Photo credit Pexels
If you have a special skill, invented something, or just have a passion for helping others, you may have considered becoming a “mompreneur” – a stay-at-home mom who runs a business. It can be a great way to make money and save on child care.
How do you start? These four steps, courtesy of Grow With STEM, will help you to go from business idea all the way to successful business.
Step 1: Find Your “Why”
Why do you want to start this business? It’s important to get to the heart of this question. Many people say “to make money” but really, that’s your “what” –the result of your hard work. Your “why” is your purpose, for example, helping other moms start their own businesses or advocating for children’s education. Inc. recommends looking to your strengths and thinking about what you would love to do if money were no object.
Once you find your purpose, look at your skills, talents and experience to see how the two align. For example, if you are passionate and knowledgeable about healthy living and like to engage with others, you can become a nutrition coach.
Once you’ve decided on your path, make it official by selecting a business structure and registering with your state. Many people choose a limited liability company, or LLC, for example. It’s a popular option, thanks to the protection it provides your personal assets. It also offers tax advantages and can grow as your business grows. Consider filing through an online service since they will save you looking up the legalities involved.
Step 2: Finding The Best Business Model For You
What’s the difference between a business and a business model? A business is centered on the product or service you are selling. A business model is how you sell it. Here are some business models, as explained by Investopedia:
You can also provide a service like bookkeeping, become a travel agent, or open a subscription service. Online consulting is one of the easiest and most affordable ways to get started in business. However, having multiple business models will allow you to build multiple streams of income.
Step 3: Getting Your First Clients
Your first clients may be friends, family and acquaintances. This is great if they are willing to pay full price and if they need your services. Otherwise, you may want to heed this advice from The Balance: Think about your fourth client first. Taking that longer view can ensure that you “put the marketing and consulting fundamentals in place that will secure your future as a consultant.”
Step 4: Marketing Your Business
The best way to build your business is with solid marketing. Here are some tips that will help you get started without breaking your budget:
Step 5: Planning For Funding
As your business grows, you’re going to need capital for things such as an office, a staff and other business tools. Before you go out looking for a lender, you’ll need to make sure your credit is in good condition. This might mean you have to repair your credit. The better your credit score, the more appealing you look to lenders when the time comes to request a small business loan. If you need to repair your credit, look into reputable companies that can assist you in the process.
Balancing Work And Family
This is going to be a challenge but you also need to make sure your family respects your work time. This means finding a space (preferably with a door) for your office and setting regular work hours and providing your kids with appropriate activities like board games or school work. Balancing work and family can be challenging, but with the right tools, strategies and motivation, you can do it!
Starting a home-based business is the dream of many stay-at-home moms. When you know your purpose and are dedicated to your dream, with hard work and dedication, you can build a successful legacy for your family. Look to Grow With STEM for more tips, tools and information that can help you and your family thrive!