Everyone says we are now living through a very hard time when mothers can’t afford to stay at home and raise their children without having a stable source of income.
And I am not talking only about single mothers. Anyway, all of my working readers should know what it’s like to count every penny when living on a budget.
Now you would rather start making some money while staying at home rather than simply raising your kids 24/7 until your maternity leave is finally over. Am I right? At least, I should be right since all of these conclusions come from my own life experience.
One of my recent posts was related to writing a good nursing cover letter and in it, I have touched the topic why a nursing career can be a great employment option for women with little kids.
In general, if you are able to adjust your working hours and shifts the way you are convenient with, these jobs are a priori suitable for working mothers. However, this time we won’t be speaking about any part-time or full-time jobs that you can simply find on the job searching websites. In fact, I mean a completely different type of job – the one that you create on your own.
Did you guess? Of course, I mean all stay-at-home mothers-entrepreneurs and freelancers who started their own business without stepping out of their homes.
I am aware of the main benefits of being your own boss and control your own business. First of all, because the unemployment rates give the alarm, working mothers face huge troubles getting at least ANY position in the job market. Second, your 9 to 5 jobs from Monday to Friday would give you fewer chances to spend your precious time with family at home.
And even though being a businesswoman with your own schedule gives eliminate the following working-mother issues, most of the women are afraid to launch their own business because of its great dedication, responsibility, and most importantly the necessity to find enough funding and make an investment.
So today, my dear mamas, I’d like to share with you some of the real good places where you can find costs for your start-up business if becoming a stay-at-home entrepreneur with one or several kids is totally your thing.
1. Apply for a Small Business Loan
So applying for small business loans is perhaps the first thing that comes into everyone’s mind as they start thinking of their business funding opportunities.
At first sight, the option of taking any loan sounds a little scary, however, let’s be honest: this is the most REAL way of getting some cash for your business. I hope you all know the main concepts of how the loan works: you borrow the money from your lender with a commitment to repay the borrowed sum with additional interest charged by the lender.
Most likely, you will be repaying the loan from your own business revenues. By the way, securing your small business loan with a collateral (let it be, your house) may get you a better interest rate compared with an unsecured loan.
Generally, each lending institution makes their own requirements regarding issuing small business loans and therefore finding the best small business loans for women can be a little tricky.
Many young entrepreneurs apply to the Small Business Administration (SBA) thinking they get better terms than everywhere else. I would however disagree. SBA might not have such strict requirements as traditional banks and credit unions but applying to both is such a daunting and time-taking process.
As I was starting my own business (I own a website if some of you don’t know), I had to go through tons of exhaustive processes just to apply for it in my local bank. It took me 2.5 months get a $25000 check with an interest rate of 7,4%!
Little did I know about online lending companies that weren’t that popular as today. I just think they are one of the best loan providers offering good terms and fast processing so that when people put an application for small business loans, they won’t need to wait longer than several days before they receive their funding.
But again, you’d better be very careful which service you can trust completely and which ones have pitfalls inside of their lending system.
2. Secure a Grant
Receiving a grant requires a little bit more than just being applicable to it. For instance, most of the issued grants have a specific purpose of supporting some industries like childcare, agriculture, manufactory, social help etc.
So you might consider applying for a grant as a good option only if the nature of your business has something to do with things the grant provider would be interested in. Search for your options at Grants.gov. SBA, by the way, offers a few grants for businesses as well.
3. Involve Sponsors or Investors
There is a particular difference between a sponsor and an investor. Of course, if your peers, family members or any other acquaintances have the interest to make their personal investment in your business, you’ll become partners and then eventually share the revenues together.
I would personally advise considering this option only if the other person is smart and serious in his own intentions and decisions.
Finding a sponsor is a little more difficult but still possible. It can be any of the local companies or organizations willing to partially or fully fund your business in exchange for something else.
I mean, for sure such companies would also expect some actions from you. For instance, they might ask you somehow to promote the company among your customers etc. This means you got to think not only about the money aspect but decide if you’re really interested in working with the company itself.
4. Set a Crowdfunding Campaign
Have you guys heard of crowdfunding campaigns? It’s basically like making a fundraising for your school sports team but here you do that online and for your own business. So, let’s say your project looks super cool and people would consider donating you some for an exchange of some benefits given by you.
For instance, each person who may donate you a certain sum of money will be able to receive a token item, like a T-shirt or a fob with your logo. Practice shows this is really working! Visit Kickstarter and GoFundMe to post your own crowdfunding campaign.
How did you like my list? Maybe you have come up with some other ways to fund your business? Share with me below in the comments – I will be grateful to know!
See you soon,