Pondering on what things you need to know before you start a home-based business?
So you’ve been thinking of starting a business for some time now? But, not sure where to go or who to turn to? There’s simply too much conflicting information that makes your head spin. Right?!
What does that mean? Should you just give up on starting your dream business? Or should you keep looking until you have all the information you need?
I’m going to encourage you to keep digging – until you feel comfortable with all the information you have. Information that will allow you to make a wise decision.
I can still remember all the emotions I felt when the idea of starting a blog first came to me. So many people said blogging is dead. It’s a thing of the past. No one reads blogs today. The longest I have spent on a blog is 30 seconds.
Well, I still went ahead and started blogging. Didn’t I?! And the reason for that is – it felt right to me. I wanted an avenue where I could – support other moms and be of service one way or the other. So I kept searching until I came into contact with bloggers who inspired me. Bloggers who shared their stories openly. I came across this free Start A Blogging Business 5 Day Course which was really a game-changer.
The thought of not starting my blog gives me chills. With each passing day, I continue to enjoy what I do. While being of service to others and I truly want that for you too!
Related post:
Why I Started Blogging & Why You Should Start A Blog
No business is rainbows and unicorns. Especially at the beginning.Whatever business you decide to start. I want you to experience the same fulfillment I get from blogging.
That’s why in today’s blog post, we will be focusing on things you need to know before you start a home-based business. These business tips will help you and your business to thrive faster.
What Are Home Based Businesses And Why Should You Start One
Starting a home-based business can be so rewarding.
A home-based business is a business that you operate out of your home office. A business that can be quite rewarding. Offering you the flexibility and freedom to grow at your own pace.
At a time when more and more moms are choosing to stay at home and raise their kids or simply because they are tired of the ‘rat-race’ life. More moms – are wanting to work from home. Truth be told. That’s such a great idea!
Why is starting a home-based business such a great thing?
Well, take a look for yourself at some benefits you get to enjoy when you start a home-based business.
- It’s becoming the fastest-growing type of start-up business.
- There’s no need for commuting to work. Saving you time and the stress involved in travelling to and from work.
- Since you are working from home, you may be qualified to deduct some of your home expenses when tax time comes.
- Gives you the flexibility and freedom that you crave.
- This Allows you to fulfill your dreams of owning your own biz.
- You can either scale up or down your business. Basically, at whatever level feels good to you.
- You get to do what you want. Making decisions that feel right to you.
- You are your own boss. Now, there’s no need to feel like someone is always looking over your shoulder.
- Build amazing relationships with like-minded entrepreneurs and clients.
- Depending on what type of business you choose, you can employ others.
- Low start-up cost. There are many home-based businesses that you can start with for as little as $ 200.
Related post:
10+ Real Ways To Make Extra Money As A Mom
10 Things You Need To Know Before You Start A Home-Based Business
While starting a home-based business is quite rewarding and fun. It can also be a scary time. A time where you ponder on if you are making the right decision. Spending sleepless nights worrying over the things you need to know before you start a home-based business.
Before you start a home-based business, you may want to consider these factors. These factors will influence how well you and your business thrive.
Before starting a home-based business know your why
Knowing your way is quite a cliche today. But I have to agree it’s super important to ask yourself, “why?” Why do you want to start a home-based business? Asking yourself “why?” to the end of any question will take you to the root reason. Giving you clarity.
Spend some time and ask yourself this question. Like really, ask yourself this question. And I don’t mean like well – I’m starting a business because I want flexibility and freedom.
Here’s an example.
I want to start a home-based business to have more flexibility and freedom. Why? Why do you want more flexibility and freedom? So, I can be more present with my children. Why? Why do you want to be more present with your children? So I can raise confident and strong kids. I can be the mom I truly want to be to them. So, I do not have to choose between work and being with my kids or feel guilty for choosing work over my kids.
Your, why for starting a home-based business will be making your kids a priority while contributing to your household.
