Being there for your child AND earning a decent living are the two biggest challenges for us single moms. If you have a full time job, you'll earn enough money, but you don't have enough time for your child. If you work part time, you can spend more time with your kid, but the financial situation will be tight. So the ideal solution would be a job that requires no more than 4 to 5 hours work per day AND provides sufficient income. From my own experience, starting an online business could just do the trick. However, it's important to look at both sides of the coin before you decide.
Let's consider the PROS first:
Low risk and investment
An idea, a computer, an internet connection and a step-by-step guide how to set up and market your business is all you need.
Work at your own pace
It's completely up to you how many hours per day or per week you are going to work for your business. Just be aware that your business will grow slower or quicker, according to the amount of time you put into it.
Work from home
A huge advantage as you don't waste time with commuting. And it makes it so much easier to fit your work into your daily duties as a single mom.
Exciting and fun learning experience
The foundation for your online business will be an area that excites you (a hobby, a passion, life experience). That means working on it might not feel like "work" at all. In addition, the whole process of building and marketing your online enterprise is an amazing learning experience.
Being your own boss
Priceless. You decide when to work and what to work on. Later on, you might even consider "outsourcing" some of your tasks and thus sit on the other side of the fence, for a change.
Automatic cash flow, once established
This is, in my opinion, the biggest benefit of an online business. If you do it right, it will provide an automated cash flow from various sources, e.g. earnings from Google ads, affiliate commissions, selling hard or e-goods, gettingreferrer's fees and so on. Imagine going on a long holiday with your kids ... and the money keeps coming in.
Sounds too good to be true? Well, I have done it and so can you, but there are some CONS you should consider as well:
Little to no income in the first 6 months
We are talking about building a serious and honest online business, not about a 'Get Rich Quick' scheme. During the first 6 months, you probably won't earn any money at all.
No fixed monthly income
You need to be comfortable with a certain insecurity. You won't have monthly payslips with a fixed amount. Although income from an online business will normally grow over time, there is no guarantee. You might have seasonal fluctuations. Or a strong competitor might take away some of your customers.
No employees' benefits
Depending on the company you work for, you'll have access to benefits like medical and dental insurance, life insurance, pension plans and others. If you are your own boss, you'll need to take care of all these things yourself.
Social isolation
As a single mom, your social contacts will be limited anyway. When you work outside your home, you have at least your colleagues to engage with. But when you work completely from home, you might feel pretty isolated. It will take more effort from your side to build a social network.
Motivation has to come from inside
There is no set time when you have to be at your desk. No boss, mentor or colleague will praise you for your achievements or provide feedback how you could do better. You need to be able to motivate yourself, define your goals and stick to them.
In conclusion, it depends mainly on your personality, whether an online business is the right solution for you. If you are self-motivated, well organized and a bit adventurous, you should definitely give it a go. As I said earlier, starting an online business needs almost no financial investment. And if you do it right, the sky is the limit for what you can achieve with it.
If security and a stable, well known work environment are important to you, you might be better off as an employee. On the other hand, the beauty of an online business is that you can start it part time. Actually, you should do so, as you will need another source of income to sustain you during the first year. So, even if you are not the adventurous type of mom, you could still give it a try.
From 1995 to 2007, Margit Streifeneder was co-owner of a small enterprise doing climate and air pollution studies in Germany. Her passion for the internet led her to her current job at the world's leading search engine. In her spare time, the single mother has been building a thriving online business based on one of her hobbies (balloon decorating). Read her inspiring online business story to find out how you could do the same.