Today we have a great guest post for you from a fellow personal finance blogger. She discusses some of the ways that she has made money as a stay at home mom! So, here is McKinzie and her article – Five Ways to Make Money as a Stay at Home Mom.
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Hey! I’m McKinzie from momsmakecents.com where I teach moms how to build profitable blogs and online businesses. Russell and Maleah were kind enough to let me share a few of my favorite business ideas with you.
But first, here’s a little bit about me and the businesses I’ve started as a mom.
When I was in the third trimester with my first baby the company my husband worked for started doing widespread layoffs. Immediately, his pay was cut by ⅓ and the intimidating layoffs continued for months. We had planned for me to stay at home with our baby and I had already left my full-time job, but suddenly it wasn’t going to cut it to live on his one unstable income.
I began searching all of over the internet for jobs for stay at home moms but it didn’t seem like there were many options other than $10 an hour (or less!) call center jobs that would still require childcare. However, I knew I had to find a way and in that first year, I started three profitable businesses.
SIDENOTE! INVESTING DIVA!
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2. Teach English online to Chinese kids. Earn $20 per hour and work from anywhere. Our article about teaching English online.
3. Proofreading is well paid ($100 per hour!).
#1 Virtual Assistant
The first business I started was working as a virtual assistant. This was a great option because there were no upfront expenses. A friend was running a small business and I reached out to her to see if I could help her manage her social media accounts. The first couple of months I worked for free (you don’t have to do this though!) to gain more experience and show her the value I could provide.
Eventually, she hired me on as a paid contractor. I only needed to make an extra $500 a month and this one client easily met that quota. As I continued to refine my skills, I was able to take on more clients and nearly doubled my hourly rate in less than a year.
In addition to social media management, some other tasks that I did for clients included:
- Content Writing
- Influencer Marketing Outreach
- Creating Social Media Graphics
- Email Marketing
- Proofreading and more
This was one of my favorite businesses I’ve ever done and is one I recommend if you need to make money quickly. There is little to no cost to get started and realistically you can make $15-25 per hour in your first year.
This may be a good fit for you if you are detail-oriented, organized, enjoy social media, or have another freelance skill you can offer.
#2 Amazon FBA
The next business I started was selling products on Amazon through their Fulfilled By Amazon (FBA) program. I found items on sale at stores like Target or Kohl’s and then sold them for a higher price on Amazon (to maximize your profits make sure to use coupons when you can and cash back apps). I also sold some thrifted items as well.
When you sell on FBA you ship your inventory to Amazon and then store it for you and ship it out to a customer when they order your product. In exchange, they take a percentage of the profit.
This was a fun side hustle, but it has two major cons. It was a lot of work (and I mean a lot) and it was expensive to start. I had to invest in inventory in order to build up my product base to sell on Amazon. If you don’t have cash on hand it can be difficult to get started. If you live in a small space it can also be challenging to store the products until you ship them to the Amazon warehouse.
You also can scale this business model, by creating and sourcing your own private label products, or becoming a wholesaler for other brands.
#3 Own A Rental Property
Now, this may not be an option for everyone, but we had a small condo that we purchased when we were first married. As things became rocky at my husband’s employment we decided to move out of our condo and in with family. This allowed us to rent out our condo.
We were able to cash flow about $150 a month, pay down the mortgage, and the home appreciated in that time. We were later able to make some updates and sell the condo for a nice profit. We plan to buy more rental properties in the future.
If you don’t have a full home that you could rent out, rent an extra bedroom or an extra floor in your home as an Airbnb host. This allows cashflow on space that you may not be using, plus you can meet some really cool people along the way.
After starting these three businesses I was hooked! I realized how much potential there was for moms and questions started pouring in from my other mom friends about how I was making money from home. I spent countless nights writing lengthy emails explaining my processes. When suddenly it dawned on me.
If there were this many people in my neighborhood that needed help, think of how many people I could help if I shared my experiences online.
And that is when Moms Make Cents was born.
Blogging is one of my all-time favorite way to make money from home. It allows you to share on a subject you are passionate about, meet and help others from all around the world and the income potential is virtually unlimited!
However, this method of making money from home can take a while to establish. There is a lot of work upfront, and oftentimes a new blog will not make much for the first six months to a year, but if you are consistent it can become a very profitable income stream.
When starting a blog consider what topics you love to talk about. Then make sure you have a plan to make money with your blog.
You may enjoy starting a blog if you like to write, are passionate or knowledgeable about a topic, and are willing to wait for your success.
#5 Direct Sales
After a few years of marketing experience, I wondered if my strategies could apply outside of blogging and eCommerce, so I signed up for a direct sales company called SeneGence (popular for their product called LipSense).
Direct sales has a terrible reputation for scammy tactics, high-pressure sales, and a poor success rate. I consider myself to be a bit of an introvert and I don’t have the personality that is typical for someone that is successful at direct sales. I wanted to test if I could be successful by leveraging online marketing strategy.
The results were even better than I’d hoped for!
In my first year, I climbed to the #3 recruiter in the world for the company, did thousands of dollars in sales and my growing team sold over $1,000,000 of products.
My experience taught me that direct sales or MLM can be a legitimate business model, but needs to be approached the right way. If you treat it and market it like any other business (vs. just trying to get your immediate circle of friends to buy from you) it can quickly bring in a significant income.
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Conclusions: Make money as a stay at home mom
Ultimately, starting these businesses has blessed my life in more ways than I could have imagined. I’ve been able to stay at home for the last four years with my children, I’ve met life-long friends from all over the world, and I’ve been able to significantly grow our savings.
When I left my full-time job in higher education before having my first baby, I was making roughly $35,000-$40,000 a year. I dreamed of how it could be if I was able to replace that income. I now surpass that every year, with some years reaching six-figures.
I hope you enjoyed this article about the ways to make money as a stay at home mom! Let us know in the comments below if you have had success with any of the ideas discussed in this article.