Guest article by Marjorie Jones of WorkingClassWow.com
Starting your own company has never been easier. In fact, the United States is currently home to over 30 million small businesses. For a stay-at-home parent looking to make some extra money, starting a company of your own can be a rewarding way to augment your income in your free time. It may seem like a difficult task, but knowing the common pitfalls of business ownership and planning around them will make everything much more manageable.
Deciding on the Right Field
Step one to any venture is of course deciding what specific goods and services your organization will provide. Remember to play to your strengths; if you already have marketable skills or hobbies, now is the time to find a way to monetize them. Bilingual entrepreneurs may wish to start an online translation service, creative types may prefer to sell ghostwriting commissions or proofread the work of others. If education is your preferred field, tutoring and even personal training can all be done over the internet now.
If you are looking to be a more active member of your community, consider a service in which your friends and neighbors can be your customers. Things like dog walking, by-appointment sales, and even landscaping can all be structured around your family’s schedule. In-home daycare services or party-based sales can be carried out in your home if you have the space.
Making a Comprehensive Plan With Funding in Mind
With a field in mind, you’ll need to put together a business plan. This document should be as detailed as possible. It should cover everything from the products and services you’ll provide and how they will be distributed to customers to how much funding you will need and where every cent of it will go.
It’s also vital to consider how your business will be structured. Finding out whether you need an EIN and if you’ll want to incorporate as an LLC are questions worth researching the answers to, as they may complicate matters come tax time. Potential investors will want to know the answers to all these questions, too. The more detailed and sensible your business plan, the more likely potential sources of funding will be willing to take a chance on you.
Putting Your Business out There
Word-of-mouth can certainly help a company that’s just getting on its feet, but to truly maximize your customer base you will need to advertise. Flyers can be printed inexpensively and distributed by friends and family without the need to pay for delivery service. Ads in local publications will of course be more costly but reach your entire community. If your business operates over large areas, such as the aforementioned tutoring service, online advertisements can be targeted to specific demographics and are shown in whatever territory you request. Now is also a great time to take your business online, and Ted Vieira can help!
A surefire way to advertise effectively and promote brand recognition is with a memorable logo. It’s never been more simple to choose your own icons, text, fonts, and colors to create a unique insignia to set your brand apart from your competitors. Check into this online logo maker. A well-designed logo suggests to consumers that you’re an experienced professional they can trust.
The pressures of family life and running a business may seem incompatible, but tackling both in an organized manner can increase your income with limited stress.
About the Author
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. Check out WorkingClassWow.com