In the past, being a stay-at-home mom and a business owner might have sounded too good to be true. However, with the rise of the digital age, it’s become a reality for many parents. If you have an idea, all you need is a plan to get started.
First, these tips will help you build your mompreneur dream business.
Imagine Your Future
Imagine the type of business you want to build. Entrepreneurs have to learn to balance passion with practicality. Some commonly successful work-from-home enterprises include:
- Web designers, graphic designers, app designers and other tech solutions
- Math and English tutoring, music instructors and other home-based instructing
- Clothing design, tailoring and alterations
Once it’s time to build your business, make sure you know the company startup regulations in your chosen industry.
Working from home provides you with the flexibility to earn an income, follow your dreams and still be there for your children. Imagine being able to pause when your children need you the most or have the authority to plan your meetings around nap times and extracurricular activities. Becoming a mompreneur gives you freedom and agency in your life.
Build Your Business
Once you know the industry you want to break into, it’s time to create a business model. Many mompreneurs start web-based businesses, due to the flexibility and independence it provides. You might decide on a subscription service or platform model, for instance. To build a successful enterprise of any type, you need to research the market, figure out the client’s needs and commercialize your idea. Your vision, mission and goals are critical to your model.
Every company begins with a detailed plan. Choosing your business’s organizational structure should be a part of that plan. Due in large part to the protections it provides, an LLC is a popular option for small business owners. Creating an LLC limits your personal liability and allows your business to be taxed the same as a partnership. If you want to avoid any lawyer fees, you can use a formation service to establish your llc for online business, or even for a service such as tutoring or tailoring.
Another important part of your plan is your business budget. This can be tricky as you’re getting off the ground, but Brex points out that with a little research you can project your costs and income with reasonable accuracy. Aim for a balanced budget right from the start, and you’ll enjoy financial security.
For the many other elements in building a successful business, use as a resource Business Innovation Management which is a website dedicated to helping business owners reach their goals. Be sure to connect with them.
Balance Your Life
Your budget isn’t the only thing in your life that needs to be balanced. If you’re like most moms, you want to find the right balance between your family and your business. First, time-saving hacks can change your life. Learn which shortcuts work for you and plan accordingly. For example, set out outfits for you and your children the night before, order groceries and use curbside pickup for less time at the grocery store.
Don’t be afraid to ask for help. The Work At Home Woman explains that having a babysitter or nanny can take a lot of the burden off your shoulders. Even if he or she is only there for a few hours, you can focus on your work and know your children are cared for. In fact, following your dreams sets a healthy example for children.
Researchers found children who watch their parents put forth effort and persist in tough times are more likely to follow suit. By setting up your own business, you are giving them a meaningful example to follow. Don’t be afraid to tell your children when times are tough or why you need to focus on work. Remember you are providing for your family and there is no reason to be saddled with “mom guilt.”
As a stay-at-home mom, you already contribute a lot to your family, but nothing is stopping you from becoming the entrepreneur you’ve always wanted to be. With a plan, a foundation and balance, you can run a successful business alongside your household.
Post authored by Leslie Campos of Wellparents.com