Australian Parents Look for Part Time Income Among Rising Costs

Business Options for Stay-at-Home Parents

Start a Business from Home

Starting a work-from- home business is a lot of work with a lot of unpaid hours. Many new business owners spend the first year running at a loss, and 60% of Australian businesses fail within three years. So, it’s a big gamble, and one that should only be considered if you plan to invest time and effort into growing it over a prolonged period. But the rewards and benefits of sticking with it might just outweigh these risk factors.

Buy an existing, viable business

A business with proven performance and plenty of recurring, contracted customers offsets some of that risk. But running a business still has more expenses and a lot more unpaid hours than you might realise or be ready for. This is a safer option than starting from scratch – there is confidence that the business will bring in customers, the service is tried and true – but the buy-in price will be relative to the proven income record. This needs proper due diligence from your accountant or financial advisor, and you may find that even if it looks good on paper, the business isn’t viable in practice.

Buying a Franchise, Risks and Rewards

Small franchises for stay-at-home parents are a relatively new thing. Generally, franchises cost a bomb and have very limited independence. So, small business franchises are a compromise suited to those who want to supplement income without going into deep debt. Many of them come without the bank-breaking fees and will give stay-at-home parents the social benefits of a job. Modern small franchises are designed to bring in a moderate income and only require part time work. You get the ‘business structure,’ lead generation, and marketing of a big franchise, as well as all the fun. But there are still those unpaid hours, and the buy-in fee means that it’s not suited to all families. As always, you’ll need to seek professional financial advice to make a well-informed decision.

Stay-at-Home Parents Have More Options, but Not Necessarily Better Options

There is no easy fix to finding the perfect stay-at-home parent income.  It will always come down to what you can (or want to) put into the gig, and what you need to take out of it. It’s easier than ever to work from home thanks to the widespread changes of the COVID-19 era – but there is always a downside, always a risk, and always a need for sound financial advice. But, if the rewards outweigh the risks, a small franchise for stay-at-home parents might be your way forward.