As full-time mums, sometimes we have the itch to get back into working or start our own small business.
There are plenty of options for lifestyle businesses to help family cash flow, take care of the mortgage, or just have a bit extra to spend on luxuries.
However, businesses require capital – be it financial capital, intellectual capital, or human capital (that’s you!).
Figuring out where to start can feel daunting. Here are some of our tips to get your stay-at-home business funded and up and running.
1. Choose your business
There’s no shortage of business ideas you can start up when you’re a stay at home mum. From online fashion boutique, web content writer, cake baking business, tutoring, beauty product selling, selling jewellery; the possibilities are endless. In fact, we have 62 small business ideas that suit stay at home mums – and won’t eat into family time. Click here to get some ideas!
2. Think about space
The second question you should ask – where are you going to run your business from?
Many online businesses such as photographer or online tutor – don’t need much space. If you can park a laptop or PC on a table, you’re good to go! However, some businesses will need you to store inventory. Do you have a shed or a spare room you can use? Think about the space you’ll need before launching into your dream stay-at-home business – you don’t want to overcrowd your living space with boxes and packaging!
3. The fun stuff – ABNs and paperwork
Before you start trading, you should register yourself as a business and get an Australian Business Number. Using the Australian Business Registry, you can set yourself up as a sole trader. This can open opportunities for funding, special business only deals, and for streamlined tax and accounting purposes at the end of the Financial Year.
4. Funding – getting inventory or machinery
Most businesses need capital of some kind, as we mentioned. The capital you really need is financial capital. Most small businesses don’t need tens of thousands of dollars to get started; you can start many online businesses by lifting the lid on your laptop – and you’re almost done! Even so, a business does need starting (or “seed”) capital to begin. For small business loans, a loan product called an unsecured business loan is often a go-to for smaller businesses starting up.
Small business loan expert Bill Tsouvalas explains: “An unsecured business loan is a type of loan that doesn’t need collateral to set up, doesn’t need endless paperwork and bank statements to get going, and loans as little as $5,000 are considered.” Unsecured business loans also have shorter terms – sometimes as few as six months. “These loans are for business, so there are less restrictions on it than personal loans – however since they are unsecured, interest rates are higher. Make sure your profit can cover the interest payments.”
5. Marketing yourself
Once you’re up and running, it’s all about marketing yourself. Using your seed capital, you can advertise yourself online through Google Ads, Facebook ads, or other online marketplaces. Networking with other Stay at Home mums in person or online is also a great way to make connections and find out about opportunities. A small business can be slow going to start, but marketing can help you get off the launchpad.