Stay-at-Home Moms Can Thrive in the World of Home-Based Business
by Patrick Young
The rise in popularity and success of home-based business models is a boon for stay-at-home moms hoping to balance domestic life with a fulfilling career. This is largely due to advances in internet technology, which allow home entrepreneurs and COVID-preneurs to take charge of every aspect of their business without having to commute or invest in a brick-and-mortar storefront. Also, it is due to the demand for digital products that can be produced easily in a small space and without much startup money or overhead cost. And thanks to the societal embrace of entrepreneurship for women, more stay-at-home moms have access both to personal support and material resources when they decide to take the leap and start a business.
So, what goes into getting such a business launched successfully? Here are a few basic guidelines for launching your startup, courtesy of Irie Herbz Apothecary.
Have a clearly formulated business idea.
If your business is going to succeed, you need to be clear on exactly what products or services you intend to offer, how you will create or source them, how you intend to market your product, and how you will arrange an exchange with your customers. Different types of products will require different strategies. If you’re thinking of starting a home-baked goods business, you need to be sure you have the facilities — and the license or permit — to produce baked goods, as well as a local network for moving them. If you are creating digital content, however, such as design themes for WordPress, you need to think more about global competition, e-commerce platforms, and how to reach your target demographic.
Address your business name and logo.
Your business name and logo are also important components of your business plan, so it’s crucial to come up with a name that fits, and a logo that speaks to your brand. Many people find it extremely difficult to come up with a business name, and that’s okay. If you hit writer’s block, there’s no shame in using a business name generator. In fact, Shopify offers a way to generate your business name and purchase a domain at the same time. As for your logo, this can also feel overwhelming, especially if design isn’t your forte. However, the Adobe Spark logo generator offers helpful tools that give any design novice the chance to produce a remarkable logo that speaks to their business.
Test your idea.
One great aspect of home entrepreneurship is that it allows you to take a gradual approach. No need to drop big bucks or spend a huge amount of time building a brand prior even to launching: you can start small and test the market to see what works. So, if you are expanding your home baking into a business plan, see what sells well, where it sells, who is buying, and whether there is specific seasonal demand. Once you have a few regular customers you can begin to expand by investing in more equipment and broadening your marketing net.
Take care of the red tape.
Once your business is live, you should create a business bank account that is separate from your personal account. This is important both for your own organization and records and for issues pertaining to business ethics and legality. You should also strongly consider making your business a limited liability company, or LLC, because otherwise, your personal property could be in jeopardy should something go amiss with your business. With an LLC you also ought to be able to get certain tax deductions, though laws and LLC fee may differ from state to state. Finally, hire an accountant, to assist you in creating a budget as well as to take care of taxes when they’re due — filing business taxes is a lot more complicated than filing personal taxes.
Good business practices can help you maintain a work/life balance.
Running a home business can quickly become chaotic and overwhelming if you don’t establish clear boundaries between work and life. This is only possible if you remain well organized, maintain a consistent schedule and communicate clearly both with family members and business associates or clients. It also helps to have a clearly designated workspace. You won’t be able to keep these boundaries absolute, of course. You may need to set up a bouncy chair in your office or carry a device into the family area. But having a sense of dedicated space can help you stay focused. Another way you can keep from being overwhelmed is to hire childcare providers or cleaners, to free you up for your work.
And don’t forget to take time for self-care!
As exciting as it is, starting a business as a stay-at-home mom can exact a toll on your physical and mental health, so it’s important to make yourself a priority through your launch and beyond.
Women are taking the lead in small business COVID-preneurship these days. This should encourage you to go ahead and try out your business idea. It could be the beginning of exciting new opportunities for you and your family.
Irie Herbz Apothecary is a Black woman-owned business specializing in herbal tea and vegan cosmetics to help you look and feel your best. Visit us today and take advantage of our promotions!