Many single moms have the erroneous belief that having less money than other families is just a fact of life. It doesn’t have to be that way. These days there are so many more ways to make money than there were in our parent’s generation.
Here are three of the best low cost home business ideas for single moms:
1. An Online Business:
There are many online businesses and literally thousands of ways to earn money online. The best way is to have a blog or website with some good information. Place some affiliate ads or create a product yourself that you can sell and you can easily make some money. The trick, of course, is to generate traffic to your website. That’s where knowing the inside scoop on using the right keywords and Search Engine Optimization are invaluable.
Average startup cost: well under $500
2. A Virtual Assistant Business:
If you have a talent for office administration, you can do quite well running a Virtual Assistance business out of your home. Your clients can be located anywhere in the world. Virtual Assistants (VA’s) do a variety of tasks including website administration, secretarial work, bookkeeping and a multitude of other jobs. If you have office experience, you might want to start here because VA’s command a decent hourly wage.
Average startup cost: under $500, depending on your office equipment
3. A Bookkeeping Business:
If you have bookkeeping experience, then starting your own bookkeeping business will be fairly easy for you. Freelance bookkeepers command anywhere from $20 to $60 per hour, so it’s easy to see how lucrative a bookkeeping business can be. Also with so many people starting their own businesses, a bookkeeping business is also an evergreen business. Many businesses have a hard time finding a bookkeeper, so your services will be in demand.
Average startup cost: $200 to $600, if you have your own office equipment
Businesses to Stay Away From:
You’ll notice that home businesses that involve selling products didn’t make this list. These include party plans, door to door selling or any multi-level type marketing businesses. All these business models generally involve buying inventory and selling it or working on commission.
The problem with these business models is that the majority of moms who dedicate themselves to these businesses rarely make any money at all. The only ones making any money are the company itself or the people who “sponsor” these moms.
So if you’re a single mom who’s looking for ways to supplement your income, check out the low cost home business ideas mentioned.