By Catherine Griffin
Starting and owning your own business as a new mom can be very wonderful if done properly. However, if it’s done incorrectly and without proper preparation, it can be a nightmare. Since competition in the market is fierce, you need to become an expert in your business and develop a niche in your market.
When we talk about business, people often think about an offline business where one goes to an office every morning to work. While this is correct, a new mom may not be able to go to the office every morning and also take care of her baby. So in this case, starting a home-based business may be the best option.
Learning how to run a business from your home as a new mom can be one of the most profitable moves you can make in your life. Successful home business can give you so many rewards. It offers great potential for creating wealth and financial security for yourself and your family and also allows you to have some flexibility with your little one.
Learning how to run a business from your home can be very overwhelming and stressful. Also consider the fact that the Internet is gradually becoming an essential part of our lifestyle and more people are learning how they can start an online home based business with the internet.
To successfully set up any type of business, you must be resourceful and educate yourself in order to reduce your chances of failure. Below are some of the important tips you will need to start up a business as a new mom.
- Write a business plan
The business plan is the first place to start. In your business plan, be sure to specify the nature of your business, your mission statement, management, structure, marketing plans and research, target audience, budget and financials. Depending on your business you may even want to include more items because each business is different with unique goals.
As a new mom, when writing your business plan you will also need to chose the kind of business you want to establish (either online or offline). See Below – Tips on different types of online/offline businesses and Available Opportunities.
- Set a goal
When setting your goals, you have to put your goals on a piece of paper. Conduct a thorough assessment of the aspirations you might have for your business. Always keep in mind your prospective clients in the process of registration of these goals.
After you determine what goals you want to achieve with your business, then you will have to develop specific actions to be taken to achieve these goals.
When you have a goal, you will be able to prioritize and focus on the things that are most important first. When you know how to prioritize and become effective in the process, you complete tasks in a shorter time frame. In addition, if you are goal oriented and focus your attention and efforts on your work during designated hours for work, you can finish projects sooner and have more time for rest and other activities that will help you achieve a balanced life.
- Networking is required
No business can achieve its goals without adequate networking. It’s important for to connect with your prospective clients, other business owners, and various business organizations. Attending networking events and trade fairs/shows will allow you to form new connections with other professionals and interested clients. This can lead to strategic partners, mentors and future business projects that will enable your business to grow.
Investments are another factors that must be considered before any business commences. People may say that online businesses do not require investments but that is a misconception. No matter the niche, when it comes to online business, it requires money. However, sometimes when it comes to online business, the investment is a lot smaller especially when compared to an offline brick and mortar business.
However, proper care should be taken when investing funds. It is recommended to choose investments that are less risky. For example, if you decide to become a blogger, and you want to setup your blog, it’s better for you to purchase a lower hosting plan at first or even use a free hosting service than to purchase a higher hosting plan.
- Set Limits
As a new mom who wants to set up a successful business, you’ll need to become organized, task oriented and set limits. When marketing, consider including project timelines to the client which communicates when you will deliver a service or product. This will raise your level of responsibility and force you to eliminate procrastination and take action within a specified time.
- Get a Mentor
Think of a mentor who will guide you through the process before you start your business. A mentor is a person who is a veteran in your field, not your competition. It’s someone who has the desire to help people do great things he or she has done in the niche. You can usually find a mentor in the niche related to your business.
- Acquire New Skills If Possible
If you are passionate about business, but you don’t have the skills to deliver the service to your clients, you can enroll in online courses where you will have to learn the skills in order to offer the service.
- Take Action
Once you have everything in place and have made your final decisions, then it’s a great thing to take action and make your business stand out. Most people have a lot of business ideas, goals, and business plans but they are not successful today because they fail to take action. Sometimes they overthink the process to the point of paralysis.
Once you have everything ready, take action and start your business without wasting any more time because time is money.
- Market Your Business
Today, marketing rules the world. There are numerous ways to market your businesses today and online marketing has proved to be the winner in recent times. When it comes to online marketing, you should start with social media marketing. This is because it’s free. Try to do social media promotion for your business but be sure note to spam the internet.
- Register Your Business
As your business grows, it’s important you register your business. Although this may cost you some bucks, it’s worth it. When you register your business, you’ll be able to start building yourself as a brand. Your business will appear as more credible to others when it has been registered with the government.
Online Business Ideas
Because of the convenience and low initial investment, online opportunities are thriving today. Internet marketers have the opportunity to earn big bucks through the comfort of their home. With the global marketing potential of the internet, the world is literally at your fingertips. You can sell any product or service. Some of the most popular ways to make money online include:
- Become an Online Tutor
If you love teaching, you might be interested in becoming an online teacher. Being an online teacher has many benefits. This allows you to make money and take care of your child at the same time. It also allows you to share your knowledge in specific areas, such as the English language or any other subject.
