“How can I stay at home with my children but still help support my family?” I see this question asked a lot amongst parenting forums and as a work from home mom, I can tell you it is hard work but it does have its benefits.
My advice if you want to make working from home a success is to have a solid business plan, stay organised, have a good support network and treat it like any other business. Even though you work from home, you are running a business and that means you need separate business insurance.
Now you can add business insurance to your King Price portfolio as they have expanded their insurance coverage to offer affordable cover for the risks associated with running your own business. Here are a few career options for you to consider, and what potential risks you need to protect yourself against.
Work from home jobs
- Bridal florist: if you are creative, organised and love design, you can set up your home based florist and help make someone’s special day even more beautiful. No two weddings will be the same, and you will get to keep up to date with latest trends and event design. The arrangements and set-up are time consuming though, and you will work most weekends. Business insurance considerations include the costs of damage of flowers and accessories during transit, or for wilted flowers if your fridges fail.
- Caterer/baker: since parents end up spending so much time in the kitchen cooking, why not make a living from it? Whether you decorate birthday cakes and cupcakes, cater for events, or bottle jams, you must prepare all food according to food safety standards in a hygienic kitchen. Business insurance can cover you in the unfortunate event of food and drink poisoning, foreign objects found in food, spoilage due to improper storage or temperature control.
- Hairdresser/beauty salon: if you are a trained hairdresser or beauty therapist, you could set up a salon at your home or offer a mobile service. Since you are working with chemicals and there are risks of infections, your insurance should cover public liability as well as your equipment and product stock.
- Graphic designer: I recommend you have the necessary qualifications and practical experience before embarking on a freelance career so that you have knowledge of the industry, running a business and potential client base. Majority of your work can be done after hours once the kids have gone to bed, though you will need to meet with your clients periodically or use video conferencing on Skype. You will need a good computer and software, which should be insured along with the recovery and loss of your data on business premises.
- Photographer: my friend is a photographer and I know how much her camera and equipment costs, and it is more than you may think. Whether you do photo-shoots at your home studio or do location shoots, consider the appropriate insurance for replacing the equipment should it be damaged or stolen, and the loss of images. Imagine if, for whatever reason, you lost all the photos from a wedding or birth, events that cannot be repeated? You would need to do whatever you could to either recover the lost data or compensate your clients, which can be covered by business insurance.
- Sales: online and Facebook stores are fast becoming popular amongst work from home parents, as well as the traditional franchise and agent opportunities, selling beauty products, clothing, toys, accessories and weight loss products. Your stock is valuable, and theft and accidental damage could mean a big financial loss, and since these are business goods, your home contents insurance may not cover it. Ensure you have adequate contents insurance and increase your home security to protect your business assets.
Liability and your business
For all occupations, you need to ask yourself these three questions regarding business insurance:
- Do my clients visit my property? Then you should consider public liability insurance.
- Do I employ someone? Then you should consider employee liability insurance.
- Do I use my car for business purposes? Ensure you have adequate car insurance that covers business use. Visit King Price for more helpful advice on the risks and challenges facing your business, and what types of cover you need.
All the best for starting up you own business and juggling work and family. It can be hard work, but also personally and financially rewarding. What advice do you have for other work from home parents?
This is a sponsored post for King Price Insurance. Images via unsplash.