Finding a suitable home based business has always been a popular option for Moms, but with the price of gasoline these days, the entrepreneurial option is more attractive than ever. Here are six tips for entrepreneurial success:
1) Select a business that is a suitable match for your lifestyle: As a Mom you already are juggling multiple jobs in your life - wife, mother, daughter, chauffeur, chief social planner, birthday party organizer - and the list goes on and on. Trying to integrate a business into your life has the potential to really throw your life off-balance,especially if you are unrealistic about your lifestyle needs. If you are can only 10-15 hours a week to your business, focus on developing a service oriented business that can be realistically offered on a part-time basis. Examples of these include tutoring, personal fitness training, house/plant/pet care services, birthday party services and editing/proofreading/translation services. Another option is to seek out project work on an "as-needed" basis with other solo entrepreneurs.
2) Leverage your corporate contacts into homebased cash: The combination of the explosive growth in home-based technology and the continued downsizing of corporate America have created a tremendous need for people who can provide a full range of business services on a freelance or outsourced basis to corporations. Examples of business-to-business opportunities that can realistically be outsourced to homebased entrepreneurs include graphic design, executive recruitment, market research and virtual assistants. Think of specialized services you can offer your network of corporate contacts
3) Consider multiple but complementary income streams: Entrepreneurs often find it difficult to earn enough income to justify their effort during the first few years in business. One way to combat this problem is to design a business with several different,but complimentary income streams. For example, a budding writer,might teach a course about writing at a local college, tutor a handful of students in english during the afternooon and work on a novel at night. Maintaining several income streams helps to recession proof your business and create a more predictable cash flow.
4) Develop a child-centric business: As any parent knows who has recently hired a SAT tutor, there is good money to be made in helping children navigate through the trials and triumphs of growing up in the 21st century. Whether you focus on inventing a new educational video, set up an niche-based internet site (i.e, recipes for children with food allergies) or tutor children with special needs, there are hundreds of opportunities to merge your parenting expertise with your professional skills and experiences.
5) Transform your "mom skills" into income: Wouldn't you love to hire a wife? Whether it's organizing closets, planning a months worth of healthy meals, researching educational alternatives for children with special needs or producing a video for a family reunion, Moms are experts at running their households like mini-companies. In a world where folks are increasingly pressed for time, people are also increasingly willing to pay for assistance with keeping their own families organized and happy. As a result, the demand for personal chefs, personal organizers, and personal assistants is increasing...and so are the rates people can charge for these services.
6) Buy into a "Business in a Box":If you think selling from home means just Avon or Amway, think again. In 2006, over 15 million Americans were involved with selling more than $32 billion (yes, billion) worth of goods through direct sales companies. For years, I was skeptical about such opportunities, but the more I’ve learned, the more convinced I’ve become that for some women, direct sales can be a viable option. Likewise, the world of franchising has expanded way beyond the highway fast food chains to include many businesses you can easily run on a flexible basis from home.
For more ideas of home-based businesses for Moms, check out our homebased business idea generator by clicking here.