If you have a dream of starting your own home-based business so you can spend more time with your kids, but are on a tight budget, you may be wondering how to get things up and running without a lot of money.
The first thing to do is start thinking outside the box.
Normally we are programmed to think that we have to leave one thing before starting another. So, you may be thinking that you need to quit your day job before starting your own home business. But that may not be the best advice here.
It may be in your best interest to keep your day job and start building your business in parallel.
When I started my first home business, I didn’t just quit my job and jump into entrepreneurship. The financial pressure it would have placed on my family would have been too great.
I did what I call “astride”
I negotiated a part-time contractor contract with my employer that allowed me to earn enough to survive AND have the time and cash to start my own business. I had also recently received an inheritance from my grandmother, and having that cash in the bank gave me the security I needed to launch myself into the insecure world of entrepreneurship. (FYI, I never touched that heritage, but knowing it was there gave me the comfort I needed.)
In my book, The Career-at-Home Mom, I talk about straddling; We are the most conservative moms saving a few savings before launching our business or building the business side by side while still working a job.
Then there are the “Leapers”
Jumpers are moms who jump into entrepreneurship without a safety net, and very often they fly high very fast, because they have to. They are comfortable with a higher degree of risk. It motivates them and gives them energy. Whereas for straddlers, that level of risk would likely paralyze them.
No way is right or wrong
I have learned that it is simply a choice and that each mother does what works best for her. Either way, both types of moms find a way to finance the startup phase of their business.
Here’s something else to consider
If you are not willing to invest anything in your business, what message do you think you send to the Universe? If YOU don’t even invest in yourself, why on earth would you expect clients to invest in you? There’s nothing wrong with being cost-conscious and it’s often prudent and necessary in start-up, but a low budget still means investing something.
If you don’t have ANY funds to finance your home business, you need to find a way to generate funds.
Here are three ways to consider:
1) Use credit cards or lines of credit.
2) Work part time and develop your business on the sidelines
3) Keep working full time a little longer and save money
And remember, whether you choose to straddle or jump is completely up to you. Successful home businesses have been born both ways. Choose the way that best suits your needs!