Stacy Price, Mom of 1
Multiple streams of income
Married mom of one Stacey Price has worked as a social worker and child advocate for over two decades. For as long as she can remember, she has always had to supplement her salary. When she was younger, she did consulting work on the side as well as working part-time in a hotel to earn extra income. Stacey says, “In the US, 45k doesn’t go very far but I love my career, and I can’t imagine doing anything else other than social work. I don’t do it for the money”. According to the compensation website Payscale, social workers in the US make on average $43,000 per year. Advancement in the field typically happens around the 20 year mark.
Right before Stacey’s son went away to college, she decided that she no longer wanted to take on extra work outside of the home. She wanted to be able to spend as much time with her family as possible, now that her son was growing up and moving on.
Smart Mama KD caught up with Stacey about how she is able to earn extra income with a home-based business.
How were you able to work such a demanding job, raise a family and run a business?
I say, if you’re ok with a mediocre salary than that’s fine but if you know you need extra money and you have things you want to do then you have to earn extra income. In addition to my regular full-time job, I’ve held part-time jobs that took me even further away from my home. But that extra income I made allowed me to relocate. I think it’s always good to think about what your purpose is for earning extra income and to write it down. Ask yourself these questions: What is my ultimate goal? What am I going to do with this income? Working part-time helped me create a cushion which enabled me to move closer to my fiancé, before we married. As a result, I didn’t have to work for 5 months when I first move to his state.
What happened after you relocated?
I started to think about creating income from home. For my first home-based business I created my own line of body scrubs and body butters. It was going really well but the demand wasn’t there for the expansion of the butters. So my second business was an online boutique. The boutique was about me providing personalized services; like personal shopping or allowing clients to come to my home to shop. The challenge with selling your own goods and products is that you need to have start-up revenue. So, that didn’t work out because I was self-funded and sometimes supplies didn’t meet the demand. I strive to give the best service possible and I wasn’t able to do that so I started to look for another type of business. It was kind of trial and error for a while there.
You still have a home-base business but you are using a totally different approach.
Finally! And more than ever, it had become increasingly difficult for me to work long hours because of my case load in my daytime job, but I was clear that I would continue with a home-based model. I wanted to find ways to earn income and be home with my husband and son so I looked closer at a multi-level marketing business or MLM, which is a company that promotes direct sales of products and services. Currently, I am a brand ambassador for a health and wellness company but I was actually a customer first. The person who sold the products to me has a big a following on Instagram. I used to watch her videos and I was very intrigued by her results with the products, her skin looked incredible. I tried the product and loved it, and then she told me that for a reasonable cost, I could sell the products as well. My initial plan was to make money selling the products but when I started to use them I realized that there was more to it than that because it became more of a lifestyle and the business side of things was initially, secondary.
Do you prefer this business model over others?
Multi-streams of income is the best way to make money in home-based business. Oddly enough, because MLM’s are owned by other people, their concept allows individuals to earn enough extra income to start other MLM businesses. All of the overhead from running a business is the responsibility of the companies’ owners – things like payroll, accounting and data processing are automated. So, I am able to focus on marketing the brand and building my client-base. And, once you have a built in base, you can always introduce new products to them. My ultimate goal is to build my MLM businesses over the next 2- to 4 years and become a top earner. After that, I want to be able to continue to run this business when I retire.
How did you build your clientele in all of these businesses?
I stay connected with top earners, I watch You Tube videos and take training courses. There is a lot of support. There is never a time that you have to second guess your method because top earners or trainers will always give you tools and homework.
What is the best advice you have for someone looking to get into this business?
Stay focused. I have no experience in marketing, I’m not a sales person, but you do not have to be a sales person to do this. It’s not about selling, it’s more about touching lives, which is something that I love to do. I brand myself everyday. If someone sees you they should know that you are a brand. It’s easy for me to brand myself because I use my own products, and just by walking around and delivering products to other people I gain interest of other potential clients. I provide products at my job, in my salon. I’m always prepared. When you engage with a person you should always leave them better than they were. Stay positive.
What are the pros and the cons of being an independent earner?
Pros: Making my own schedule, I’m my own boss and I can help dreams come true!
Technology makes it easier and creates more opportunity.
Cons: You will experience disappointment, like when I had the retail business, I had good seasons and bad seasons. Also, you have to work hard every day.
What are some the things people should be aware of when considering this kind of business?
You have to be willing to invest a lot of time. Devoting more time than your full-time job.
How did you decide which home-based business one was best for your life?
It helped that I was a customer and I trusted my sponsor. I decided if she could be a six-figure earner then I could be, too.
How many hours do you spend per week on your at-home business?
About 30 hours a week. In that time, I am on social media promoting, participating in webinars, hosting home parties, doing follow ups and running reports.
What advice do you have for working moms who want to create an extra form of income?
First and foremost, find out what your passion is, find out what gets you excited. Find the thing that won’t let you sleep because you want it so bad.