This article contains affiliate links which means we receive compensation if you purchase a product through them. Visit our disclosure page for more information.
Being a working mom means that you don’t have much free time. It can also mean that saving up the cash to start your own business can be a real challenge. If you dream of owning your own business, it is important to find ways to make the dream a reality. This means being thrifty with your money, looking for investment, and ensuring you have the knowledge you need to make your business a success.
An excellent first step is to discuss your plans with your family. Talk to your partner and see if they’re willing to help with the planning and operation of the eventual business. This article will explore some of the best ways to find the extra money you need to launch your own business. Doing market research can make and break your business; visit The Tier Group for some tips and advice for starting your business.It may be hard to find the extra cash to start a business when you're working full-time. Here are some tips on how to save money and make more! Click To Tweet
Start Small With Freelancing
Freelancing is a great way to give you a taste of what working for yourself will be like. As a freelancer, you will be self-employed and learn about the tax responsibilities and marketing skills you need to be a successful entrepreneur.
There are many skills you could offer on a freelance basis. You will usually need some experience in the type of work you’re offering, so ensure you choose wisely. You should also learn about the best prices to charge to help you find work.
Sell Unwanted Household Items
If you have a lot of household items that are rarely used, you could consider selling them to add to your business funds. Things like clothes and electronics can make good money, or you could sell old baby items that your family no longer need.
You can sell things online using sites like eBay or find your nearest car boot sale.
Talk To The Bank About Business Loans
Most banks offer business loans for anyone looking to start a company.
It is a good idea to visit your local branch to talk about the loans they may be able to offer you. Different banks will have different criteria to meet, so discussing your needs with a few banks can be beneficial.
Find Out About Small Business Government Grants
The government has some grants available to small business start-ups.
Again, you will need to research the qualifying factors you and your business need to become eligible. Grants can be a better solution than loans, as you will not have to pay them back.
Get In Touch With Angel Investors
Angel investors are people with money that invest in new businesses. They may be local business people interested in helping a new business start and getting in on the investment at the ground level. There are websites dedicated to matching investors to new businesses, so it can be helpful to create a profile and start reaching out.
You could also attend trade shows and conferences in your goal industry to meet potential investors.
Ask For Help From Loved Ones
Asking for a loan from a loved one can be a safer way to get money. You could discuss your plans with loved ones and see if anyone has the money to help.
You should ensure you have a thorough business plan and explain how you will use their money.
Make The Most Of Offers From Businesses You Use
Many businesses offer discounts or cashback on their services to customers who bring in new customers. This can be a great way to earn extra cash while doing minimal work.
You should review the different business services you use and check with each company to see if they offer any incentives. For instance, the Lebara refer a friend scheme is a fantastic opportunity to earn real money by referring people to Lebara’s excellent value mobile phone plans.
Cut Down On Your Monthly Outgoings
One of the most important things you can do when saving up money is to cut down on expenses. The less you spend in a month; the more will go towards your business funds. You should cut back on unnecessary costs like eating out or buying coffee.
It may help to find a budgeting app to help you keep track of your expenses. This can be a great way to see where your money goes each month and identify areas for improvement.
Open A Shop On Etsy
Etsy is a great place to start your business if you plan to sell homemade products. It helps remove the need for expenses like building your own website and can be a great first step into the world of business.
You should learn about the benefits and charges that sites like Etsy apply and ensure they will be worthwhile.
Re-Mortgage Your Home
Re-mortgaging your home can be a great way to free up money and get a better deal on your repayments.
You should talk to your bank if you’re considering this option and ensure that the re-mortgaging agreement you’ll get will be worth it. You should also talk this over carefully with your partner to ensure they are entirely on board with the plan.
Get A Better Deal On Utilities
Shopping around for your utilities can help you get a better deal. Many people stay with the same provider when their contract renews, rather than do their homework and find out if different providers offer a better deal.
Even if you don’t want to switch providers, you should look at the offers currently on the market and talk to your current provider about whether they would be willing to offer you a better deal.
Make A Weekly Meal Plan
Making a weekly meal plan can help you keep your grocery shopping expenses from getting away from you. You should plan what you will eat for the week ahead and be strict when shopping, buying only what is on the list.
It is best to avoid shopping on an empty stomach, which can lead to impulse buying.
Learn About Business Management
If you want your business to succeed, you will need to know as much about business management as possible. It can be invaluable to take a course in business management to ensure you understand the challenges ahead and how to manage them properly.
With this article, we’ve given you some advice on how to get started with launching your small business so that it can help provide an additional income stream or even replace your day job altogether. We hope these tips have been helpful and wish you the best in starting up!
Can you share any other extra income ideas for working moms with us?
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.