According to research, about 90% of businesses in the U.S. are owned or controlled by a family. This statistic confirms what many parents already know — parenthood and entrepreneurship aren’t mutually exclusive. In fact, they often go hand in hand. If you’re a stay-at-home parent looking for a business opportunity to pursue, there are plenty of options that can help you monetise your skills. Follow this guide to get started on your next business venture.
Start a Business That Suits Your Skills
The most important part of any business is the day-to-day work that it entails. Even if you’re an adept entrepreneur, you won’t be able to sustain a business built around e-commerce if you don’t have strong web design skills. It’s vital, then, that you invest in a business that’s suited to your skills. If you’re a skilled teacher, for example, consider starting a tutoring business. If you love animals, a pet-sitting business could be a lucrative endeavour.
Other ideas include translation or transcription services, massage therapy, or music lessons. No matter what type of business you choose to establish, though, you should start by finding funding for your enterprise. There are many small business loans available, and some may even cater to parents. You may also try crowdfunding, or you might draw on your own financial resources.
It’s important to cultivate a designated workspace for your new business venture. Juggling parenting and entrepreneurship will be difficult if you don’t have a separate space set up for the latter. If you don’t have a spare room, utilise a room divider or curtain to create a makeshift partition.
Implement an Actionable Business Plan
You’ll also need to develop a business plan to guide the early stages of your enterprise. This plan should detail the business structure you intend to use. Forming an LLC offers many benefits, including limited personal liability and tax breaks. Avoid expensive lawyer’s fees by consulting with a formation service. Verify your state’s laws to ensure that you are compliant.
Once your business is established, you’ll need to start marketing to prospective clients. Social media, print ads, and promotional mailers are just a few of the avenues you can use to accomplish this. If you want to use a PDF in your campaign, you should consider saving a page in Chrome on your iPad as a PDF. PDFs are great for marketing materials because they maintain the same layout on any device, and you can access them even if you don’t have a WiFi connection.
Your business plan should also include a detailed description of your company’s invoicing protocol. Having a clear system in place will ensure that you get paid on time. Using an invoice generator gives you the ability to choose pre-made templates and customise them with the text, photos, and logo of your choosing. Look for a tool that gives you a variety of format options for downloads.
Stay-at-Home Parents Can Be Entrepreneurs, Too
As a stay-at-home parent, you’ve mastered the art of multitasking, and the skills you’ve developed as a parent might make you a successful entrepreneur. In order to harness this potential, though, you’ll need to choose the right business structure and implement an invoicing system that helps your business grow. With these resources, parents can become entrepreneurs, too.
Written by Virginia Copper of Learnaliving.co for Levi Emir Digital.
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1 Comment
Great article.