048 What kind of Business could work for you?
In today’s episode Kate talks about the different styles of business and what could work for you. This episode is for Mums who know that they want to start their own business, but are unsure of what business would be best suited to them, or how their skills could be turned into a business.
Here are some of the key takeaways from this episode:
- Traditional business models can include e-commerce (selling something online), service based businesses, bricks and mortar businesses, such as a shop, a food outlet, a salon, or studio. These can include a room in your own home, or garden studio, where clients can come. Mobile food businesses are also very popular at the moment, as well as pop-ups and concessionary stands and stalls within other food outlets.
- Product based businesses, where you make, up-cycle, re-purpose or buy and sell items can also be a fantastic way to do business.
- Personalised items can work well – whether that be items that you make and personalise or buy in items to personalise.
- Art can be created and sold in traditional sales methods or online.
- As a Mum, items that are child or Mother related can be helpful. Maybe even something that solves a problem and that you couldn’t find in your role as a Mum.
- Multi-level marketing can be a good way of getting into business, learning, and potentially getting some sales experience with a team behind you. Be cautious as there are some MLM’s with questionable practices, and this is not the right route for everyone but if you find a product that you love it can be a good starting point or additional stream of income.
- Another option is online/Digital products. E-books, PDF downloads, Workbooks, courses, memberships. (With the exception of memberships) these products are passive income to some degree.
- Freelancing/consulting in a corporate area that you are skilled and experienced in can also be an option. You have control over your hours and who you work for.
- Other “passive income” streams include affiliate marketing, rental income, royalties, books. Be cautious of “passive income”. No income is 100% passive. There will always be Marketing that needs to be done, decisions that need to be made, or follow-up work that is needed, but some streams of income are certainly more passive than others.
- Whatever business you decide upon, you need to factor in the space that you will need for stock, automations and systems that you need to put in place to streamline, especially if you have multiple streams of income that all need to be managed.