Work at home business are always going to be prevalent in our society. The government doesn’t cover a much need leave pay when having children causing moms to stay home and figure out a salary. I, myself, have even taken on various WAHM businesses since having my oldest. All but one failed and honestly it was because I dove right in instead of thinking it through. Here are three questions you want to ask yourself when you begin to think about tackling a WAHM business.
How much time do I have to invest in a business per week?
Today we have so many options to help us work from around our families because of the internet. It truly gives you the freedom to design your life and reach billions of people all around the world, which I did not have when starting my first business almost 20 years ago. However, you still need to sit down with a weekly plan sheet and figure out exactly how much time you can devote to a business each week especially as a busy mom. A more traditional business like becoming a beauty blogger, coach or a service based consultant is going to require more of a time investment than the many wonderful direct sales and network marketing opportunities. They allow you to ability to step into a business model without having to develop the entire business plan.
What financial resources do I have available?
Just like the time consideration, you must figure out how much money you have to invest and how long you can work a business without profiting. More traditional businesses require a bigger financial investment. You can “boot strap”, but that means you are not taking a profit, so you have to figure out how long you can do that. Direct sales and network marketing opportunities do not require the same amount of financial investment, but you will need to invest something, so you need to know up front how much do I have. More traditional businesses can take as long as 3 to 5 years to be totally profitable. Direct sales and network marketing can be 3 to 5 months, so understanding this when starting out is so important.
What gifts, talents of experience can I monetize?
I truly believe that everyone has something they can monetize and turn into a business. Begin by taking an inventory of the things you are really good at, so that you can begin to find what you can turn into a business. Ask yourself, what can I do with my eyes closed? What do people always ask for my help with? What would I do for free? These are really great questions to figuring out what to monetize.
If the wheels are starting to turn in your head and you want to learn more, this Saturday Snowe Saxman is offering a free financial gift bundle on her site. Its a great way to keep exploring the endless possibilities you could offer. Feel free to learn more about her Financially Free online event here.