Have you ever thought about starting your own business? Perhaps it’s something you’ve always dreamed of but the time has never been right. Or perhaps the idea only came to you after you had kids. Once you have children your priorities all change.
For many parent’s they no longer want to be out working for 12 hours days. I know many parents that were doing long commutes before they had children and once their first child came along they no longer want or are able to be away from home for such long days.
Costs of childcare can also have a big impact as well as the fact that most nurseries are only open until 6 pm. Starting their own business from home can become a really appealing option after having a baby. Or perhaps you’ve always thought about starting your own business and now seems like the right time to do something for you.
I know several women who have started a business whilst on maternity leave. There’s a lot to think about though to make sure this is the best option for you and you can make the money you need from your business. Read on for my guide to getting started.
Things to consider when starting a business from home
First, start by working out how much money you need to earn each month to cover all your expenses as well as have some left over for holidays and savings. It might not be as much as your previous wage once you factor in the fact you won’t be paying daily travel costs, buying lunch or all those coffees (which soon add up). It’s also worth taking a look at your household bills at this time to see if you can reduce any of them. When was the last time you switched energy suppliers for example?
Research your options for a potential business. Do you want to buy a franchise? or start your own small business from scratch. Do some market research to ensure there is a market for your product or service. Do you know anyone that has started a similar business who might be happy to offer you some advice? They might be able to give you hints and tips of things to do and sometimes more importantly not to do.
Consider what your strengths and weaknesses are. Everyone is different. What works for one of your friends might not work for you. Your strengths and weaknesses may influence the type of business you start or perhaps you’ll use it as a starting point for some training or mentoring to help you with any weaknesses.
Once you know what your business will be, make a business plan. Consider all your start-up costs, regular outgoings, any training you need to do before getting started and if there are any regulations you need to comply with. If your idea involves innovation, you might also want to explore how to get a free patent to protect your unique product or concept.
Make sure you have insurance in place as well as ensuring you are complying with all legal requirements like GDPR. Register with HMRC. If you will be earning more than £1000/year you need to register as self-employed within 6 months of starting to earn money.
You might want to find an accountant to help you with completing your annual self-assessment but this might be something you can do yourself. There is lots of information available from HMRC about what you can declare as an expense and what income you need to declare.
Can you run the business from home or do you need to find some business premises? If you do need to find business premises, don’t forget to think about security by having a business alarm installed. Think about the most efficient way to run your business.
What tools and systems can you use? I couldn’t manage without a scheduler for social media for instance. Come up with a name for your business and design a logo, business cards, website, and social media channels.
You are bound to feel that you would benefit from further business advice than I am able to give you in this post so search the internet, find some books relevant to the business you want to start, Facebook groups, attend local networking events to meet fellow business owners & listen to podcasts that might inspire or help you.
There are so many resources available for small business owners nowadays. You’re bound to find a way that is right for you as well as find some fellow small business owners along the way to help and support each other. This government website is packed full of advice. Good luck with your business. I really hope it’s a success for you and that it makes your family life easier. Disclosure – This is a sponsored post. I have been paid for my time to write this post. All thought and opinions are my own. I am not qualified to give business advice, so use this post as a starting point for your research to make sure you are fully aware of what you need to do.