Knowing your why will help you to stick it out when things get tough in your business.
And the truth is. It will. Like I mentioned earlier, entrepreneurship is not always rainbows and unicorns.
Be willing to learn:
If – you plan on succeeding as an entrepreneur and running a viable business. Be willing to dedicate the time and effort to acquiring or enhancing the skills and expertise needed to operate such a business venture. Understand that you have to invest in yourself and be willing to learn and grow.
You cannot have the ‘I know it all” kind of attitude. Learn from the experts in your field. Whether – that’s through a paid program or a free program. Podcast and books or YouTube.
Your growth is inevitable! So keep learning and growing.
Your Growth Is Inevitable. It’s time to start a home-based business
Find a home-based business that best fit your goals and personality
Starting a home-based business “just because”– will not cut it! Find a home-based business that you know you will love. One that will be in your home for a long time to come. A home-based business that you have some knowledge of and is willing to learn. One that you are excited about.
Don’t start a home-based business because everyone is doing it. Don’t fear starting a business because others say it is saturated. Start a business that you love and are passionate about. A business that you know deep down in your heart, you will do whatever it takes to make it a success. A business that inspires and empowers you to be and do your best. Choose a business that you love.
Need some ideas on home-based businesses that may be right for you? Visit Real Ways To Make Extra Money As A Mom.
Do you have the time to commit to a home-based business
So many times, we begin something just never to finish. Sounds familiar? It’s quite normal when you are a mom juggling many tasks.
But, here’s the thing. Among the many things you need to know before you start a home-based business is – you have to dedicate time to it. You can’t work in your business today. Then get caught up with house chores only to return three days later to your biz. It’s a business. Your business. So treat it like a business!
Consistency in your business is key. It’s important to show up even when you don’t feel like it. Even if it’s for only 30 minutes. Show up, and be committed to your biz.
You must demonstrate tenacity in your business if you want to succeed as a business owner.
Who are your supporters and mentors
You will want to have a solid support system before starting a home-based business. Identify forms of support by compiling a list of moms with home-based business and resource places and people with who you can network. Join Facebook groups and communities on Linkedin. Discover local organizations that may be able to provide educational information or seminars to newly start-up business owners.
In addition, look up to established entrepreneurs from who you can seek advice and support. You may want to consider hiring a business coach at some point in your business.
Find entrepreneurs who you can role model. Listen to business and mindset podcasts. Read books, blogs and magazines.
Some great influencers in the business world are:
Connect with like-minded people who can uplift and encourage you on your entrepreneurial journey.
Compliance
You would want to set up your business right from day one! To do this, look into your provinces, states, cities and counties’ laws regarding starting home-based ventures. Have a thorough understanding of your federal and provincial requirements to ensure your business complies with the law.
You may have to register your business for tax purposes. But these will vary depending on the business you choose and where you live. So make sure and look into what is needed to ensure your home-based business complies with the law with your local organizations.
Financial Support
It’s quite possible to get into a home-based business for less than $200. For instance -blogging, virtual assistant, proofreader, freelancing, among many others.
But, some may require additional funding. Say, for instance, you decided on DIY bath bombs & soap business. Then this type of business will require inventory and supplies. Other home-based businesses may require production and office equipment, licensing and insurance fees.
Have a solid understanding of your finances. Do you have at least 6 months of running expenses? Can you afford to pay a lawyer or tax specialist if needed?
If the business is not performing as well as you had hope for, and is unable to generate an income in its early stage. Will you be able to support the business? Can you pay for the business’s day-to-day expenses without going into debt? Let’s face it. You can not go into a home-based business with the mindset. “When I start making money from the business, I will invest in it.” If you cultivate this fixed mindset. Chances are, your business will not be viable.
Take a second to think about this. Can you open a restaurant without food and drinks? And once you get your first few customers, then you can run to get supply? Of course not! Your restaurant needs to be fully functional before opening.
