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Vol. 38 No. 4 — May 2021

OUTSIDE THE BOX

According to some experts, finding new ways to make money while navigating the pandemic has been top of mind for many previously working women and moms. This has prompted a renewed interest in business ownership. However, stay-at-home orders in many states and a reduced income forced these women to take what they knew and/or loved and turn it into ventures that embraced a more virtual world. The following sections provide some quick must-have advice and must-do tips to ensure growth, success, and peace of mind while maintaining a business from home.

LICENSING, REGULATIONS, INSURANCE, TAXES

Licensing, regulations, insurance, and taxes are definitely not the fun parts of owning your own business, but they are important. Too many times, we want to jump first and ask questions later. However, if you want to make more money than you spend, take care of these four areas ASAP.

The first thing to remember is that home-based businesses are subject to all four, and it’s up to you to do research to know what is best or required for your type of venture. Do you want to be a sole proprietor, or do you think you need a limited liability company? Is your neighborhood zoned for your specific product and/or service? How do you make sure that you figure the correct amount and type of insurance for your space, equipment, item(s) sold, and so on? And have you legally made the right decisions for your business in order to pay the least—while getting the most—on your taxes? There are many places to find these answers, but here are a few all-in-one resources:

• wikiHow’s “How to Follow Home-Based Business Regulations” (wikihow.com/Follow-Home-Based-Business-Regulations)
• SCORE for Women Entrepreneurs (score.org/women-entrepreneurs)
• USA.gov’s Start Your Own Business (usa.gov/start-business)

STAYING CONNECTED WITH THE RIGHT EQUIPMENT

These days, one of the most important tools you need for any type of business is a desktop computer or laptop. The make and model are up to the individual; however, if you are using an existing computer or laptop, be sure that it is not too old, has plenty of memory for the job you will be doing, and is protected from viruses and/or malware.

And the most important tool is Wi-Fi. Making sure you have good, reliable Wi-Fi and an adequate number of gigabytes to keep your business up and running is a given. Here are some sites to get you going:

• Consumer Reports’ “Choosing the Best Wireless Router” (consumerreports.org/cro/wireless-routers/buying-guide/index.htm)
• Federal Communications Commission’sCybersecurity for Small Business (fcc.gov/general/cybersecurity-small-business)
• CSO’s “8 Key Security Considerations for Protecting Remote Workers” (csoonline.com/article/3531963/8-key-security-considerations-for-protecting-remote-workers.html)

 MANAGING YOUR MONEY

If making money isn’t one of your priorities when you launch a new business, then you might as well close up shop now. Yes, you want to enjoy what you’re doing and be your own boss, but in order to be successful at both of these, you need to make money—and then grow your business.

Math isn’t my strong suit when it comes to finances,so I rely on online programs and apps. However, I first researched how to best manage my business and personal monies—separately and combined. Some great advice can be found here:

• U.S. News & World Report’s“7 Steps to Manage Your Money” (money.usnews.com/money/personal-finance/articles/steps-to-manage-your-money)
• Business News Daily’s “10 Tips for Managing Small Business Finances” (businessnewsdaily.com/5954-smb-finance-management-tips.html)
• U.S. Small Business Administration’s Manage Your Finances (sba.gov/business-guide/manage-your-business/manage-your-finances)

CREATING A POSITIVE WORK ENVIRONMENT

Finding creative ways to set up your workspace is crucial. In addition, you want to make a schedule that works for both you and your family, and be sure you adhere to some form of organization. Bonus tip: Find a plan that works for you, not necessarily the masses. Check out the following:

• Extra Space Storage’s “Working From Home? Here’s How to Create a Productive Home Office” (extraspace.com/blog/home-organization/how-to-create-a-productive-workspace-at-home)
• Capital One’s “Bringing the Office Home: Set Up a Home Workspace That Inspires Productivity” (capitalonecareers.com/bringing-the-office-home-set-up-a-home-workspace-that-inspires-productivity-101-cul)
• Apartment Therapy’s “7 Tiny Tweaks That’ll Make Your Home Workspace Comfortable and Inspiring” (apartmenttherapy.com/tips-for-working-from-home-36735483)

FINDING A MENTOR

Although the numbers show that women-owned businesses are on the rise, it still can be daunting to launch a venture that goes up against men’s initiatives. Because of this, there are many (and a growing number of) organizations and programs that provide a mentoring hand at no charge. Here are two of them:

• MicroMentor (micromentor.org)
• InspireHUB’s “Free Small Business Mentors | Part 5: Women-Owned Business Resources” (inspirehub.com/blog/free-small-business-mentors-part-5-women-owned-business-resources)

PERFECTING WORK-LIFE BALANCE

The business you’ve created at home is even more prone to complications if you don’t master the art of balance—work-life balance, that is. The following sites can help:

• @halfhalftravel’s “Tips for Better Work-Life Balance While Working Remotely” (halfhalftravel.com/remote-work/work-life-balance.html)
• Energy Resourcing’s “9 Ways to Improve Work-Life Balance While Working From Home” (energyresourcing.com/blog/work-life-balance-working-from-home)

SCHEDULING SELF-CARE TIMEOUTS

Your business is up and running, your Zoom meetings are on point, your kids are fed and their homework is done, you’ve found a way to balance all areas of your life, and your clients/customers are multiplying beyond your wildest dreams. Now what? Stay tuned next issue for ideas that will help you take those much-needed breaks (yes, plural!) without the guilt.