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How to Build a Home Business While Raising a Little One

Updated: Mar 16, 2022

How to Build a Home Business While Raising a Little One

The cost of daycare continues to skyrocket. Economists note that this singular expense is now draining up to 20% of household budgets. Such a hefty cost makes working away from home impossible for many. Sometimes, the solution is creating a home business, allowing parents to split time between raising a child and earning money. Believe it or not, it's possible to create a flourishing home venture even if you're uncomfortable using technology. Here are some tips courtesy of Dr. Monique.

Choosing Your Business

Selecting an occupation that suits your skill sets is the first step. Find one that makes you excited to start working in the morning, and you'll have better odds of turning a profit.

Perhaps you’re passionate about clothes. Have you ever thought about becoming a tailor? All you need is a changing room, sewing machine, full-length mirror, and tailoring skills to get started. Customers can come to your home, allowing you to keep an eye on your young one while you hem and stitch.

Maybe fashion isn't your thing and teaching is more your groove. Becoming a private tutor is especially rewarding, and there's no commute necessary. You can even expand your reach and tutor students online. Don't be afraid of FaceTime and Zoom, even if you're wary of high-tech gadgetry. They're simple to use, and someone in your life should be able to help.

Other occupations, such as art teacher, therapist, and translator, can be done in person or virtually. These ideas are only a few options. Pet sitter, massage therapist, and accountant are a few more. Once you have decided which business is right for you, it's time to create your enterprise.

Building Your Business

Becoming successful in business requires having a plan. Even though you aren't a massive corporation, you still need a roadmap to move forward. Yours doesn't need to be complicated, but it's necessary to keep your goals in mind. For instance, one objective you want a grip on is your marketing plan.

Another is getting funding. For many, outside capital is crucial. One way to boost your operating budget is by wooing investors. Small venture capitalists prefer investing their money in a corporation instead of an LLC. They appreciate the predictability that comes with a traditional corporate structure. Also, transferring shares is easiest this way. Nevada has unique business regulations around forming a corporation, so check the rules and regulations before registering.

Maintaining Your Business

Now that your home venture is up and running, you need to keep the ship sailing. Pay attention to expenses and make sure you're taking in more than you're spending. Become an expert in your field, using that knowledge to strengthen your reputation and build your customer base. Soak up advice and inspiration from articles and books about successful entrepreneurs when you aren't preparing for the next stage of parenthood.

Operating a home business is a challenge, especially when you also have the responsibility of caring for a child. Despite the difficulty level, it's possible. Just pick the right path, then execute. Once you're on your way, you'll wonder why you ever hesitated.

-By Virginia Cooper

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