Guest blog post by Virginia Cooper
Starting a business as a stay-at-home parent is a great way to earn a regular stream of income while handling other responsibilities. If you’re wondering what type of business you can start from the comfort of your home, Adulting is Easy has curated a list of options for you to explore.
Home Business Ideas to Pursue
Freelance Writing
Being a remote freelance writer is one of the simplest routes to starting a business. In the aftermath of COVID-19, businesses were forced to move their operations online, which created a massive demand for freelance writers to cater to the requirements of writing blogs, social media posts, website content, and more. Additionally, the barrier to entry into this field is low, as many clients are open to hiring writers with minimal or no experience.
Tutoring
If you’re an expert in a subject or two and have the temperament to teach, tutoring is a great avenue to explore. With schools and colleges becoming competitive by the year, parents are more willing than ever to enroll their children in courses where they can improve their knowledge and increase the likelihood of getting better scores. Depending on your expertise and preference, you can choose to teach students from elementary, high school, or college levels.
Daycare
As reported by CAP, the lack of sufficient child care services is a problem for parents across the country. Additionally, this problem disproportionately affects mothers who often need to leave their jobs to undertake childcare responsibilities. As a parent, you are no stranger to handling the needs and requirements of children. By choosing to open a daycare, you'll not only be solving a social problem, but also allow you to monetize your stay-at-home lifestyle.
Virtual Assistant
If you’re looking for a business that allows you complete flexibility over your time and responsibilities while raking in good pay, look no further than becoming a virtual assistant (VA). VAs are often tasked with administrative duties such as screening emails, customer service, mailing documents, creating travel schedules, and more. As reported by 99 Firms, the number of VAs in the USA is expected to be around 4 million, a number that is predicted to further increase in the future.
Steps to Start Your Business
Once you have decided on the type of business you want to pursue, here are a few steps to take before you can officially launch.
Create a Business Plan
A business plan is a comprehensive document that should include the following information:
● Short and long term goals
● Description of your ideal customer
● Marketing strategies
● Financial requirements
To help make the process easy, you can find a template here.
Apply for Grants
Regardless of the type of business you choose, you will incur expenses. Rather than dipping into your savings, opt to apply for grants, which are often easier to obtain than loans and don’t need to be repaid. Moreover, if you happen to be Native American, there are various niche grants you could be eligible for, such as:
● Native American Business Development Institute (NABDI) Grant
● National Tribal Broadband Grant (NTBG)
● Living Languages Grant Program (LLGP)
Calculate Your Margins
While being competitive, your price should be enough to cover costs and allow you to make a profit. As a new business, you could set low prices at the start to gain customers, however, you’ll need to have a timeline of when to increase prices for making your business sustainable.
Establish an LLC
By registering your business as a limited liability company, you establish it as a separate legal entity. What this means is that no business-related liabilities can affect you as an individual. Personal assets such as your house, car, or finances cannot be used to pay off business debts. Additionally, you can be eligible to pay lower taxes and use business expenses as tax write-offs.
Starting a home-based business will serve as a healthy outlet for you to utilize your skills, earn a steady income and spend your time productively.
Image Source: Pexels