September is here, with a reminder that autumn is approaching, and children are going back to school. Its at this time of year that a lot of mums start thinking about what they are going to do, and how they are going to fit it around their children. Even once children are at school, trying to fit a job around pick up and drop off, sports days and concerts, holidays and inset days – well lets just say it isn’t easy.
A lot of mums think a good answer is to set up their own business. And to a great extent they’d be right. You get to work your own hours for a very understanding boss (you!!) who won’t complain if you have to take a day off if your child is sick. But it is something that you need to think about very carefully. You’ll end up working a lot of hours, it will likely take at least 18 months before you start making any money, you won’t really have a holiday from it for many years, and you may find that your rate per hour ends up being less than you’d get working for your local supermarket!
If you are thinking of setting up your new business then there are a LOT of things to think about. There are many books out there which could be worth a read, including my own 30 Day Starting a Business Challenge co-written with Nikki Pilkington.
You should definitely do some very careful research before you take the plunge. There are a lot of excellent and genuine opportunities out there, but there are also some scams, so if something sounds too good to be true then maybe it is – web searches for the business opportunity name and the word “scam” could uncover useful information.
If you do decide to take the plunge, then make sure you also look into how to structure your business, and who you need to inform. The taxman will take an interest as soon as you start trading so if you start off as self employed (i.e. you don’t register a company with Companies House) then make sure you understand what you need to do. And if you need a helping hand then have a look at how I support early stage sole trader businesses.
And good luck!