As a stay-at-home mom, you might be interested in making some money to help out your family’s finances without having to sacrifice being at home with your kids. For many moms, working outside of the home would not help the family much because of the expense of paying someone else to care for the children. When you start your own business from home, you have the chance to get the best of both worlds, being able to spend time with your kids and earn some money from your very own small business. Plus, pushing yourself to learn more and engage your mind in a business can provide some much-needed relief from the day-to-day responsibilities of managing a home and children.
Start by deciding what type of business you would like to start. Consider your passions, interests and previous experience in the workplace. Many moms take a hobby and turn it into a business idea. For example, you might be an excellent seamstress and decide to open an online boutique with handmade children’s clothes and shoes. Or if you knit or crochet, you can sell scarves, hats, and specialty items, such as napkin rings. Other moms use their previous work experience and skills as the foundation for a business. You might offer your services as an editor or as a remote consultant for a large company in your previous work field.
Once you have a business idea, spend some time researching the chance of success in that market. Look up whether other similar businesses exist and what they charge for their products or services. Consider whether you could be profitable if you were to start a business with similar pricing. For example, if you need $5 of materials and two hours to make a piece of clothing that sells for $15, you are only making $5 per hour for that work, and that does not even count taxes or overhead costs. As a business owner, you will be able to deduct expenses, but you also have to pay self-employment tax, which is 7.65 percent of your profit, in addition to regular payroll taxes.
If you are ready to go ahead with starting your business, calculate how much money you will need to invest up-front. You have to purchase supplies, business cards, and a website domain. You also might need computer software to create a website and to track your finances. In addition, you will need to sign up with a payment processing company if you want to accept credit card payments through your business’s website. Find the money in your household budget to pay these start-up costs and estimate how long it will take you to recoup the costs in profit.
The last thing to do as you launch your business is adjusting your schedule to allow you to work while you are at home. If your kids are in school, you can get a lot of work done while they are out of the house each day. With younger children, you will need to use nap times effectively or set up a play area for them near your work space so you can supervise them while you work. Each day, plan what you want to accomplish and schedule it into your day. Plan the hardest tasks for times when you know your kids won’t interrupt you, and save the easy, mindless tasks for times when the children will be underfoot.
With some careful planning and the determination to succeed, you can create your own business from home. It won’t always be easy, but the extra money and the challenge of being an entrepreneur might be just what you need.