Stay at Home Mom’s Guide to Starting Your First Business
By the end of this guide, you will:
Understand the ins and out of starting your first business from home while always prioritizing your family first.
You will need:
- A notebook
- A pen or pencil
- A vision for your business (dream big).
Why You’re Here
You’re here because you’ve got a passion for something, and you’re ready to chase your dreams. You’re a fierce mama, and you’re ready to run a thriving small business as a blooming entrepreneur. Maybe you want to set an example for your children by showing them that anything is possible with dedication and persistence.
There are endless opportunities for stay-at-home moms to make money from home. But where do you even begin? This guide will give you the tools you need to start your business journey as a stay-at-home mom.
Starting your first business starts with your passion.
The first step is to dream big.
What is your passion? What do you love to do? Whether it’s a hobby or something you’re already good at, think about what sets your soul on fire. Your enthusiasm will be the foundation of your business. But, on the other hand, if you’re not passionate about what you’re doing, it will be challenging to find the motivation to keep going when the going gets tough.
Find a need and consider how to fill it.
Think about what people are asking you for help with or what problems you see that need to be solved. Then, consider your target audience, their core values, and the solutions you offer. There are endless possibilities when you start thinking about the needs in your community that you could fill with your business.
Decide how much time you can commit to your craft each day/week.
As a stay-at-home mom, you’ve got a lot on your plate. You’re managing a household and caring for children—and that’s a full-time job in and of itself. So it’s important to be realistic about how much time you can commit to your business without burning yourself out.
Start by setting aside an hour each day to work on your business. The time you need to commit to the business may ebb and flow as your business moves through different stages, so building solid routines is key to maximizing your time.
Start by taking inventory of the hours in your day and consider time blocking to ensure you can dedicate enough time to your various priorities. Remember—your dreams are worth chasing, and scheduling time to pursue your passion is a part of a healthy self-care routine.
Designate a workspace at home.
One of the benefits of starting your first business from home is that you don’t have to worry about overhead costs like rent and utilities. But you will need to designate a space in your home that is dedicated to your work. A dedicated area will help you stay focused and organized as you build your business.
Your workspace doesn’t have to be a separate room—just make sure your workspace is comfortable and has everything you need to be productive.
Write a business plan.
A business plan will help you organize your thoughts, set goals, and make a roadmap for your business journey. Don’t worry if you don’t have any experience—you can start by brainstorming your ideas and questions related to your business concept.
Find financing and create a budget.
Depending on your overhead costs, you will need to find a way to finance your business. There are a few options for financing your business as a stay-at-home mom:
- Personal savings: This is the most common method of financing a small business. If you have some money saved, this can be a great way to get started.
- Credit cards: Credit cards can work for short-term financing. Just be sure to have a plan to pay off your balance as soon as possible to avoid high-interest rates.
- Small business loans: There are many options for small business loans, including SBA loans. If you go this route, be sure to do your research and find the loan that best suits your needs.
Once you’ve decided how to finance your business, it’s time to create a budget. A budget will help you track your expenses and ensure you are mindful of where your money is going.
Choose a name and start marketing your business.
Your business name should reflect your brand and be memorable. Once you have a name, it’s time to start marketing your business. Many free or low-cost marketing tools are available, so get creative and start spreading the word about your new business.
The best way to start is by utilizing free or low-cost marketing methods. Depending on your preference, you can use social media to your advantage or find ways to market without ever touching it. Be sure you have a professional website to showcase your services and products—your digital presence is crucial since you’ll be operating your business out of your home.
Register your business and get the necessary licenses.
The next step is registering your business with the government and getting the necessary licenses. For example, you might register as a sole proprietor, LLC, or s-corporation.
You will also need to get any necessary licenses and permits for your business. These requirements vary depending on your state and the type of business you’re operating, so it’s essential to do your research.
Open a separate business account.
You will want to open a separate business account for your new venture. This will help you keep your personal and business finances separate. It’s crucial to maintain good financial records from the start, so be sure to keep track of all your income and expenses. Some expenses may be eligible as business deductions, so it’s important to keep track of those as well.
A business account will also help you build business credit, which can be helpful down the road if you ever need to take out a loan or line of credit for your business.
Know your tax obligations.
As a business owner starting your first business, you will now be responsible for paying taxes on any income generated over $400. Therefore, researching your tax obligations as a business owner is vital so that you can stay compliant and avoid any penalties.
Check in with yourself weekly.
You’re one busy mama, so it’s essential to check in with yourself regularly. This will help you stay on track and make sure you’re maintaining a healthy work/life balance and practicing adequate self-care.
Take some time each week to reflect on your business goals and progress. You can perform reflections in a journal, planner, or just by taking a few minutes to sit down and think about your week. If you find yourself feeling overwhelmed, take a step back and reassess your goals. Remember, you’re running a business from home while also taking care of your family—give yourself some grace!
By following these steps, you’ll be well on your way to starting your first business from home as a stay-at-home mom. So take it one step at a time, and remember to enjoy the journey.
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Stay at Home Mom’s Guide to Starting Your First Business
By the end of this guide, you will: Understand the ins and out of starting your first business from home while always prioritizing your family first. You will need: A notebook A pen or pencil