Lesson 1: Before You Start
The kids are in school - start a home business
Many women and some men have found that the most challenging part of their lives was when they stayed home and raised young children. They found that it took more energy. planning, initiative, patience and just hard work than anything else they had ever done. Then the kids go off to school and there are large periods of free time to first enjoy but then to fill with new challenges.
Some go (back) to work and find it difficult to juggle a full-time job, kids and a household. Most companies are still not very family-friendly, especially at a management level and a lot of the salary then tends to go towards child care when the younger kids go to school later than a normal work-day start and come back early. And part-time work pays badly, often taking part of the time you'd rather be with the family. Speaking of family, do you really need to join the rat race and spend the next ten years compromising between meetings at work, kids' activities and sicknesses and time with your spouse?
This is where your own small business comes in. What you want is a home-based business which you can run while the kids are in school. Can't think of anything to do? You'd be surprised at the skills you've accumulated and that's before we even start discussing any talent you might have. Don't have any money? You can start a home-based business on next to nothing.
The key is to go about this in a thoroughly professional way. Before you start going into business, there are a few things you have to clear up.
- Make sure everyone close to you knows about your plans and is supportive. If they're not, talk about it. Find out why they have reservations. Think about whether they may be right. Think about what you can do to address their reservations and still do what you want, perhaps differently. Sometimes you won't have everyone's support for your plans and, if you're still convinced you're right, you have to charge ahead anyway. Even then, it's good to get this cleared up ahead of time.
- You need to have an area that can be closed up or locked away. Peanut butter and jelly does not go well on letterheads. You're likely to have files, a computer, product samples or products and other business stuff which doesn't go well with kids and pets. You'll be more successful if you keep your business and your family separate, time and place-wise. Exceptions are child-related home businesses and, if you can't separate your business, perhaps that's what you should consider.
- How much money can you put into your business? You can put next to none or you can put in lots - the amount will affect the kind of business that makes sense for you. If you're thinking of anything that needs equipment, you'll need to invest some money. If you're thinking of a service which you can deliver out of your home, you may need very little.
Your small, home based business will at first not bring in as much money as a salaried position. After taxes, the gap will be much smaller. To find out more about the tax implications, you'll need to talk with a financial advisor in your area since treatment differs in different jurisdictions. After a few years, you'll likely be making more per hour from your home business. And never forget, that business will now be worth something.
One of our recommended books also has a chapter, "Before You Begin?". Turning Passion into Profits is aimed at people who want to start their own business doing what they love. Try that for more extensive reading.