- Become a freelancer
There are great websites like Fiverr, oDesk, and PeoplePerHour, where a lot of work at home moms can earn some good money. This is where you can show your portfolio and have customers from all over the world.
These websites have different categories of digital works where you can choose services you are able to offer and offer them from the comfort of your home and rake in thousands of dollars every month.
- Online Consultant (I.e Website Developer, Graphic Designer, Financial Aid or Grant Writing Consultation, etc.)
Start an online consulting business in your area of expertise that you are passionate about.
- Being a virtual assistant
Virtual assistants are gaining popularity day by day. If you are well organized and disciplined individual with good communication skills, the idea of virtual assistance is a perfect online home based business idea for you. There are many online sites where you can create your profile, and employers can contact you from there, or you can apply for new jobs in several independent websites. Many busy entrepreneurs around the world do not have time to manage their list of things to do, so they usually prefer to hire professional virtual assistants to do it. Virtual Assistants are usually designed to perform a variety of tasks which can sometimes require basic training for effective performance. To get the necessary training, the best way is to use the internet. There are many sites that offer free training for virtual assistants, tutorials and other helpful tips to keep abreast of the latest trends in virtual assistance. All you have to do is apply some of these sites and take all their lessons and tutorials carefully.
When you’re done learning, you can apply for jobs and earn from the comfort of your home while you work fewer hours as a new mom.
- Stock photography
Stock images are used on the web, blogs, ads, billboards and other places. Quality and unique photos are still in demand till today. If you normally like taking photos, it can be a great home based business idea for you as a new mom. This is because most websites allow independent photographers to upload and sell photos on their website. You can also create your own website to sell your photos.
- Become a blogger
This list wouldn’t be complete without blogging. Blogging has been a life time saver to many moms. If you can write content as a new mom, it’s a good idea you start a blog although you’ll not earn immediately because it requires time and continuous effort.
However, bloggers make a lot of money through ads when they have traffic on their website. You can offer advertising space on their websites, or you can install AdSense on your blog. Being a blogger has many other advantages, too. It also gives you flexible working hours, so you can work when you want to work.
You can sell products through a dropshipping website. Drop shipping can be a great way to start an online business. Drop shipping is also a great way to start working at home as a new mom. First, find a company willing to ship their products directly to customers who buy from your website. The customer will then buy the product through your website and pay by credit card or PayPal. Then you will search the product in the drop shipper’s website and pay for it, which has already been paid by the final consumer.
When a customer purchases a product through your website, you can add additional product charges to the total costs, and that’s your profit. Additionally, the product will be delivered to the customer, along with your business name and address so the buyer will not know that it came directly from the drop ship company.
- Network marketing
Network marketing, also known as referral marketing or multilevel marketing has always been a great way to get the word out about any business. Network marketing is one of the great ways to earn as a new mom, but you must have the special skill of leadership and the ability to build a team.
If you are looking to achieve success in network marketing, there is a right way to do network marketing and there is a wrong way to do it. If you do it the right way for a long time, you will be able to attract others to your team, and that will make you some real cash.
The key to network marketing is to attract enough people to do the things that have the ability to affect the efforts of your team positively.
- Affiliate marketing
Affiliate marketing is an online income opportunity that allows you to benefit from other people’s products. The system is very simple.
Affiliate marketing involves promoting the products created by other people and collect a commission every time they have it for sale. It is also one of the easiest ways to get started online and build an online income for yourself. In addition, you do not sign a contract with the company and you can decide whether to stop promoting the company’s products or services at any time without notice.
Offline Business Ideas
Now, let’s focus on some of the off-line, home-based business ideas you may want to consider.
- Provide home care service for the seniors
In our society today, independent living by seniors is increasing. However, new moms can create business can offer personal home care services to the seniors. Home care for the elderly will always be a lucrative business because every city is full of people with an aging population. Shopping, cooking and physical therapy are just some of the many services that are available in this case.
- Starting a home daycare
People who work traditional jobs are always looking for a safe place to leave their children while they work. As a new mom if you love children, running a home daycare can be a very rewarding experience for you. Enjoying what you do is the key to happiness in life, as you love children and love to make money, the living room is absolutely the best way forward for you.
- Music Teacher
Teach children how to play an instrument or market your music skills at preschools, kindergarten programs and daycares.
- Cleaning services
More people today are able to afford someone to clean their homes. Most of them are so busy with their lives that they have little or no chance to clean. If you love doing house chores as a new mom, this may be a good idea for you for a home-based business. Once you start this business, you can gradually offer cleaning services in commercial buildings.
Many ideas have been listed above for online and offline home-based businesses, but many more exist. Many moms actually say that they prefer working online rather than offline businesses because they enjoy not having to participate in fighting traffic to and from work and they want to stay at home with their new child versus spending money on a baby-sitter when going to off-site locations. With the internet readily available today, many new moms will be able to work from their living room without having to step outside.
Start thinking of where your passion lies and turn it into an opportunity to make money.