What many people don’t realize about entrepreneurs is that many go into business for themselves because they have to. Maybe jobs are not easily available in their area. Maybe their debt is so overwhelming that a minimum wage job isn’t going to cut it. Maybe they’re single parents who need to find a way to make money from home because they can’t afford daycare and don’t have a support system nearby to care for their children.
In the coming weeks we’re going to be talking to several women who took their financial future into their own hands. Instead of giving up, they created jobs that would get them out of debt. They started businesses that would one day support their families.
First up is Jennifer who is about to eliminate $40,000 in student loan debt with her unique home business.
Jennifer’s story
I was one of those classic cases of a new high school graduate. I had every intention of going to college, but lacking the money to pay for it, I decided to wait a year and attend the following fall. Life caught up to me, and I worked every day to make my way in the world, it just didn’t go as planned. Fast forward 15 years, through jobs like gas station attendant, mill worker and bookkeeper, I got laid off from my job at Nationwide Home Loans in 2007 when the housing market crashed. Struggling to make ends meet, I decided to go to the college I always wanted and 4 years later I held my degree in Computer Science in my weary hands… with about $40,000 in student loan debt.
Living in a remote area, I was blessed to find a job that allowed me to work from home (as a software engineer), and that was my focus for years. The income wasn’t what I thought it would be, and I was unhappy with the progress I was making on our loan. I was worried that I wouldn’t be able to start saving money for the kids’ upcoming college expenses in time. When my employer reduced my hours, I decided I needed to earn more and started my business, which provides digital products and services. It was a tough choice. I wasn’t sure I should focus on a new area of business considering I got my degree in something completely different. I’ve always been artistic and felt I had the necessary skills, but my dad was Mr. Failed Entrepreneur growing up, and I was worried I’d fail—especially since I was going to do it without borrowing any start-up funds.
I started designing Photoshop templates for photographers, bloggers, and DIY crafty types who love artistic and unique paper products. With my friend’s encouragement, I opened an Etsy shop alongside the website I was working on promoting. I started with a bang, November and December were very busy times for Christmas cards, I was excited to see the money start coming in. I offer customization services to my customers, which other designers on Etsy do not, and have gained loyal and repeat business as a result. Almost a year later, I’m just a few thousand dollars away from being free of my student loan debt. It’s an amazing feeling and every day I wake up excited to continue running my business and making my dreams come true.
How much did it cost to start your business?
Surprisingly, not much! I bought and signed up my domain name for less than $20 Shopify Host my website for $29 per month. I already had Adobe Photoshop Installed (the software I use to create my products) on my computer because I fell in love with digital scrapbooking a few years ago. I used free resources for marketing whenever possible and signed up for free trials on services that interested me until the money started rolling in. All in all, I was out less than $50!
Where did you find your first sale?
Etsy is beautiful, wonderful Etsy. In the niche of Photoshop templates, Etsy is for photographers, scrapbookers and people who want something crafty, handmade and unique. Those are exactly the people I want to market myself to, so Etsy was (and still is) a good fit. They started offering digital downloads in 2013, which is great for those of us who sell products in that category. Not only does this appeal to the instant gratification mentality, but it means less work for the business owner, because we don’t need to physically email the file to the buyer, it’s done automatically. Score!
What advice would you give to someone in your previous situation, looking to get out of debt and considering a home business idea?
Research, research, research. Having a game plan before you go live can save you a lot of time and energy. Use your google-foo and find out: Who are your competitors? What is SEO and how can you implement it? Who is your target audience? Additionally, you should be able to answer questions about yourself: How do you differentiate yourself from your competitors? What makes your product unique? How do you define your brand? Most importantly though, have self-belief and determination. Sales may be slow and you may feel frustrated. Don’t! you to be able to Do it. Take advantage of the slow times to build (or expand) your inventory, work on social media interactions, and work on your website or SEO. There are times when I feel frustrated and disappointed with the performance of my business. In these moments, I like to go to my husband. Sometimes it helps me express what I’m thinking and feeling. So I tell her my concerns and usually end the conversation with: “I will be a successful female entrepreneur. Anything less is not acceptable.” And you know what? He trusts me. And I believe in myself. Now, we are almost free of my student loan debt. Be positive. Be strong!
Any favorite resources or tools you can share with your fellow budding entrepreneurs?
I love www.workyourart.com. He has both free and paid resources available and offers many great insights I’m also a huge fan of IFTTT.com which helps me automate tons of interactions on Pinterest, Twitter, and WordPress. Shopify is a great website platform for me. They offer digital download services for my products as well as traditional physical product website stores, and have tons of great apps that integrate directly with their services!
Click here for more ideas you can use to create a side income.
No Comments
Leave a comment Cancel