*This is a collaborative post*
Do you have an entrepreneurial spirit? The pandemic has revived the dream of starting a business for a lot of people who found themselves stuck at home. For those who stayed at home, it’s the perfect opportunity to combine household duty and business plan in a home-based venture.
What are the benefits of starting a business? Your business can become another source of income for the household. It can make it easier to find financial freedom. But when you become your own boss, you don’t have to worry anymore about inflexible work schedules or lack of understanding from your direct manager. You are in charge and can create a venture that works for you and your family in pre-retirement.
There are 2 essential things to remember when you take your first entrepreneur steps. Firstly a good business idea is nothing without market research and a business plan. You will use your research to design a strategy and even approach your audience group at your first trade show! Secondly, starting a business needs money, so you must consider the best financing solutions for your situation.
Unfortunately, commercial loans are not suitable for businesses you run inside your home. Additionally, as a new business owner, you can struggle to convince money lenders that your idea is profitable. Business loans are more effective for already existing businesses as they can show their revenue history as evidence of profitability.
However, you can consider a personal loan to get you started, such as purchasing the necessary equipment and getting a website done and running.
Most home-based entrepreneurs rely on self-financing strategies to launch. You can get your business out there without breaking the bank, focusing on getting the essential done on a budget:
– Website builders such as Wix.com or WordPress have free templates
– You can find budget-friendly logo-making tools
– You can build a social media presence for free
– You can use your own laptop and electronics
It can be a good idea to take a small portion out of your savings and use it to build an investment portfolio, so you can grow your funds for the business. Do your research to ensure you can avoid high-risk situations. Ideally, amateur investors should focus on easy strategies, such as ETF trading. ETFs are best-suited for beginners as they are inexpensive and less risky than investing in individual stocks.
You may not be eligible for a business loan, but you might have better luck finding financial support for your business idea. The government has a full list of grants available for small businesses, including grants for unemployed entrepreneurs. They also have further programmes that can teach you how to launch and manage your business and successfully apply for a start up loan.
Additionally, other support programmes exist at a regional and county level to support new entrepreneurs and help them grow their business. The bottom line: You may not need to pay for anything!
Financing your home-based venture is no easy task. But with many options available, from a loan to grants and money-generating investment portfolios, you can unlock the funds you need to get started.
Remember that sometimes it is better to start small and grow over time than go all in at once!
Thanks for reading xxx
Hi and welcome to The Willow Tree. I’m Michelle, also known as Shel and I am a mama to three beautiful crazy kids – I have two handsome boys and a wild and wonderful girl.
I really wanted a concrete place to share my love for travel, in particular Disney and offer my readers a chance to gain some knowledge around what we love to do as a family of 5.
I share our family adventures which include days out, travel advice and tips, holiday reviews, restaurant visits and of course, our love for Disney, including Disneyland Paris and Walt Disney World.
Life is about creating memories, and here we are sharing them with you