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 are still not ready to return to the office? And perhaps you do not ever want to return to the office. How do you find common ground to stay with your little one and generate income? There is a compromise between the two. The best way to generate income that allows you to stay home with your child is to start a home-based business.
Tips to Start a Home-Based Business
One of the most significant benefits of starting a home-based business is that there is no glass ceiling to earning potential. In fact, by starting your own home-based business, you can 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. By implementing them, you can feel assured 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 CEO title. Take a look at the following tips for starting your own home-based business. By following and implementing these tips, you’ll be on your way to running a successful online business.
Making sure to have the right tools is essential to your home-based business. For those with physical supplies, having a proper code scanner system like Code Corp will provide speed and accuracy to your inventory management.
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 thriving business and a “barely making it” business.
Your business plan is the blueprint for the future of your business. It should give a general idea of the following:
- 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 is the goal you work towards in every business decision you make.
- Potential Obstacles to Overcome: You can’t just think about the good in starting a business. You have to factor in the bad and the ugly as well. Consider the obstacles you can face and the action plan for resolving 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 will help you spend your money more efficiently and effectively, potentially saving you money. There are cost-saving solutions for your business, such as utilizing the expertise of order fulfillment companies like Shape. Using these services is very beneficial for your enterprise as they expand the market reach of your products, inventory management, and many cost-saving solutions, as mentioned previously. Exploring avenues such as this is a great way to strengthen your supply chain.
Much more goes into a business plan, but to give you a generalized idea, it should lay out these business necessities to help you see the success of your business more clearly.
Weigh Out Your Financing Options
By developing your business plan, you will 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. That said, you will need a location to place your earnings and a reliable source for business loans, like a business banker in Orlando.
Having the right people in your corner is vital. You may consider Shopify SEO by Avidon Marketing Group or a similar group to build your site and set you up for success. They will get you all the logistics regarding your site’s 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!
Sometimes, you need to discover some creative ideas for funding for startups. The type of business you’re starting will significantly affect 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, your upfront expenses may be significantly less if you start a consulting firm or event planning services.
Fortunately, small business loans can help you get your business. 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% lower rate than men. The Small Business Administration later rectified the issue with its initiative to measure the representation of women and minorities in the SBIC.
Have the Right Tools to Start a Home-Based
When considering your finances, you will also want to consider the items you need to buy. If you are going into retail, you will need a POS system for your new business: https://www.northamericanbancard.com/products/merchant-services.
If you are looking into consulting, you may only need a few electronics, such as an iPhone, Macbook, and smartwatch. According to where you will be working, you may need to consider insurance on those devices or protection with a product such as Rhino Band.
Suppose you have brought in new hire employees to help with the workload. In that case, you will also need the right HR Software to manage to improve productivity, employee engagement, and other factors impacting your ROI.
Build Your Website
Some sites have a smooth and straightforward process to build your website. Shopify is an excellent site for all skill levels to create a professional-looking site. But if you’re still not sold on building it yourself, you can hire a Shopify expert to build your website.
Having the right people in your corner is vital. Having Shopify SEO by Avidon Marketing Group build your site will set you up for success. They will get you all the logistics regarding your site’s 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 regarding running your 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’s Office and other government offices to obtain the proper licensing and permits needed to run your business in your home.
Market Your Business
Additionally, you can use traditional advertising methods, such as posters, flyers, newspaper advertisements, and simple word of mouth to spread your business name amongst your potential clientele. In-person advertising can also help, and one way of doing this is by taking your business to trade conventions that consist of stalls advertising your company and what you have to offer. Such stalls can easily be made at home, but a wide range of tabletop trade show displays are available for custom purchase online.
Once you’ve obtained all the required legal documents to run your business and build your website, you must get your business name out there. There are different ways to market your business, but you don’t have to do it yourself. You can promote on social media and hire SEO experts to increase your online visibility, like 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.
Start a Home-Based Business as a Stay-At-Home-Mom
If you are looking for a brick-and-mortar store, click here to learn what to look for when viewing a buying property. Whatever business you decide to pursue, the world is yours to gain with the proper steps! If you enjoyed this article on tips to start a home-based business as a stay-at-home mom, check out more great articles in our parenting section.