One of the most important things you need to know before you start a home-based business is your finances.
Before starting a home-based business you need to have a business plan
A business plan is imperative in any business.
A business plan is an important tool to help guide you in your business. It helps you to plan your day to day running of your business strategically. Highlighting your business goals. Putting strategies in place for operational, production and accounting needs in place for your business. A business plan should outline how the strategies you’ve put in place will help your business prosper and grow.
Writing a business plan is a critical first step in your business. Why? Well, it helps identify the viability and success of your business before investing too much money and time into it.
Fulfilling obligations prior to starting a home-based business
As moms, we have many obligations. From tending to our kid’s needs to cleaning the home. Preparing dinner. Paying bills, running errands, and so much more.
Have a plan in place that will allow you to care for your family, your business and most importantly, taking care of yourself as a mom. After all, you want to create a business that allows you to feel fulfilled and excited. A business that you are passionate about. Not a business that burns you out.
Understand the needs of your clients
Clients are the lifeblood of your home-based business. Without them, your business won’t be able to survive.
Before starting a home-based business, it makes complete sense to identify who your clients are and what their needs are. To do this, you will have to carry out market research. This can be done via questionnaires, polls and Q& As.
Really listen to what your clients are asking for. Sometimes, your clients may not always need, what you think they need.
Understanding your client’s needs may be one of the biggest challenges in your business. But, guess what? It can also be the most rewarding aspect of your business.
Loyal customers will always come back. They will even bring more customers to you through word of mouth. Building a loyal client base will guarantee the success of your business.
Final Thoughts
Being a full-time working mom and stay-at-home mom while simultaneously building the business you’ve always dreamed of can be so rewarding and fulfilling.
Yes! It requires work and tenacity. But the rewards are endless. It offers the freedom and flexibility that you crave as a mama. While allowing you to be present with your children and family.
If running a home-based business is something you’ve always wanted. You have done your homework and understood the scope of work that your business requires, look through your finances and factor in your support system, family and time. I’m rooting for you, mama! Go and create that business you’ve always dreamed of.
Now, I would love to hear from you.
Share with me in the comments below – your biggest takeaway from today’s blog post.
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Thank you for writing. I am a STHM and it is hard trying to build a business!
Great points! These are important things to consider when starting a business.
I’m a freelance events floral designer for a woman who works out of her home. She is getting burned out. The business has completely taken over her home and life. It’s been very fulfilling though. She’s just ready to be done and move onto something else.
Everybody seems to be embarking on a home-based business these days and that’s totally understandable. In the end, people should be aware of the many things that go into planning and managing a business.
These are great tips- a lot to consider before taking the plunge!
I’m gonna add…
Be willing to change. Businesses will grow and change as you do so don’t be afraid of that.
Yes. change is so important when it comes to growing.
A home-based business may be the next journey for me. I’m happy blogging etc. Now I can’t imagine working for someone else.
There is so much joy in having your own right?!
Awesome blog post on starting your home-based business. These are great things to think about. Knowing your “why” is so important. Also knowing how to figure out “what your why is” is key because it’s not “I want to do this because I want to help others”. Yes, you’ll help others, but you need a compelling and real tangible “why” – like the one you said, “so I can have a flexible schedule and be more present for my children.” That is my “why” as well! Also, I just wanted to mention that I am also a huge fan of Marie Forleo!
Knowing your why and being as specific as you can about it, is so important.
Thank you so much for sharing this information. I am definitely going to save it as a resource!
These are such great tips for everyone to know.
These are all great tips, especially when it comes to building good relationships with clients.
These are excellent tips and a great reminder of why I started my business as well! Having the time to build a business – was a biggie for me. I didn’t – but I pushed through without a solid plan of action. I’ve since learned from that and things are making a lot more sense now. Great post.
Thank you for your beautiful words, Deb.
This is so helpful! I have a business of selling vintage gold jewelry and I for sure wish i knew this before I started.