Published on 16-12-2010
By Renata Hepner
If you're a mom who ever put up a service-based business right at your own home or are just starting to grow one based on the suggestion in Part 1 of this article, you probably know this:
Having a service-based business is plenty of work and can eat up quite a lot of your time.
After all, we only have 24 hours a day and 7 days a week. Not only must you spend the time working for your clients (not to mention your chores at home), you also spend much time in your service-based business that you don't get paid for:
- Updating your website
- Gathering new clients
- Consulting with potential clients
- Bookkeeping
- Answering emails from non-clients
- ...and the list goes on.
You must take all this into account when planning the growth of your service-based business. Here are some strategies to help you make the most out of your service-based business:
1. Make a decision on how much you want to make and how many hours you want to give for your serviced-based business every week.
Don't be deceived into thinking that if you want to earn $600 per week, you can just work 40 hours per week at $15 per hour. Once more, you have to understand that if you do your client-work for 40 hours per week there will be other maintenance parts of your serviced-based business that will take you past 40 hours per week.
No work at home mom should work more than full-time hours for full-time pay. Instead, charge a bit more and include your time working on other tasks into the calculations. For example, if you charge $20 per hour, you can have an extra 10 hours to work on non-client tasks and you'll still make $600 weekly.
2. Employ subcontractors.
You can employ others to work for you to complete projects. Yes, you will have to hire them at an inferior rate to ensure profit for your serviced-based business, but if you give a fair rate and deal with your subcontractors well, you can gain a loyal team of helpers. This means you can accept more clients, can concentrate more of your time in gathering and maintaining clientele by ensuring that they receive excellent service.
When you have more clients and potential clients to draw from, your serviced-based business is expected to have less fluctuations than if you try to do everything yourself.
3. Outsource other duties.
Not only can you have subcontractors do your client's work...you can hire others who also work at home to complete other tasks for your service-based business. Remember those website updates, bookkeeping and answering emails? Those are the tasks that you can hand over to a work at home assistant.
Imagine yourself as the manager of your service-based business. The manager concentrates on ensuring things are running well and the business (in this case your serviced-based business) is growing. They need not worry about the small tasks like answering an email. They center on the big picture. You must look at the big picture, too.
We all have hopes and dreams for ourselves and our families and I'm sure working eternally isn't one of yours. And I guess the reason you chose to have a service-based business at home is to enjoy being with your family.
Trying these 3 simple suggestions will ensure that you are available to:
- Take a vacation
- Take a day off with your sick child (you’re still their mom, after all)...or just take a day off PERIOD!
- Retire someday.
We may be running our service-based business right at our own home, but it doesn’t mean that we should be working all the time.
About the Author Renata has more than 30 years private as well as professional experience working with children of from little babies to teenagers and young adults. For more helpful information go to: http://workfromhomemomsecrets.com/bg/
Website URL http://www.childcarezones.com
Posts Tagged ‘Business’
Starting Your Own Business
Starting Your Own Business Versus Working For Other People
Sometime in your life, you will probably get tired of working for someone. I am sure many of us, at one time or another have felt this way. I know what it feels like. I have been on both side of the fence.Working for some company does has its benefits. Medical care, insurance, investment or retirement funds. The paycheck is a source of stable income. Hey, some of us get paid for doing nothing, all day, every day of the week. There are other perks, like a company car, expenses account, traveling and an assistant. Even the prestige of working for a well-known and respected company.
But for some of us, trading time for money is not the way to go. Maybe you need to spend more time with your family. Sometimes, it is because you do not agree with the way things are done, and it can be a soul-numbing experience. In my case, sometimes I work a 70 hour week, even a 20 hour day. I have a toddler and a baby at home, so it can be challenging to manage my time.
It is in trying times that you start looking for greener pastures. Taking a pay-cut in another job with flexible hours might work. Or you might want to be your own boss. Before you make the choice, I really do think you need to look at your plans objectively. Many people make the change from being employed to being self-employed. Unless you have something that you can offer your customers, this is a risky proposition.
The problem with being self-employed is that you end up working even longer hours trying to build a business. You have to do everything yourself, and the minute you stop working, the income dries up. In many cases, being self-employed is an inefficient use of your time because you have to do everything yourself.
Even if you manage everything properly, it can take years before it can be self-sustaining. In that time, you work horribly long hours and your family life suffers as a consequence. Starting a business is quite a simple matter, making it successful so you work less is another matter altogether.
The solution depends on a lot of factors, starting with being realistic and objective. Here are 5 things you need to consider before venturing out on your own:
1) Know The Market
Determine if there is a need or want in the marketplace for what you have to offer. Go out and talk to people in your market, get hard data. You need to offer something to the market that other business do not, your Unique Selling Proposition or Unique Selling Point. What is it that you can do for your market, and do it better or more effectively?
2) Get The Income Now
You need to get some paying clients or customers now, before you quit your job. If your business model does not work or if people do not want to do business with you, how are you going to generate income? Why should they do business with you? This is the ultimate test, if you cannot generate income now, what do think your chances of success is going to be?
3) Seek Additional Finances
You may some money put aside that can sustain you for a few months. But it is never to early to start seeking additional funds to drive your business. Even if you manage your cash-flow well, working capital is seldom sufficient for growth. You need to find additional resources quickly.
4) Look For Business Partners
Your business needs to grow to succeed. Look for businesses you can partner or joint-venture with. Something that is a strategic fit which you can use to build up your client base. Perhaps you can do a joint promotion, and they can extend your reach into your target market.
5) Seek Expertise
You don't know everything, and you cannot be expect to know or do everything. There is always someone to turn to when you need expert knowledge. In one of my enterprises, we have a consultant who advises our company in financial matters. Spending that small amount of money up-front allows the company to keep a bigger share of the profits. You could find a mentor or an adviser, someone who is successful in business.
Photo source: Hiking Artist.com - Free Downloads
