How to start a business

Starting a business might not seem a great idea in the current circumstances when everything is very insecure, but, with the labour market very volatile, it may be your best bet. workingmums.co.uk has 10 tips for how to get it off the ground.

1)  Develop a detailed business plan (including financials for 24 months at least. Also consider market, location; branding; staff; etc).

2)  Carry out market research.

3)  Ask for help from an accountant – tax, company structure, etc. More information is available here.

4)  Calculate exactly how much money you will need to fund your business.

5)  Think and decide where this money is to come from. Check out ideas for funding here. Virgin StartUp is keen to help fund women in business.

6)  Work out how people are going to hear about you? – Plan the marketing strategy, including a website and social media plan.

7)  Critically work out what your weaknesses are and ensure that you know where to ask for help if you need it, including a mentor.

8)  Ensure you have your friends/family support – Starting a business is extremely stressful.

9)  Remember that setting up a business to sell what you are good at doing as a hobby is not a business.  You need to think as a business owner and ensure that you can sell, market, communicate effectively, and understand financials, as a minimum…

10)  Stay positive.  A positive mental attitude is half the battle.

Consider franchising

If you are considering starting a business, but would like a ready made idea and a lot of support then franchising might be for you. There are a range of family friendly, home based and reasonably priced franchises available in our franchise directory – everything from accountancy businesses to children’s classes, UK holiday companies to online tutoring. Check them out!

View franchise opportunities

*Updated in October 2023

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