Realistic Small Business Ideas for Stay-at-Home Parents

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Realistic Small Business Ideas for Stay-at-Home Parents

by Virginia Cooper

As a stay-at-home parent, you will run into your fair share of scams when digging around for opportunities to supplement your income. But did you know that you don’t have to join a pyramid scheme to earn money from home? And you don’t have to open an e-commerce business either.

These days, you can start a home business that uses your talents and skills, and you can still focus on your kids in the process! Check out these home-based small business ideas from Young Makers Lab:

Conduct Research        

First, you will need to conduct market research to understand what type of business could work well. Think about your interests, knowledge, and skills, and look at the market to see any gaps you can fill. 

For example, if there are many dog walkers in your area, you may not want to pursue that as a business. Some fields are more competitive than others, and you will need to compare market saturation with demand to determine if you can succeed with a similar type of company as someone else. Make a list of several potential business ideas so that you can research and narrow them down to the right one. 

Pick Your Legal Structure

Next, determine a legal structure for your business. Many first-time entrepreneurs form LLCs because they offer tax benefits, flexibility, limited liability, and other perks. If you hire a lawyer or formation service, you can skip a lot of the headaches that come with establishing a Florida LLC. Plus, you will know that your business entity complies with state regulations.

Make a Business Plan

Once you’ve decided on a business idea and structure, it’s time to write your business plan. Essentially, this document will be the road map you use to strategize and accomplish your goals. 

It should include a company description, mission, target audience, funding requirements, financial forecasts, marketing approaches, and more. Your business plan will also be essential when shopping for funding. 

Seek Funding    

Depending on the type of business you start, you may or may not need a significant amount of capital. If your company requires startup funds that you don’t have, you will have to get it from somewhere else. However, if you choose a business with minimal startup expenses, you may be able to pay for it yourself (also known as “bootstrapping”). 

Fortunately, there are many options when it comes to funding your startup. You can start a crowdfunding campaign where people can gift you money to cover startup costs or pay in advance for a product or service. You can ask friends and family members to chip in. Or, you can apply for several small business grants and loans. And, with certain types of startups, seeking funding from investors can be an excellent option.

Consider the Options     

Finally, if you have no idea where to start determining what line of work you would like to do from home, take plenty of time to research. Market research is for when you have a few ideas already, and you confirm whether or not each of them could prove profitable. 

But when you have no idea what you want to do, it’s best to allow time to read and sift through your options. Here are a few popular side hustles and home-based business ideas:

You don’t have to leave your home or sacrifice the well-being of your kids to make more money. Consider the tips above to find a side hustle or business idea that aligns with your interests, expertise, and goals. And keep researching your options if none of these fit the bill — there are many others. Before long, you’ll be a stay-at-home parent/entrepreneur to be reckoned with!

Would you like to read more helpful content or learn about how we are modernizing STEM education? Visit YoungMakersLab.com today!