We have to face the truth that being a stay at home mom gives people the notion that you will not have money of your own. Your family will have your husband as the sole bread winner, and you will have to be at home to take care of the kids and manage the household, probably with a helper.
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Work at Home
If you have been lucky enough to be in good terms with your boss and it might be possible considering your work description, then you can ask your employer if you could work at home either part-time or full-time. Remember that housewives do not have CPFs since they don’t have employers anymore, so it will be better to keep your job as much as possible.
Be a Mumpreneur
If you are able to have saved some money while you were working, you can use it as capital to build a microbusiness. Like any other businesses, microbusiness also involves risks and hard work, but if you are going to stay home and manage your own time then you might as well be your own boss.
In World Bank’s 2014 Doing Business report, Singapore ranked as the easiest place in the world to do business. With the government on full support to budding businesses with various grants and schemes, mumpreneurs steadily grows in number.
8 Must Haves Before you Become a Mumpreneur
- Commitment of Time and Finances
Any business, no matter how small or big, requires time and capital to start and grow. It requires commitment and time management as you are still have to look over your kids. If you need more capital you can get a loan from a license moneylender, or if you are up to it and time does not concern you, you can put up your proposal in Kickstarter.
- Family and Friends Support
Since your microbusiness is homebased, you will need the support of your family and friends as it can be an emotional rollercoaster ride. Financial support must be given by your husband though not directly on the business. He might just agree to shoulder every household cost until you reach breakeven. Your family and friends can be a great source of emotional support through words of encouragement. Physical support can come from your parents and in-law who are willing to take care of the kids if you need more time to focus on rush or bulk client orders. Psychological can be reassurances that you are still sane and your ideas can work.
- Compete Legal Requirements
You need to notify the Accounting and Corporate Regulatory Authority (ACRA) and pay the appropriate registration fee. Then do not forget to enquire whether you need a license for the business you want to put up.
- Type of Business
Each business type needs different sets of requirements. Decide if you want a sole-proprietorship, a partnership, or a private limited company. If you need more details to decide on this part, you can visit SMEPORTAL.SG. The site offers vast information from planning a business to growing it. You can also use the available toolkits to equip yourself more in running your own business.
- Target Clients
You have to focus on the specific group of clients. If you want to cater for women, then it is too broad. You might lose focus on your business path. What type of women do you want to be your main clients? You can specify your clients such as single moms, working moms, and stay at home moms.
Once you have identified your clients, you can now decide on a marketing strategy. Either you can create a Facebook page or hire a professional web designer to create you website.
- Unique Selling Point
You must know your edge over other bigger competitors in the market. What can you offer the clients that is uniquely yours. Can you do it faster, cheaper, or perhaps better? Can you sew unique fashionable kid wears? Or perhaps you can create an online shopping site with unique finds.
- Basic business necessities
a. Web presence and marketing
Though your business is homebase, you can make your brand known to your clients though a website or various social media. Ask your friends to share your site to their other friends. There are other low cost marketing tricks which you can try such as small promos or opening day discounts.
b. Product distribution strategy
With your clients in mind, you have to strategize on how you will get your materials and how are you going to distribute your finish products to them.
c. Financial plan
You don’t just need a starting capital, you will also need a working capital to keep the business process going. You need a financial plan before opening your business.
d. Hiring of staff or working with partners
Will you need to hire some staff or work with a partner?
e. Starting a corporate bank account
You will need a corporate bank account which should be separate from your personal bank account. This is to protect your personal information since you will transact with vendors and clients using bank accounts.
- Ability to Focus
Having a business is also facing various challenges, but do not lose focus on the main reason why you had put up the business in the first place.
Being freelance means you have your time in your own hands. You can welcome students in your home and teach various subjects or skills such as playing the piano or violin. Your pay will be at your own discretion.
If you have saved up money while you were working and you think you can handle ricking it, then you can try investing to Real Estate Investment Trusts (REITs), Exchange traded funds (ETFs), and stock dividends.
Ask your Husband to get an Insurance
Accidents and unfortunate things happen at the least expected time. Remember that your husband is the sole-breadwinner and if something happens to him, and then you will be left hanging dry without any backup financial support. Take your time to shop around for the best insurance that will fit your needs, yet still affordable with the limited cash flow in the household.
If you need more cash for your microbusiness to start your business as soon as possible, then you should drop by Cash Mart and experience their professional service while processing your personal loan in Sg. If you have other concern in your mind about getting a loan, do not hesitate to call at +65 6397 4111. The friendly staffs are trained to walk you through the smooth process.
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