Thinking of starting a home-based business to attain financial freedom? The phrase –financial freedom– means different things to different people. Some interpret it as having more than enough money to cover their monthly bills and provide for their family. Other people define financial freedom as having money saved or invested, reducing debt or amassing enough savings to send their children to college or retire comfortably. Every definition of financial freedom includes making more than a survival income and gaining the luxury of being intentional with your money.
You don’t have to be a superwoman, work from sunup to sundown or make boatloads of money to gain financial freedom. Regardless of your family situation, age or education, you can achieve your hopes and dreams if you have an open mind, work hard and persevere.
Consider whether you have something special to offer that you can translate into a business. For example, one woman had a friend who liked her cooking so much that he offered to pay her to prepare his meals. If you’re wondering about your marketable skills and talents, ask yourself–
- What do people often ask you to help them accomplish?
- When using a product or service, do you feel you could make it or do it better?
- What activities do you most enjoy?
- Are there life experiences that you have which you believe may help others?
An income-earning idea lives at the intersection of your skills, talents, passion, and knowledge. Identify where your strengths lie and consider how to fill needs in your community or solve specific problems. Not every idea is going to work.
Sometimes circumstances don’t allow you the time to figure out an ideal home-based business because you must earn a paycheck. Do what you need to do to support your family, and don’t beat yourself up about it. Even small changes hold the promise of a brighter future.
Choosing A Direction
Many women seek non-traditional work that offers income and flexibility. To succeed, your business idea must make a profit, capitalize on your talents and be fulfilling for you. Consider these income opportunities–
- Online Service/Product– Home-based business opportunities include selling through retailers such as eBay or Amazon, providing services such as website design, and working remotely or generating income through a blog. The advantages are low cost of entry, flexible hours and a borderless market. The disadvantages include abundant competition and around-the-clock connectivity and demands.
- Face-To-Face Business– You can work flexible hours if you provide products or services such as dog sitting, child care or house cleaning.
- Direct Sales/Multilevel Marketing– Representing an established company such as Pampered Chef kitchenware or Mary Kay cosmetics offers significant earning potential. The only limits are your sales talent and willingness to work hard.
Laying The Groundwork
Pursuing a new income stream requires initiative, hard work and strenuous effort. The passion you have for your idea will keep you motivated. Don’t dabble. Plan and research your idea thoroughly. Identify your target customer, estimate start-up costs, and find out what types of licenses or permits you need. Consult a lawyer and an accountant during this research. Keep an open mind and say yes when someone offers you an opportunity. Be willing to try different things until one idea works out. For some people, exploring different options is invigorating. Setbacks, failures and false starts are a normal part of the journey to success.
Choose two or three specific goals. Break them down into manageable steps and activities. For example, if you plan to write a book, pick a completion deadline outside of your comfort zone. Figure out how much to write each day, week or month to reach your goal. Even if you fall short, you will still make tremendous progress.
Starting A Home-Based Business
To begin your business, craft a one- or two-sentence mission statement– a clear concise description of your purpose. This helps you define the focus of your business and stay on target. Outline an action plan that includes your funding proposal, growth projections, and income estimates. Consider how to shape and build your business by envisaging how many hours you want to work, how much income you’d like to generate and how big you want your enterprise to become. Itemize the tasks required to reach your overall goals. For most businesses, these include creating a website, developing a social media presence, purchasing materials and supplies, refining your product or service, and advertising your offering.
To prioritize your to-do list, ask– what is the most important thing right now? and the follow-up question– what is next? Set a reasonable pace, focus on one activity at a time and complete one project before tackling the next.
Marketing & Growth
You can tap into many marketing opportunities at little or no cost. Use social media strategically to promote your home-based business. For example, a hair salon owner had tremendous success using Instagram to post before and after pictures of haircuts and styles. Consider offering free consultations, samples or first-time tries to build your clientele.
Encourage customers to speak positively about your home-based business to their friends and on their social media networks. Cross-promote with other businesses to build your customer base. For example, if you bake wedding cakes, approach other wedding vendors to share contact lists and distribute each other’s business cards.
Earnings That Earn On Their Own
Blogs can be a source of passive income through sidebar ads and affiliate links. While the financial start-up costs are low, the investment of time and energy is high. Identify a topic about which you are passionate and knowledgeable. Pick a name that states your blog’s purpose. Commit to writing high-quality content a minimum of three times per week. Respond to readers’ posts, encourage input and feedback, and thank people for following you. Network with other bloggers and collaborate.
How much time do you want to devote to your home-based business? How much time can you commit before this work takes a toll on your quality of life? The energy you invest in your home-based business will vary depending on your stage of life. Finding the right balance is a juggling act that you’ll revisit as it develops. A home-based business can expand to fill every hour of the day, so you will need to exercise managing your time correctly to keep it in check.