Rising food prices and utility bills mean that many families are feeling the strain of trying to survive on just one income. Because of this, many stay at home moms are looking for ways to supplement their income without rejoining the world of office work.
The Internet makes it easy for creative people to start their own business. All you need is a good idea, some hard work and dedication, and a little bit of good luck.
Think About Your Skills
Think about what you did before you had your child. If you’re a good writer, perhaps you could start a web copy business. If you worked as an accountant, maybe you could become a freelance bookkeeper. If you’re good with your hands, perhaps you could make things to sell via an Etsy store. Many companies are even hiring support and customer service workers to work remotely. There are lots of skills that translate well to working from home.
How Much Time Do You Have?
Once you know what it is you want to do, consider how much time you can devote to doing it. If you plan to work for someone else, make sure that you’ll be able to keep up with the volume of work they’ll be sending your way.
If you’re setting up your own business, think carefully about how much time you’re willing to invest in it, and make sure you manage the expectations of your customers accordingly. If you plan to dedicate two afternoons a week to packaging up orders and sending them out, make sure that it’s clear to your customers that orders placed on a Monday will ship on a Wednesday, or whatever is appropriate. This will ensure that people know what to expect, and you won’t get too many complaints about slow service.
Do You Need Any Capital To Get Started?
If your business relies on making things, how much are you willing to spend before you see a profit? Some cottage industries, such as making birthday cards, are quite inexpensive to get started with, but if you’re making something more expensive, such as jewellery, it’s a good idea to start small to gauge interest before you invest a lot of money into making stock.
What About Storage?
If all of your work is going to be done electronically, then all you’ll need is a PC or a laptop to do your work on. If you’re going to be making things to sell, then you’ll need somewhere to keep your bubble wrap rolls and other packaging, as well as your materials and finished products. It may sound crazy now, but many people regret starting clothing or jewellery related businesses because the stuff they need for their work ends up taking over the house!
Keep Good Records
Familiarize yourself with the tax laws for your country, and make sure you keep records of all of your business related income and outgoings. Keep receipts for those bubble wrap rolls, envelopes, and postage stamps. You might think that your business is just a hobby, but if you make a profit from it you will be expected to pay tax, and you’ll be glad that you kept good records.
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