How to Launch a Thriving Business as a Stay at Home Parent. A guest Post by Laura Pearson.
Just a couple of decades ago, parents had to choose between work and staying home with their children. Today, stay-at-home parents have countless opportunities to earn income and pursue their professional passions. Launching a business has never been easier!
If you’ve always wanted to become an entrepreneur, consider starting a business while you’re at home with the little ones. This quick guide will walk you through the steps involved in launching a home-based business and how to make it work as a busy stay-at-home parent.
Choose a Fitting Business Idea
Your business idea can make or break your business. Before going into this major undertaking, make sure your business idea is right for you. The best business ideas are born from one’s own skills and experience, so start by looking inward and thinking about what you do best — as well as what you love! Passion is a key ingredient when it comes to business success, but that’s not all. It’s just as important to find a need for your product or service in the real world.
Stay at home parents are in a unique position to identify the key issues plaguing other parents, so consider building your business idea around challenges you experience in your own life. For example, running an at-home daycare could be a great way to help out other working parents in your community. Business Idea Insight recommends several other business ideas for stay at home parents, including dog walking, toddler education, and virtual parenting guidance. You could even launch a school meal prep subscription service. Your options are endless!
Establish Your Business
Once you’re set on a business idea, the real work starts. Your first task is to establish the legal framework for your business. Choose a business name, register your business with your state, and call your local permit department to find out which laws and regulations apply to your business. This is also a good time to find out if you will need to apply for a business license. Certain professionals, including mechanics, accountants, and cosmetologists, must be licensed to operate legally.
As you get established, consider forming an LLC to protect yourself from personal liabilities and gain access to special tax advantages. As ZenBusiness explains, the process of forming an LLC differs from state to state, so make sure you read up on the requirements that apply to you before moving forward.
Find Your Balance
Running a business and raising kids is a delicate juggling act, but it’s not impossible. Your success in this department will depend on your ability to manage your time effectively. Think about all of the things that are going to demand your time throughout the day, whether it’s preparing meals, cleaning the house, or dropping off and picking up kids. Establish a regular schedule that accounts for all of these time constraints and include certain hours of the day when you can direct 100% of your focus to your business.
Know When to Hire Help
One of the most important skills you can have as a home-based entrepreneur is knowing when to hire help. There will come a time when the demands of your business exceed your availability. When you reach this point, trying to do everything yourself just isn’t realistic.
Consider hiring freelancers to handle lower-level tasks so you can focus on other aspects of your business. Hiring professional contractors is also a great way to access expertise that you may lack, whether it’s web development, copywriting, or marketing. If you do decide to hire freelancers, make sure they sign an independent contractor agreement so you can avoid issues with employment laws.
If you want to start a business, you might be wondering just how you’re going to juggle the demands of parenting and business ownership at the same time. Make sure you have all the tools you need to rise to the challenge! Choose a business idea that you’re passionate about, plan ahead, practice effective time management, and hire help when it’s needed.
Are you looking for more relatable content about the joys and struggles of stay-at-home parenting? Look to Andi Webb for fun blog posts and advice from one parent to another.