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Maybe you have been a stay-at-home mom for several years now, or maybe you’ve just recently made the decision to leave your full-time job and stay home with your children for a while. But what if you want to continue working after saying goodbye to your old office? Today, plenty of stay-at-home moms run their own businesses, which has never been more accessible.
However, if you’re new to entrepreneurship, you might be wondering how to get started, what you can do to increase the odds that your business will become profitable, and how you can devote plenty of time to working and raising your kids without suffering from burnout. Doing your research before committing to launching a business is key! If you’re a stay-at-home mom who would love to become a “mompreneur,” the following tips can help you create a roadmap as you prepare to open your new business.
Business Models for Stay-at-Home Moms
First, you’ll need to take some time to consider your business model. If you mastered a specialized skill set in your previous job, you might be curious about offering your services as an independent consultant. If you have always dreamed about running your own retail store and selling homemade products, you could open up an e-commerce shop instead.
Perhaps you’re a talented writer or graphic designer, and you could attract freelance clients. Or, maybe you know that your past work experience would make you a great virtual personal assistant! Keep in mind that you should choose an idea that you can realistically balance.
Planning and Budgeting
You’ve decided on your business model, and you know what you plan to offer your future customers or clients. Now, you’re ready to draw up your business plan! It’s okay if you aren’t clear on all of the details yet, but it’s important to think about everything from your marketing strategy to your potential income before you start offering your services. Soon, you’ll be managing a long to-do list, and being able to refer back to your plan will help you stay on track.Hiveage recommends writing an executive summary, specifying your target market, and detailing exactly how you’ll provide value to your customers. In addition, you’ll want to include a general business budget in the appendix. NorthOne suggests calculating your operating costs, estimating your potential gross profit margin, and identifying your target revenue. Basically, you want to compare your expenses to your likely income in order to figure out your net profit.
Establishing an LLC
Even if you’re running a small business right from home, you need to think about your company’s structure. While you have a few options, you’ll most likely want to form your business as an LLC — it’s relatively simple to do, and this structure comes with a few major benefits, like personal asset protection and tax advantages.
You could go ahead and file on your own after researching the rules in your state, but if you’re confused by the process, you might be tempted to hire a lawyer for assistance. However, this option is rather pricey, so to keep costs low, you may want to work with a budget-friendly online formation service instead.
Building Your Website
No matter which business idea you’ve decided on, you’ll need to design a website! After all, since you’re running your business from home, you’ll have to set up a “virtual storefront” where people can find you and patronize your company. Even if you’ve never built a website before, you can sign up for web hosting, check out virtual tutorials, and use a convenient free theme to get started! If you need special functionalities, like pages for your e-commerce shop, you may want to look into hiring a web designer.
Virtual Networking
Now, it’s time to start getting the word out about your business! Networking can seem intimidating at first, but it’s the best way to find your first customers or clients. Attending network events can be tough when you have kids, so for now, focus on networking virtually. You can set up a LinkedIn profile, put up a Facebook account for your business, or even utilize platforms like Twitter or Instagram for marketing purposes. Try to expand your circle of contacts while actively promoting your business across various platforms! Instead of doing this work on your own, you can hire an experienced pro like Liliana Suleiman to handle all your social media marketing needs.
You might have days when you can’t actively work on your business because you’re too busy caring for your kids. Thankfully, it’s easy to network online even when you don’t have lots of time to devote to work. You can get in touch with contacts from your smartphone and use email templates to connect with new clients!
Time Management
It can be hard to manage your time when you’re running a business as a stay-at-home mom. But you can get your schedule under control! Setting up your own home office can definitely help. Just make sure that the space is safe for your kids so that you can keep an eye on them while you work. Staying focused is easier when you leave personal social media usage until the workday is over; using these platforms for your business will likely be necessary, but casual scrolling can be postponed until after “office hours!” Try to automate administrative tasks whenever possible so that you can spend your time on the activities that bring in income.
Whether you want to use a planner or digital scheduling app, you’ll need to log all of your to-do lists in one place so that you don’t miss anything important. Even if your partner will be at work most of the day, talk to them about how you can divide responsibilities so you get some downtime after they get home. You could also talk to other loved ones about helping out with childcare. If you’re stretching yourself too thin to make enough money to pay your bills, consider if you could raise your prices – this will allow you to work fewer hours while earning plenty.
As a stay-at-home mom, you’re looking for a way to keep moving forward in your career while being a great parent. Many stay-at-home moms find that running a business from home allows them to do both. While getting a business off the ground can be challenging, following these tips will help you navigate your journey into entrepreneurship while taking care of your kids!
Need to give your home business a boost? Work with digital marketer Liliana Suleiman to take your business to the next level! Complete this form to learn more.
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