insurance on those devices or protecting with a product such as Rhino Band.
If you have hired employees to help with the workload, you will also need to have the right HR Software to manage to improve productivity, employee engagement, and other factors that impact your ROI.
Build Your Website
There are sites out there that have a smooth and straightforward process to build your website. Shopify is a great site to use for all skill levels to create a professional-looking site. But, if you’re still not sold on the idea of building it yourself, you can hire a Shopify expert to build your website for you.
They will get all the logistics from you as to how you want your site to look, color choice, and themes. Their job is to make your business vision an online reality, leaving you more time to work on other areas of your business!
Complete Paperwork for Licensing and Permits
Every state has different rules, laws, and regulations to follow in regards to running your own business. The best way to find out what your state requires is to do is to visit the following:
- Your state’s Department of Revenue site to see about obtaining a sales tax ID number
- The IRS site to register for an Employer ID number for filing taxes
- Your city’s County Clerk Office and other government offices to obtain the proper licensing and permits needed to run your business in your home.
Market Your Business
Once you’ve obtained all the required legal documents to run your business and you have your website built, now all you have to do is get your business name out there. There are all kinds of different ways to market your business, but again, you don’t have to do it all by yourself. You can do your own promoting on social media and then hire SEO experts to increase your online visibility, like the ones at www.ignitedigital.com/mississauga-seo-search-engine-optimization/.
Whether you do it by yourself or hire help, marketing plays a significant role in the success of your business.
If you are looking for a brick and mortar store, make sure to click here to learn what to look for when viewing a property to buy.
No matter what business you decided to pursue, with the right steps in place, the world is yours to gain! If you enjoyed this article on tips to start a home-based business as a stay-at-home-mom, make sure to check out more great articles in our parenting section.