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Staying home with your children can be very rewarding, but if you’ve temporarily put your career on pause, you might be concerned about your household finances. Even if your spouse makes a high salary, you may find yourself wishing that you could contribute some extra income to build a bigger savings buffer in case of emergencies.
If you want to establish better savings habits, you can turn to Thifty Mama Life for guidance! Furthermore, if you’re interested in starting a home-based business to increase your household income, this goal is definitely within your grasp. These tips can help you get started!
Come Up With a Business Idea
Perhaps you’re already sitting on a business idea, or maybe you need a little inspiration in this area. Thankfully, there is no shortage of potential business models for stay-at-home “mompreneurs.” Twins Mommy recommends offering bookkeeping services, upcycling decor and furniture, selling baked goods, creating personalized products, tutoring students online, becoming a writer, editor, or proofreader, or working as a graphic designer.
Draw Up Your Plan
You’ve chosen a business idea that you’re passionate about, and now, you’ve got to work out the details. If you feel like you don’t have a clear picture of your business yet, writing up a business plan will help you get ready for your next steps. You can reference the how to start a business with ZenBusiness guide for instructions.
To begin creating your plan, you’ll need to start by simply describing your company and the products or services that you plan to offer. Next, you’ll have to think about how you plan to sell these offerings. What platforms will you use? What marketing strategies will you apply?
Finally, you’ll want to sketch out some financial details. Estimate your expenses and income, and consider whether you’ll need outside funding to cover any startup costs. You should also note your preferred business structure.
Set Up Your Home Office
You’ve created a comprehensive business plan, and now, you’re excited to officially start operating your company. But first, you need a comfortable workspace where you can focus on your projects while caring for your kids! Designing a home office that does double-duty as a playroom or mini-nursery is key. You may want to set up a corner where your baby can sleep, or where your children can play quietly.
If your children are older, you might not need to create a “kid-friendly” space in your home office. Instead, you may want to place a “Do Not Disturb” sign on your door when you need to concentrate!
Working From Home With Kids
Even if you’re not easily distracted, working from home when you have young children is no picnic. This situation will always pose challenges, but if you’re committed to making it work, you can come up with time management strategies that allow you to keep your productivity up. Healthline recommends creating daily schedules that account for your workload and your children’s activities, tackling tasks that require silence and deep concentration while your kids are napping, and even giving your kids age-appropriate chores to do in order to lessen your domestic workload.
Manage Your New Income Stream
You’ve started bringing in some money from your new business, but you don’t want to rush out and spend it – instead, you want to implement some fool-proof strategies so that you can commit to saving it for a rainy day. It can be tempting to spend the additional money from your new business and treat yourself more often, but sticking with a savings plan is much better for your household in the long run. You may want to set up a specific savings account specifically for the income from your new business. You can also consider investing in accounting software to accurately track your company’s input and output.
Find Balance in Life
Running a business as a stay-at-home mom is challenging – there’s no getting around it. But if you have a support system you can rely on, you’ll be able to cultivate a sense of balance in your life. One smart way to achieve this is by creating flexible hours for yourself. Make sure to communicate realistic deadlines for product orders or client deliverables. Do not overpromise or put pressure on yourself to meet extremely tight deadlines. Instead, give yourself some breathing room. That way, you’ll be able to attend to any family emergencies that crop up unexpectedly without letting down your customers.
Today, launching a home-based business is easier than ever, and “mompreneurs” have lots of options for earning income on the side. But if you’ve never run a business before, you might not know how to make it happen! By following these key steps, you’ll be able to polish your entrepreneurial skills and increase your household savings rate.
Want to start saving more money for your household? Find tips and tricks on the Thifty Mama Life blog! Browse our articles today for advice on budgeting, frugal living, and more.
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