As a stay at home mom, you need to balance everything, like finances. So here are ways how moms increase their financial security.
We have to face the truth that being a stay at home mom gives people the notion that you will not have your own money. Your family will have your husband as the sole breadwinner. Then, you will have to be at home to take care of the kids and manage the household, probably with a helper.
Because of this, insecurity kicks in. Fortunately, there are ways for moms increase their financial security. Here is what you can do.
If you have been lucky enough to be on good terms with your boss, it might be possible. But it is best to consider your work description. Then, you can ask your employer if you could work at home either part-time or full-time.
Remember, housewives do not have CPFs. All because they don’t have employers anymore. So it will be better to keep your job as much as possible.
If you can save some money while working, use it as capital to build a microbusiness. Like any other business, microbusiness also involves risks and hard work. But if you are going to stay home, you can manage your own time. Also, you might as well be your own boss.
In the World Bank’s 2014 Doing Business report, Singapore ranked as the most accessible place in the world to do business. The government gives full support to budding enterprises. They have various grants and schemes. That’s why Mumpreneurs steadily grow in number.
No matter how small or big, any business requires time and capital to start and grow. It requires commitment and time management, too. So do it while you still have to look over your kids.
Since your microbusiness is home-based, you will need all the support. Your family and friends play a vital role in your venture. Starting up a business is an emotional rollercoaster ride.
Your husband must give financial support though not directly to the business. He might agree to shoulder every household cost until you reach breakeven. Your family and friends can be a great source of emotional support. Their words of encouragement boost confidence. Physical support can come from your parents and in-law. Their willingness to take care of the kids is essential, especially if you need more time to focus on the rush or bulk client orders. Finally, psychological can be reassurances that you are still sane and your ideas can work.
You need to notify the Accounting and Corporate Regulatory Authority (ACRA). Also, you have to pay the appropriate registration fee. Then, do not forget to inquire whether you need a license for the business you want to put up.
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. Also, use the available toolkits to equip yourself more in running your own business.
You have to focus on a specific group of clients. If you want to cater to 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. For example, you can create a Facebook page. Also, hire a professional web designer to create your website.
You must know your edge over other bigger competitors in the market. What can you offer the clients that are uniquely yours? Can you do it faster, cheaper, or perhaps better? Can you sew unique fashionable kid wears? Or maybe you can create an online shopping site with unique finds.
1. Web presence and marketing
Though your business is home-based, you can make your brand known to your clients through a website or various social media. For example, ask your friends to share your site with their other friends. In addition, you can try other low-cost marketing tricks, such as small promos or opening day discounts.
2. Product distribution strategy
With your clients in mind, you have to strategize how you will get your materials. Then, figure out how you will distribute your finished products to them.
3. Financial plan
You don’t just need a starting capital. Also, you will need working capital. It helps to keep the business process going. A financial plan is crucial before opening your business. It allows moms increase their financial security.
4. Hiring of staff or working with partners
Being a business owner requires a lot of tasks. Will you be able to cope with it? Do you need to hire some staff? Or is a business partner required? Assess what your business needs before getting the extra hands.
5. Starting a corporate bank account
You will need a corporate bank account which should be separate from your personal bank account. It helps in protecting your private information. Keep in mind that you will transact with other vendors and clients using bank accounts.
Also, having a business faces various challenges. But do not lose focus on the main reason you had put up the business in the first place. It is for stay at home moms increase their financial security.
Being freelance means you have your time in your own hands. You can welcome students in your home. Plus, teach the young ones with various subjects or skills. For example, instruct them about playing the piano or violin. In addition, your pay will be at your own discretion.
Did you save up money while you were working? Do you think you can handle ricking it? Then, try investing in different ways. But first, study how it works to avoid losing your biggest risk. Choose from Real Estate Investment Trusts (REITs), Exchange-Traded funds (ETFs), and stock dividends. Once you know which is suitable for you, invest your funds in it.
Accidents and unfortunate things happen at the least expected time. Remember that your husband is the sole breadwinner. If something happens to him, you will be left hanging dry without any backup financial support. So it is best if moms increase financial security, too.
Take your time to shop around for the best insurance that will fit your needs. Ensure it is still affordable with the limited cash flow in the household.
If you need more cash for your microbusiness, start your business as soon as possible. In addition, drop by Cash Mart and experience their professional service while processing your personal loan in Sg.
If you have other concerns in your mind about getting a loan, do not hesitate to call at +65 6397 4111.
The friendly staff from licensed moneylender Cash Mart are trained to walk you through the smooth loan process.