Guest Post by Cheryl Conklin
Sometimes, you may hear about stay-at-home moms and business owners as if they cannot be the same person. As a mom, you already know how to balance several full-time jobs. Entrepreneurship provides you with the opportunity to learn to balance one more.
Find Your Calling
Following your passion takes strength, tenacity, and confidence. If you struggle with self-esteem, use affirmations to build your confidence. Remind yourself of your potential and take action. You have to expose yourself to the world if you want to be recognized for your talents.
Nowadays, you can run most businesses from the comfort of your home office. Some home based business ideas include:
● Web designer
● Social media consultant
● Wedding coordinator
● Personal stylist
Your skills, education, and expertise will lend to your business startup ideas.
Build Your Business
To decide your business’s structure, you need to analyze your goals and the federal, state, and local regulations. (Note: In Canada, you will need to look at provincial and federal regulations. -Krista Hill)
● Sole proprietorship: In a sole proprietorship, you are the only person responsible for
your company’s debts and profits. You and your business are the same entity, so you
also have a personal liability stake with the least amount of paperwork.
● Limited liability company: An LLC is a hybrid structure that allows you, your partners,
or shareholders to limit personal liability. Under an LLC, you have liability protection, but
your earnings can still pass through you as income on your personal tax return.
● Partnership: If you share ownership of your business with one or more people, then you
may consider a partnership. In a general partnership, ownership is equal. However, in a
limited partnership, only one partner has control.
● Corporation: Corporations are separate from their owners. Corporations can file
lawsuits, own property, and face liability claims. Corporation fees vary by state and by
type of corporation.
● Cooperative: In a co-op structure, company members are user-owners. The members
of the organization vote on the mission, direction and share the company profits.
For startup companies, LLC is one of the most beneficial structures. You have control over your location, asset protection and you avoid double taxation.
Juggle Your Passions
The role of a mom and the role of an entrepreneur are demanding. To juggle the two, you need to brush up on your time management skills. Plan every day and continue the routine into the weekend. This allows you to distribute your time to all of your necessary tasks. Be easy on yourself. You may be unable to tackle all of your chores in one day while balancing business meetings and playtime with your kids. Mom guilt can impair your productivity, so try to let it go. You are working on your family’s future.
One crucial part of your early-stage checklist: payroll. You should, in fact, create your payroll
system before you have employees. Start your payroll by getting an Employer Identification
Number. Some local governments also require you to obtain ID numbers for taxes. Having a
payroll system in place helps streamline your business responsibilities. To set up payroll, you need to determine your payment schedule and withholdings. You can utilize software to help streamline the process further. Features like direct deposit, tax filing, time tracking, and more are also must-haves.
Balancing your obligations to your family before owning a business is an impressive feat, but it is possible to balance entrepreneurial goals on top of those. When you run a business from your home, you have the flexibility to earn an income and care for your children. Let Krista help you realize your goals and guide you on the path to success.
Schedule your free session today.
Written by Cheryl Conklin
– Guest Contributor to Krista Hill Coaching
Cheryl Conklin takes writing and tutoring seriously. From her travels and experiences, Wellness Central was born with the goal of instilling the mindset of physical and mental wellbeing to various audiences. She only wishes to be able to share her many inspirations from her escapades. wellnesscentral.info