By Leslie Campos
Many stay-at-home moms adore the idea of launching a home-based business because it lets them pursue a career while ensuring they can be there for their children. They’ll be able to bring in income, too, supporting their household even more than before.
Thankfully, getting a company off the ground doesn’t have to be challenging. Check out these tips to get started.
Choosing the Best Business Model
If you’re not sure about the kind of company you want to launch, certain business models may be a better fit than others. In most cases, you’ll want to choose an option with a low startup cost. That way, you don’t need a substantial sum of cash to get things moving.
Since carrying for your children is also a priority, flexibility should also be part of the equation. That could make freelance or consulting roles the best fit. Along with picking and choosing your projects, you get to say when you’ll work.
Some options worth considering are:
· Writing / Content Creation
· Human Resource Consulting
· Operations Consulting
· Social Media Management
· Web Design
The options above are simply examples, giving you some ideas regarding options with relatively low startup costs with the potential for flexibility. If another niche is a better fit, feel free to head in that direction instead.
Forming Your Company
Once you know what kind of business you’d like to run, you’ll need to form the company. Usually, you’ll want to create a formal business plan, selecting a business structure that best aligns with your company’s operations and goals. Then, you’ll need to register with your state and get any local permits and licenses.
In many cases, forming an LLC is a solid option. You’ll limit your liability while reducing paperwork. Plus, you maintain flexibility while potentially getting some tax advantages. If you want to avoid hefty lawyer fees, you can do that, too. Just check the regulations in Maryland as an example, and file your paperwork yourself or hire a formation service to make it happen.
Balancing Your Responsibilities
One of the biggest challenges that mompreneurs face is balancing their professional goals with their family responsibilities. Luckily, it’s possible to get it right with good timing and support.
When it comes to timing, scheduling company-related tasks during natural periods of downtime is often your best bet. Most children have clear routines, creating opportunities for stay-at-home moms to set down their “parent” hat for a moment and handle company tasks.
For example, young children may take a nap at a specific time every afternoon, creating an opportunity for a parent to focus on other activities. School hours, playdates, extracurricular activities, and bedtimes can also help you spot opportunities.
However, it’s also wise to reach out to your support system along the way. If there’s a critical task or meeting that won’t fall into a natural opportunity window, then ask family members or friends for assistance. Often, the other people in your life want to see you succeed, so they’ll be happy to lend a hand if they’re able.
Just make sure you provide your support system as much notice as possible, ensuring your request isn’t overly inconvenient to them. Additionally, ensure you give as much as you get and don’t lean too heavily on them along the way. That way, the relationship feels balanced and reciprocal.
Are you a mompreneur? How do you balance it all? Comment below!