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How can a mother without a lot of money start a successful home business?

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March 24, 2008 11:43PM

You didn't mention whether you're a single mother or married with an additional income coming into the household. Either way, it sounds like you're trying to make ends meet but you really want to make a go of your own business. GOOD FOR YOU! The first thing that you're going to need is a jolt of confidence and a dose of trust, that you'll be able to make it work whether you've got a lot of money or a little. On the reality side, you're going to face some challenges (though, if you ask just about every entrepreneur, they'll tell you there were times they didn't think they would make it...because they didn't have money to start with, or didn't make money right away). So, here are some obvious (or not?) places to secure some money: * Home equity line of credit -- if you own your home and you've got some equity to draw from, now is a great time because interest rates are low, and frankly, I believe this is one of the BEST uses of home equity -- improving the quality of your life by following your dreams! * Low-interest credit cards -- You can learn to play the credit card game. Don't do anything rash without knowing the ropes, however, because living off your credit cards could cost you, dearly. However, credit cards also allow us certain luxuries -- like investing in a business we might not have been able to invest in, had we not been able to use credit. * Networking -- Use absolutely every single friend, family member, colleague and acquaintance you have to let the world know you're starting your own business. People will rally around you and support you! Don't be afraid to ask for help. Be assertive and let people know what you're doing. You may find a business partner interested in collaborating, in which case, your costs will be cut in half.