Tell us a little about your small business (+URL).
I have actually had two. My first, a licensed home daycare business, was born out of my wish to stay at home with my children after many years of working outside the home. Now I'm a freelance writer - the hours are slightly better but I don't get nearly as many hugs!
How long have you been running your small business?
Business #1 - two years. Business #2 - almost four years.
How did you get into starting a small business?
I really wanted to be home with my kids, so taking care of others' children made logical sense when my children were young. Later, we moved to a remote location for my husband's work, and I was looking for a way to earn money from home. I picked up a book about freelance writing and decided it would be a good, low-cost fit for me, and it was.
Describe your starting a small business experience.
The first time around, my biggest obstacles were the state licensing procedures. Everything just took a very, very long time and I fell several months behind my startup timeline. It was easy to find children to care for - if you charge a competitive price and work with parents regarding hours (people's work hours change a lot, it turns out), it's easy to fill daycare slots.
The second time was easier because all I had to do was get appropriate business licenses. Pitching articles was something I had to learn to do properly, but there are plenty of good materials out there for aspiring writers. I followed them to the letter and sold the first article I pitched. I did have to spend a lot of time looking for work, so I worked to build an ongoing client relationship. It's nice to have steady assignments and a predictable deadline schedule.
Lessons learned
- Don't expect everything to go according to plan. Anything you can't control (licensing, inspections, internet service installation, editors liking your article pitches) changes the dynamics of your business operation, and you have to be ready for that.
- Keep good records and learn as much as you can about taxes as they pertain to your line of business.
- Stash some money in case you go through a lean period or something you must have (laptop for writing, washer and dryer for daycare) stops working. You won't be able to afford the downtime, so you need to be ready to repair or replace your essential equipment.
