How to Start a Business without Any Money as a Mom
Starting a business is an exciting adventure, but it can also be daunting. As a mom, you are likely juggling your business with other responsibilities. You might not have the money to invest in starting or running your business and it doesn't help that there is no business model for moms who need to balance work and family life. But don't worry! This blog post will teach you how to start a business as a mom without any money!
1. You don't need money to start a business
It is possible to start a business without any money, but it may not be the best idea. You can start with something you know and do well - such as starting your own blog or website that shares information about your motherhood journey. It's important for moms who want their business to work around family life and find a business model that works for them.
2. Consider your business idea and the market you want to serve
If you’re at the stage of considering whether or not to start your own business, then this article is for you! If you're already in the process of starting (or running) your business, these tips will help take it from good to great.
I'm sure you know that starting a business is not easy. There are lots of things to consider before taking the plunge into entrepreneurship, but it's worth it in the end.
Here are 5 things you should think about:
- Decide on business idea
- Determine the market you want to serve
- Consider business model
- Consider business location
- Build a business plan
3. Figure out how much time you can dedicate to your business each day/week
- First, establish how much time you are able to dedicate to your business. If there is no set schedule that you can follow then make sure the business idea is flexible enough for this lack of consistency.
- Once a day/week has been established, start planning! Get clear about what needs to be done and when it should get done (see next section).
- Create a business plan that outlines how your business will work and what goals you hope to achieve. It doesn't need to be perfect, but should include the basics of who (you) is going to do it, why am I doing this business in particular, what needs does it serve (i.e., customers ), what business skills do I need, and finally how am I going to make money.
- Make a business calendar that outlines the tasks you'll be completing each day/week and update it as needed so nothing slips through the cracks.
- Be sure to create some slack in your schedule for emergencies or unexpected events - this is just smart business planning!
4. Find ways to save on business expenses like office space, equipment, materials, etc.
- Find a business partner who is willing to split the costs of office space, equipment and materials.
- Shop around for affordable prices on business supplies, such as software or printers.
- Consider getting creative by supplying your own inventory at first: swapping clothes with friends or family members; using items from restaurants that are closing down; borrowing books from local libraries.
5. Don't forget about taxes! Even if you're not making any money yet, it's important to keep track of all your business-related expenses for tax purposes . In business, it's what you spend that counts.
- Start a business journal to track your expenses and income
- Ask for invoices from vendors or suppliers - keep all receipts in one place
- Consult with an accountant about which business structure is best for you: Sole Proprietor, LLC, Private Limited and etc.
6. Keep track of everything - make sure that when the time comes, you have all the information needed for reporting and filing taxes as well as tracking progress in other areas .
- Know what business expenses are tax deductible, and make sure to claim them.
- Keep track of your mileage if you drive for business purposes.
- Track the time that you work on business activities (if it's not freelance). Make a note of how many hours you spend on business phone calls or brainstorming sessions with other entrepreneurs for example. There is no need to keep these records forever, but they will come in handy when filing taxes at the end of the year!
7. Have fun with it! Remember that while starting a business can be a lot of work, it's also an adventure.
- Have you ever wondered what business would be right for you?
- What does a person need to start their own business?
- Don't have any money, but want to succeed anyway?
If you're a mom and want to start a business without any money, it's possible. You'll need to make sure that the business idea is flexible enough for your lack of consistency in hours per day or week, but there are other ways around this as well. Get clear about what needs to be done and when it should get done with a business plan; create one if necessary.
Make sure you have all the information needed for reporting taxes at the end of the year by keeping track of business expenses like office space, equipment, materials etc., mileage from driving, time spent on business phone calls or brainstorming sessions with other entrepreneurs - these records will come in handy during tax season!
Be creative when starting out so that costs don't add up too quickly. Find business partners and explore creative ideas for business supplies like office space, equipment or materials. Don't forget about taxes - they will come in handy during the year when filing! Have fun with it; remember that business can be a lot of work but also an adventure!
Starting a business as a mom can be tough, but it doesn't have to be.
With the tips in this blog post you'll learn how to start your own business without any money and still balance family life!
If you're looking for more help balancing work and family life or if you want some advice on starting an online store from home, DM me on my Instagram account and let us know what are your challenges and struggles starting business.
At the same time, do let us know which tip did you find most helpful? Did we miss anything important? Let us know by leaving a comment in the blog.