While being a mom is a full-time job in itself, many ambitious mothers decide they’d like to create their own small businesses to combine professional and home lives.
It can be a fantastic way to have the best of all words while modeling an innovative and entrepreneurial spirit for kids. Moreover, you can access tools and resources here to help you get your business up and running in record time.
What Are The Benefits Of Owning Your Own Business?
When you work for yourself, you have a great deal of control over when and where you work, what you earn, and how you spend your free time.
In addition, there are many other benefits to being self-employed:
- For example, if you work at home, you can eliminate a commute, and you may be able to reduce outside childcare expenses.
- You can deduct home office use from your taxes and write off many business-related costs, including car mileage.
- Also, you can get professional fulfillment, model a good work ethic for your kids, and earn an income.
Furthermore, you can grow your business over time, which could pay significant dividends down the road.
1. Determine What You Will Do
Suppose you had a fulfilling professional life before becoming a mom. In that case, you might want to build on your existing skill sets, perhaps in a freelance, remote work, or consulting capacity.
+This approach can allow you to set your own schedule so you can still be available to your kids as they need you. You might also look for ways to capitalize on your “mom knowledge” in any of the following:
- Provide in-home childcare.
- Offer tutoring services for kids who need a little extra help.
- Teach music lessons or dance classes.
- Set up a carpool service for parents whose outside employment makes it tough to get kids to and from extracurricular activities.
2. Analyze What You Need
To formalize your business, you’ll need
- A business plan
- A business license
- Potentially secure special use permits or insurance
In addition, you need to create an appropriate workspace to help you establish work-life boundaries. And tech like a smartphone and desktop or laptop to use in your private office.
Having some types of software can serve as an extra set of hands in the following areas:
- Project management.
- Accounts payable and receivable.
- General bookkeeping.
- Anti-malware and virus protection.
You can set up a business banking account to help you pay for goods and services and supplies while also allowing you to take payment, and most importantly, pay yourself a salary.
3. Start an LLC
Creating a limited liability company or LLC gives you an extra layer of legitimacy, will help protect you against some types of liability, give you greater flexibility, and make it easier to file your taxes.
- You can either file all of the paperwork yourself or pay an attorney to do it for you.
- A formation service can handle the details on your behalf, freeing up time to work on building your business.
- When you list your LLC designation on all of your marketing materials and business banking, you’ll establish yourself as a professional in your area.
However, rules around LLC formation vary from one state to another, so learn about yours before proceeding.
4. How to Find Customers
Word-of-mouth advertising is also key. Let your personal and professional networks help you spread the word about your products or services.
- Join a networking group or a business association like a chamber of commerce to help you meet new people.
- Enroll in continuing ed classes to learn new skills and build your business savvy.
- Ask happy customers for testimonials and referrals and post them on your website and social media accounts.
- Exhibit at local fairs and events, if applicable, to get your name into the community.
- Sponsoring community youth sports leagues is another way to promote yourself at a grassroots level.
5. Best Practices For Working At Home
It’s a juggling act, working from home while you have young kids in tow. However, there are several ways you can work. It just requires a bit of patience, and you may need to make adjustments for different-aged kids.
Suppose you have a small child who needs constant supervision. In that case, Care.com recommends hiring an in-home mother’s helper and trying to work when your child is napping or quietly engaged nearby.
If you have grownups, work while they’re in school, and set age-appropriate boundaries for allowing you uninterrupted work time.
Furthermore, you can also employ the help of others in the household. For example, your spouse or partner – to support your efforts and help with childcare.
If your budget permits, hire services like grocery or meal delivery or housekeeping help. This will free up valuable “extra” time.
6. What NOT To Do
Sometimes knowing what not to do when building a company is just as important as understanding best practices.
- Resist the urge to go into business with friends and family initially.
- Don’t overextend your finances – create a reasonable budget and stick to it.
- Don’t get in your own way – make honest appraisals of how things are going and be willing to adjust as necessary if things don’t go as planned right off the bat.
Meanwhile, you just have to learn as you go. Have grace with yourself, learn from your mistakes, and build from there.
Running a family and starting a business are two significant but immensely rewarding undertakings. So do your legwork, plan your approach, and manage your time to maintain a healthy, happy work-life balance.
Intro Business provides a wealth of information and resources about getting a business off the ground, branding yourself well, and driving traffic to your company.
Visit us today to learn more, or reach out for a consultation.
If you have any questions, please drop them in the comment.
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