There are many who wish to start their own business with their family, but because they are already working a fulltime job to have a consistent income they may feel that they are at a disadvantage. Tied to the responsibility of work and raising a family, a startup business may seem impossible. Because family members have so many areas to care for, it is often difficult for them to take on so much without feeling that their business could fail.
There are different reasons to start a family business. Someone may want to begin a business to remain better in control of their lives and enable the proper amount of flexibility. However, most businesses are expensive and are difficult to start on a budget. Starting a business on a budget is possible if you follow the steps outlined below. If you are serious about starting your own business and willing to take a chance, these steps can help you start the career you have always dreamed of having:
Choosing the Right Business
Certain businesses require a lot of capital. The restaurant business, for example, can cost hundreds of thousands of dollars to start. This career and other expensive start-up businesses are not ideal for budget business-owners. However, there are many jobs that require less capital to start.
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Good low-cost start-up businesses cover the fields of: tutoring, hair and beauty care, business consulting, computer services, professional organizer, fashion consulting, home and office cleaning, catering, and childcare. These careers require less capital to start.
Gaining Capital
Every business requires some capital. The best way to find funding is by creating a detailed, quality business plan and taking it before potential investors. In some cases, you may also be able to find capital from friends or family members. Taking money out of savings or retirement is also an option to help start your own business. Tax-saving laws and capital gain rules that encourage startups can benefit small businesses and investors that are run by families.
Outside Funding Resources
Consider outside funding resources such as asking your friends and close family members for assistance or post a project start up online on websites such as Kickstarter and Indiegogo. These websites allow entrepreneurs to post their project idea or campaign to help raise money on a local and global scale.
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Not only do these sites help your family business to raise money, but it helps to create brand recognition for those interested in purchasing your products or hiring you for your services.
Low-Income Assistance
If you currently receive a low-income or if it will be in the future because of your new family business, you may also qualify for the Lifeline Assistance program from the Federal Communication Commission (FCC). This program offers assistance in a variety of ways for low-income families, including school lunches, Medicaid, Social Security Income, and Federal Public Housing assistance.
Limiting Overhead
When starting a business, there are many ways to reduce your overhead. Shared offices are a popular way for new companies to cut down on expenses. You can even purchase used office equipment and supplies to cut down on costs. Another thing that might be worth having a look at, are government funded phone services. Many jobs can even be completed at home until you have enough profits to move your office elsewhere. Some business owners choose to keep their offices at home until children are grown to keep their schedules flexible.
If you are someone looking to start your own family business, there is hope. There are many resources and tips you can follow to help get started in your own business within just a few months.