Money Talk for Smart Women
Mommy-preneurs: What, why, when and how?

by Monica Rasso, Regular Contributing Author to Elegant Plus Magazine

Years of changing diapers, baby playgroups, and playing short order cook. When is the time to think about what the stay-at-home parent really wants to do? Here are some tips for the “what, why, when and how” when considering starting your own business as a mommy-preneur.

Why start a business? Motivation, or your “why” for doing something, is different for each person. Your “why” will be your driving force. Some stay at home parents think about making a few hundred dollars a month to help out with the bills or pay for an extra vacation each year. What will drive you to juggle the work you do as a homemaker (which pays generously with kisses and hugs) to work you do to bring in the cash money? 

When will you do it? As the school year has now started and children are acclimated to their routine, many moms are finding that they have some time to think about how they would like to spend their time. The time to start a business depends greatly on what you plan to do. Are you looking for a hobby or a life-long business? When considering a home business, there is much confusion out there about what to actually look for to determine what is right for you. If you are planning to build a business from home, it must be worth your time. 

What will you do? Doing something that interests you is vital for success. Is it important that you help others? Or would you rather work alone in a quiet environment? How will you do it? You might start with a work from home business opportunity that already exists. Or you may go out on your own and start your own company. You may be considering wedding/event planning, or some sort of artistic craft, or maybe another business where you produce the item for sale. You still have the flexibility to work your own schedule (usually). When you are the main producer of a product, you will sometimes be a “slave to your orders” when you have deadlines to meet. 

When thinking about compensation, a good idea is to build a business that will pay you up front, as well as many years to come, off of your one-time efforts. This “Residual Income” means that you are getting paid month after month; year after year, for work you do one time. It is very much like an insurance agent who sets up your policy once, but each year when you automatically renew. A few home-based businesses offer this type of income. 

If your business idea involves a one time payment, you may consider putting part of that in savings as your retirement income after your business stops. It would be wise to save for tax payment also. 

How will you start? Research the product or business idea. See if others are doing it already. Is there still room in the market for you to succeed? Seek out resources such as women’s small business counseling. Maybe take a business class at your local college, although there are some books on the market that may teach you more practical applications than a college class. Here are a few to check out:

1. 101 Best Home-Based Businesses for Women, 3rd Edition: Everything You Need to Know About Getting Started on the Road to Success (For Fun & Profit) by Priscilla Huff

1. The Best Home Businesses for the 21st Century by Paul Edwards

1. Home-Based Business For Dummies (For Dummies (Business & Personal Finance) by Paul Edwards, Sarah Edwards, and Peter Economy

1. The Complete Idiot’s Guide to Starting a Home-Based Business (2nd Edition) by Barbara Weltman

1. The 200 Best Home Businesses: Easy To Start, Fun To Run, Highly Profitable by Katina Z. Jones

After you do your research, figure out your upfront cost. How long will it take you to recoup that cost? Do you have the space at home for this business? How will you market/advertise? Who will mentor, train, and motivate you? Although there may be a lot of things to consider, the benefits of working for yourself in your own home are very rewarding! It just takes a little time and discipline to think about what to do and a plan. 

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