Running your own business can give you a lot of flexibility, which makes it perfect for new parents who find their current job routine is unsuitable.
Here are some tips to help you get your business off the ground.
- Decide what you want from the business.
If you want the equivalent of a full time income you need to approach it differently than if you needed a hundred pounds a month to top up the family budget. Using party planning as an example, you may be able to supplement the family income with a few parties a month, but in order to earn a full time income you might need to recruit and lead a team.
- Work with your existing skills and experience.
I’ve spoken to several mums who went into direct selling or bought a franchise because they assumed they had to do something completely different from what they’d done before. Using your existing skills can be the fastest way to start generating an income.
- Develop a niche.
Look at competing businesses and be clear about how your business is different. It might simply be that you are bringing something new and different to your area, or it may be the way in which you offer a service.
- Look at your availability to work.
This includes your home and family commitments. Helen says, “I considered running children’s parties, but realised in the time I’d need to keep my kitchen clean enough to satisfy the local council’s environmental health team, I could have worked on an online business instead!”
- Understand your business model.
Does it hinge on trading time for you to earn money? This can be a problem if you are a time-poor mum. If you have a skill that people will pay you for, that’s great, but look at ways of making it available that doesn’t just depend on you putting the hours in, like e-books, online courses, tip sheets, group classes.