If you start a business at home and you’re a mom, you could contribute to the $1.8 trillion in revenue that’s created by women-owned businesses in the United States. This should motivate you to go ahead and get your plans underway, so here’s a guide to help you along.
Identify Your Target Market
The first thing you need to do is to think about the target market for your business. This includes the gender, age, demographics, and other attributes that will guide you on who you want to sell to. Once you know this, you will have an easy time narrowing down the right marketing techniques to use and other things. This makes it important to figure this out early on, and the more details of your target market you want to appeal to you can think of, the easier it will be for you to market your products or services successfully to them.
Secure Financing for Your Business
Financing is another important thing to think about, so find out where yours will come from early on. When you do this, you will be likely to become one of the 48% of small businesses that have all their financing needs met. If you are going to apply for loans and such, have a solid plan of how you intend to make the money back and get the best deal. Negotiate with your financiers as well to find out if you can pay less interest for the financing so it can take you further at a relatively affordable cost.
Fit Work Around the Busier Parts of Your Day
As a mom, you no doubt have a lot to do, so adding a business to all of it may seem like a daunting task. Adjust your schedule to fit the extra work you need to do so you won’t end up getting burnt out. Keep in mind that you will need to be flexible because sometimes, unforeseen events happen and if you don’t have a backup plan, you may be in trouble. Allow for some ups and downs at the start, but know that things are bound to get easier down the road.
Know When to Seek Help
While you may be keen on being hands-on with your business the whole way, it’s better to seek help when necessary. This will help you to widen your talent base as you will have people skilled at certain things doing them for you. Not only will this save you precious time and allow you to focus on the most important aspects of the business, but it will help you do things right. Consider the most sensitive roles you will have in your business and hire the right people to do them if they’re not your profession.
Finally, a good business for you is one that you know a lot about and that won’t be based on guesswork. Read articles online and ask people in your industry for tips and tricks so you have a good idea of what to do and what not to do. This will enable you to take action with a good idea of what the reaction will be. When you can anticipate the outcome of something you did and have it come out accurately, you will have an easier time succeeding. For example, read about studies such as one by Harvard University that found open offices promote 70% fewer face-to-face interactions because employees prefer to email or text. Another study by Exeter University found that open offices have a 15% drop in productivity. It’s clear how knowing facts like these can help make your life easier.
Use this guide to start your business at home and give it your best so you have a greater chance of succeeding.