Mumpreneurs – Making Your Business Idea A Reality
By Audrey Févry, Commercial Services Manager at Sage and mother of two.
With the September back-to-school season looming, perhaps you are looking at your professional options. You may be reviewing your work-life balance and considering setting up a business to achieve these goals.
As a working mother of two primary school aged children, juggling work and personal life, I have to admit to being intrigued about this wave of start-up businesses and their owners: the Mumpreneurs.
How can these busy individuals turn an idea or a hobby into a successful business?
The FREE Sage Planning for Business Software outlines and provides guidance in the 7 steps to making your business idea a reality.
In this post, we will see how your status as a parent will fit into these steps.
So you have a business idea, how can you turn it into a reality?
1. Research your market: As a Mumpreneur, your business may be targeted at children, families, parents. Put your networking skills at the school gates to productive use and get real market information. These parents are your target audience. What do they think of your idea, would they purchase your product or service and at what price?
2. Research your business: Use time while the children are in school, napping or gone to bed to do your research. Find a professional adviser, do you know someone in your local community that can help you answer these questions: do you need a permit or a licence, does your business require insurance, etc.? Your local Enterprise Board can provide some guidance.
3. Set up your business: Find some time to research and understand the implications of setting up your business as a limited company or a sole trader. Meet with your adviser and local businesses to get guidance. The Company Registration Office is also a good source of information.
4. You and your people: Will you operate your business part-time while the children are in school? Will you need to hire employees to help you deal with the workload? Talk to your adviser about Income Tax and your Social Insurance requirements or contact your local Revenue office.
5. Work out your financial projections: In the time you will dedicate to your business how many items will you be able to produce, will it be sufficient to generate the profit margin you are aiming for? Understand and classify your cost base and know your profit margin potential to build your plan. BASIS provides some information on how to write your Business Plan.
6. Fund your business: Do you need investment? Is the possibility of partnering with another parent an option for you? Look at your options, know what is available to you and the amount of funding you need.
7. Final steps: You have documented and safeguarded your Business Plan. Now you are ready to showcase your product or service. Use local events and your presence within your community to showcase your product such as school fetes and fun days.
So if you are a mum looking at your options and evaluating whether you should set up a business, download our FREE Sage Planning for Business Software. You will get additional advice and guidance on bringing your business idea to life.
And if you are a mum who has set up a business or are in the process of setting up a business, we would love for you to share your experience by commenting on this blog post.