How To Start a Business as a Stay-at-Home Parent

Are you a stay-at-home parent wanting to start a business, but unsure how to go about it? Don’t fret as, In this blog post, we’ll explore the best home-based business ideas to consider and the steps you’ll need to take to launch your company.

Home Based Business Ideas

Here are some of the best low-cost business ideas for you to consider:

Become a Blogger 

According to research by Aherfs, more than 50% of businesses utilize content marketing as a prominent promotional medium and prefer to publish content daily. Additionally, 70% of consumers prefer gaining information from blogs rather than paid advertisements. Starting a freelance blogging business in the current market will provide you with an abundance of work opportunities as companies from all industries such as finance, real estate, healthcare, education, and more are actively hiring writers to improve their content marketing efforts.

Start Tutoring

The key to running a successful tutoring business will be to find a niche that allows you to leverage your knowledge and expertise. For instance, if you have experience working as an accountant, starting accountancy classes is the go-to idea. Not only will your experience prove helpful to establish credibility, but provide your students with quality education as well. The best approach will be to start local and look for tutoring opportunities in your community and network. As time passes you can expand your services and start undertaking remote classes.

Become a Host 

If you have additional space in the home such as an empty bedroom, detached garage, remodeled basement, etc., consider utilizing it towards earning a steady flow of income each month. Being the host, you’ll have full control over screening prospective renters. Additionally, you could offer add-on services such as meals, and laundry to increase your earnings. Living on the property will make maintenance and enforcement of rules easier. Depending on preference you could look for short-term renters (college students, tourists) or long-term clients (working professionals, couples).

Start a Pet Daycare

Individuals who currently or previously have had pets understand what it takes to take care of them. This is a unique skill that can be converted into a profitable business idea for a pet daycare. Leaving pets alone at home is often a cause of stress and worry for owners. By running a daycare, you’ll provide their pet(s) with a safe environment, where all their needs will be taken care of. Additionally, it’ll provide owners the freedom to plan activities whether it be going out for dinner with friends or a long vacation.

Steps to Start Your Business

Once you’ve decided on an idea, it’s time to work towards turning it into a business through the following steps:

• Write a Business Plan: A business plan will serve as the foundation for your business. It should include all necessary information regarding your company such as the services you’ll sell, target audience, short and long-term goals, price points, and funding requirements. 
• Plan for Funding: To make your home-based business successful, maintaining a positive cash flow will be essential. Depending on the type of business, costs will vary, but you will have the standard costs of utilities, equipment, rent, and taxes. Here are three options to consider for funding your business:

1. Use Savings: Spending your savings is not the ideal way to cover business expenses. But, if you ascertain that your costs are low enough to not cause a strain on your finances until the business becomes self-sufficient, you can save yourself from undertaking debt.

2. SBA Microloans: As reported by the SBA, through this program, you could seek a loan of up to $50,000 to cover start-up expenses and recurring business costs. To be eligible for this loan you’ll need to have a good credit score and a strong business plan. Compared to other loans, SBA Microloans provide you with better interest rates and repayment terms.

3. Apply for Grants: Unlike loans, grants come with no repayment expectations, making them a great way to cover business expenses. But, most grants have competitive applications which involve showing strong business finances or projections, having a great business plan, and completing their questionnaire. If you’re serious about applying for grants, make a list of those you’re eligible for, start early, and submit the application well before the deadline.

In addition to traditional grants, Native American business owners can take advantage of various federal and state-level grants created to help them meet business expenses, namely - Tribal Energy Development Capacity (TEDC) grants, Native American Business Development Institute (NABDI) grant, Indian Equity Fund (IEF) Small Business Grant and more.

• Register Your Business: Before starting operations, register your business as a Limited Liability Company (LLC). With an LLC, the business will be considered a separate legal entity, providing you protection from business-related debts and conflicts. Additionally, you’ll be able to use business expenses as tax write-offs.
• Apply for Licenses: Depending on the type of business and your location, you may need to apply for appropriate licenses before launching your business. This can include a general business license, sales business license, and more.

With this information at your disposal, you're ready to start your entrepreneurial journey as a home-based business owner. While there will be some bumps along the way, through sound planning and effort you'll be able to push through and drive your business to success.

Marjorie Jones created Working Class Wow because she knows you don’t need a big budget to make your business look like a million bucks! From a well-designed logo and a carefully-crafted website to grammatically-correct copy and professionally-printed marketing materials, it is entirely possible (and surprisingly affordable) to bring a little “Working Class WOW” to your small business to build your brand, improve relationships with customers, and benefit the bottom line. WorkingClassWow.com can show you how.