A lot of people dream of starting a home business. This is especially true for mothers who have toddlers to take care of. Instead of hiring a nanny to help manage the kids, working at home is a better option.
These are the basic steps to make your home business work
1. Identify why you want to invest in this particular kind of entrepreneurial venture- There must be a good reason why you are willing to invest you savings for this. You might want to augment your family’s income. Or, you might be thinking of changing the world for the better. There a hundred of possible reasons but the opportunity to earn profits shouldn’t be your primary motivation. You must also have the passion and the love for it. Otherwise, you will easily give up in case something went wrong.
2. Determine whether it is right for you- You can’t simply select any kind of business that comes your mind. Consider your work experience, skills, personality, life style, passions, your immediate family members, and of course, your starting capital. For instance, selling antique furniture is a brilliant idea. But then, you have to ask yourself if vintage stuff is something that suits your personality. Another consideration to think of is the fact that this may require a large amount of capital.
3. Seek family support- Since this is going to be a home business, it is important that all family members have full support for your plans. The husband and children should understand exactly how the new business is going to affect your life as a family. Explain that although you want your venture to succeed, your partner and kids will always be on top of your priorities.
4. Organize your calendar- Take note that your business should not, in any way, steal your time for your family. Arrange a schedule for everything with the highest priority for your loved ones. For example, you may work on your products or services during weekdays then spend time with kids and husband on weekends.
5. Stick with your schedule- The thing about having your own home business is that you tend to forget about time. Initially, you’d start to feel like you own your time. But in truth, you need to keep track of your activities to ensure that none of your time is wasted. So, if you used to wake up at 7AM when you are still an office woman, you might need to wake up an hour earlier now that you are a businesswoman.
6. Manage your finances- You can’t keep your revenues all for yourself. First, you will have to pay your taxes at the end of the year. Second, a percentage of your earnings should be allotted for emergency expenses while operating the business. Third, business is 80% marketing so they say. This means that advertising expenditures are going to be a staple in your monthly budget.
7. Take care of your health- This may sound off topic but working too much is not good for your health as well as for your home business. If you ever get ill, your transactions will also be affected. You might not be able to deliver within the promised date and consequently, this might leave a negative impression from your clients.
8. So take a break- Every once in while, it’s good to rest and just relax. Don’t worry. There is no need to fly to some tropical island to free your mind from all the stresses that a business could offer. You can simply read a book, invite your spouse to a nice dinner, or spend a few hours with the children in a nearby park.
Remember with a home business it takes time and patients. Stay motivated and good luck!