If you’re a mom looking to open a small or medium business, then starting a home-based business is the way to go. According to a recent USSBA report, small businesses account for 44% of the national GDP. To help you get started, here are a few tips on how to start a successful home-based business as a mom.
Select a Suitable Business Idea
The first step of starting a successful business is to select a suitable business idea. List the home-based ideas for moms that you have in your mind. You can search for other suitable home-based businesses for moms on the internet. Choosing a sole proprietorship business would be best because about 70% of all partnership businesses fail. Choose a business idea that aligns with your interests and skills. Research the market and ensure that you have a ready or potential market for your business’s goods or services.
Write a Business Plan
The next step is to write a business plan. Preparing a business plan will improve your business’s chances of succeeding. Take time to prepare a good business plan as it will help you focus on important things that will make your business thrive. The plan will guide you on securing financing, communicating purpose and objectives, and help you avoid mistakes in your business.
Register Your Business
Registering your business with relevant authorities will make your business legit and help you avoid legal issues with the government. Visit the Internal Revenue Service (IRS) website to register for a sales tax identification number and an employer identification number. This will enable your business to run smoothly without any interference. Registering with IRS will ensure smooth deduction of taxes from your income. In 2017, IRS collected $3.4 trillion in taxes.
Next, visit your local city government to complete the necessary paperwork for acquiring a business in your area. Remember to carry your identification card and have a name for your business. City government officials may have to inspect your home for specific businesses like cooking and daycare. You can start operating once your business has been registered.
Look for Customers
Market your business once it starts operating. You can use word of mouth, posters, and ads to advertise it to potential customers. You can also use your social media pages to promote your business to online friends and followers. Provide friendly customer care service to attract and retain more customers. Give your customers discounts when they refer other people to your business. Good marketing is key to success.
Schedule Your Time Appropriately
One of the most challenging aspects of having a home-based business as a mom is to find a balance between business and family time. Schedule your day to have enough time to manage your business and take care of your family. Some moms dedicate six hours to their businesses while other work only 4 days a week. Find what schedule works for you and use it. You can make adjustments as time proceeds.
Manage Your Finances Properly
Many businesses fail because of poor management of finance. While spending profits from your home-based business, take into consideration your current financial position. Pay yourself first and spend on a budget. Save some money and invest the rest in growth. Proper management of your finances will improve your business’s chances of succeeding.
As a mom, you may want to start a business to earn extra income. A home-based business is ideal for you as it will help you take care of your family and make money simultaneously. The above tips will help you start a successful home-based business as a mom.