5 Tips to Prepare Financially for Your SAHM Business

This article is a part of my “How To Be a Mompreneur Series”. You can read the whole series here.

It is wonderful to run your own business from home while looking after your kids at home. The huge advantage of being a mompreneur is that you sell the product or service which people need but not found easily in the market. Your business is solution based on a problem that you have encountered as a mom. And that is the USP of your SAHM business. Wait, wait… what is SAHM? Well, it stands for Stay At Home Moms.

Stay at Home moms are not just simple homemakers if you have wondered. They are not just women who have decided to stay at home to raise their kids but doing something altogether that give them financial security. These women are often known as mompreneurs who are moms and entrepreneurs at the same time.


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But it really doesn’t matter if you call yourself SAHM or mompreneur as long as you choose and establish your business. I have already discussed here how to choose the right business path as a mompreneur. Today, I will discuss how you can prepare yourself financially to start a SAHM business.

To run any business, you need three M’s- Mind, Motivation, and Money. We all have the first two things with us and only we ourselves can increase or decrease it. But to fund a business is not easy and you need proper planning to set a proper financial plan.

Please note that I am not a money expert but I have established my own online business and the tips I share in this blog are tested and tried by me. I have gone through a long journey of failure and discovery before setting up everything in place and now I can proudly term myself as a successful SAHM.

When I first started, the hardest barrier that was between me and my goal was money. I was determined not take a single penny from my family. All I had at that time was the money I have earned from my earlier 9-5 job. My investment in the business was minimum as I conduct my business online but yet it required brainstorming and planning. I lost, I failed but at the end, my dedication and hard work benefitted me.

Here are the tips that I followed to prepare myself for my SAHM business.

5 Tips to Prepare Financially for Your SAHM Business

Know your expenditure

Before you set your financial plan, you must know your expenditures. Take a notebook or an app where you can list your earning and expenditures. After listing the expenditures, know different channels which lead you to spend money. Do all of your expenditures spend worthy? Can you cut some of your expenses? Do you really need two separate credit cards between you and your spouse? Try to answer similar questions and note down the answers. It will give you a clear picture of your expenses and how to trim them down.

Separate your expenses from personal to business

As they say, every penny you save is the penny you earn. Separating your personal expenses from your business one will organize your spending and help you set the finances for your business. If possible, open a separate bank account for your business and list all of your business expenses and investment into it. Get a debit card for the account so that you can keep a tab on the spending.

This article is a part of my “How To Be a Mompreneur Series”. You can read the whole series here.

Set monthly targets

As soon as the wheels of your business are in motion, set monthly targets. The targets may be earning a certain amount of money or spending a certain amount. But the key point here is to stick to it. Be strict with yourself and achieve the target. It may be difficult in the initial months but you will find it easier once you really stick into it and never give up.

Prioritize your goals

Have a one-to-one talk with yourself. What you really want to do with your business in a long run? Is your business going to die once your kids have grown up and you have time to resume a job elsewhere? Or you want to continue it and grow into a larger, profit generating business? Work accordingly. There is no sense of spending all your money if you are going to scrap it after a few years. But if you have larger dreams, work harder. Know your strength and invest it.

Know your economic strength

There is a proverb in Assamese, ‘aay sai byoy’ which means spend according to your income. Before investing any amount of money, know how will cope with it. It does not make any sense if you have face problems to run your daily errands after making a huge investment. It did happen with me when I invested a large sum of money in my business. For three months, I need to run some side hustle just to meet my monthly office expenses. It not only ate up my time and hard work but also left me physically and psychologically drained. So, learn from my own mistake and think twice before making any huge investment.

I hope these tips would help you to prepare your finances before starting your SAM business. Do you have any particular tip which has helped you in preparing the financial plan for your SAHM business? Do share with me and my business.

This article is a part of my “How To Be a Mompreneur Series”. You can read the whole series here.

 

 

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