If you’re a tired mum thinking of ways to make your life a little easier, setting up your own business might seem like a tough task. But UK startup investment is reaching record levels — and you don’t need to be super-mum to carve yourself a lucrative slice of the pie.
With that in mind, here are five steps for busy mums setting up their own business.
- Follow your passion
If you’ve already got a pastime that you love, there’s a good chance it can be converted to a viable business. So don’t dismiss your creative writing or craftwork as strictly amateur affairs — they could provide you with a reliable income stream. If your new enterprise is driven by passion, it’ll be easier to sustain than something that feels like a drag.
- Identify demand
The flipside of making money from something fulfilling is that you’ll still need to ensure there’s enough market demand to sustain it. Niche businesses can thrive, but if the target audience is small, you’ll have an uphill battle. To avoid this pitfall, completing some market research and checking online to identify the current climate in your prospective sector are wise moves.
- Test with friends and family
Your friends and family might be your best guinea pigs to test audience reaction for certain types of businesses. For instance, if you’re aiming a new life and career coaching service at young professionals, inviting friends that fit the profile for a post-dinner preview of a presentation allows you to gauge reactions. Once you gather feedback, tweak your offering and test it on a larger audience — but starting small with your loved ones is a great idea.
You might have the creative and technical skills required to develop an innovative new product or service and the entrepreneurial energy to convince stakeholders to get on board but if you’re lacking the latest business skills, your new startup could sink before its made its mark. Distance learning allows you to upskill while you fulfil family commitments — just one advantage of doing a business management degree online. By the time you earn a vocational qualification, you’ll feel much more confident leading your company.
Linking up with fellow entrepreneurs and small business support services as early as possible allows you to grab great advice and resources when you need it most. Attending local networking meetings might also allow you to connect with future collaborators who can provide you with expertise in diverse areas. You can also find free basic training in areas like social media, taxation and payroll through your local chamber of commerce.
Launching a startup is never child’s play, but the timekeeping and multitasking skills associated with caring for kids give you a great head start. Following these five entrepreneurial steps for busy mums will let you take the next step.
Are you a mum and an entrepreneur? Share your success stories in the comments section.