One
of the most common obstacles many home-based working moms face
is trying to start or run a new business on a limited budget.
The first few years of a business are usually the hardest financially.
Some moms leave full-time careers and substantial salaries to
start a new business. Others start a home business as stay-at-home
moms wanting additional income to support their family as well
as a professional outlet to balance their diaper-changing days.
In
either case, starting and running a home-based business takes
money. How much money, will depend partly on you and the type
of business you choose to run.
Below
are our top 10 tips to save you and your home business
money:
1. Do your own market research by talking to potential
clients or customers.
Many new home business owners skip
this step only to come back to it later (or wish they had).
Those who start businesses without doing any type of research
risk the possibility that their target market doesn't need
or want their particular product or service. The competition
may be too fierce. There may not be enough potential customers
to support the business. Or the product isn't priced correctly.
It is just as important not to price your product too low
as it is not to price it too high. Talk to others in similar
businesses as yours to see how much they charge and what they
offer for that price.
2.
Team up with other non-competitive businesses that target
the same market to do some co-marketing.
For example,
desktop publishers and print shops can do a direct mail campaign
together advertising both of their services or buy an ad in
a local publication and split the costs. Neither is in competition
with the other. They also can hand out business cards or flyers
for one another as well as give word-of-mouth referrals. It's
a great way to double one's marketing efforts while splitting
any advertising costs.
3.
When you have a satisfied customer, don't be afraid to ask
for referrals.
People like to help others especially new
businesses trying to succeed. Show pride in your work and
people are sure to notice. And when they do, ask if they know
any others you can send a brochure or sample to. Another great
way to encourage referrals is to offer a discount or special
offer for any customers who are referred to you.
4.
Barter or trade your services for other products or services
you need.
Associations and organizations are not only
great places to network; they are also great for finding businesses
that offer services and products you need. Look for businesses
you could help with your product or service and offer to barter
or trade for theirs. (Be sure to check with your tax professional
for tax issues involving bartering and trading.)
5.
Find another home-based working mom to swap babysitting with.
All home-based working moms need some dedicated time to work
on their business tasks. By swapping with another mom, both
can work on their businesses without adding to their childcare
costs.
6.
When buying new office equipment, go to a place that offers
a low-price guarantee.
You can save time and money by
shopping at places that will refund any difference in price
if you find the product cheaper elsewhere.
7.
If you are looking for computer equipment, consider buying
used equipment.
Look in the classifieds and talk to others
that may know someone looking to upgrade. Ask for warranty
information and make sure the machine is in good working condition.
Also take a look at the computer companies offering refurbished
machines. Some are priced accordingly and usually come with
some type of warranty.
8.
Send postcards for direct mail solicitation.
They are
cheaper to print and less expensive to mail. Another advantage
is that they are more likely to be read since they take no
effort to open.
9.
If you hire sales help, pay by commission only so you only
spend money if you make money.
A salesperson can increase
your sales without adding any up-front fees or salaries.
10.
Use pre-printed design papers for letterhead, brochures and
business cards if you only need a small amount.
The papers
can be found at most large office supply stores, and they
are great for new businesses trying to get started on a small
budget.
Freelance Moms & Dads - Start or Run a Small Business on a Budget
These
money-saving ideas should help with your budget but new business
owners also need plenty of drive and determination to succeed.
It takes time to develop and grow a business so be patient
and give it all you've got!
~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
Lesley
Spencer is founder and director of the national association
of Home-Based Working Moms (www.HBWM.com)
and the creator of Mom's Work-at-Home Kit (www.MomsWorkatHomeKit.com).
HBWM.com, Inc. is committed to bringing working moms closer
to their children. Sign up for their free eNewsletter at:
www.hbwm.com/enews.htm
| 
