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Nearly a fifth of millennial mums expect to set up their own business within the next year, with a similar number expecting to be their own boss in the next five years, according to a survey.
The survey from the .uk domain shows nearly one in 12 new mums are already running their own businesses. The company surveyed over 1,000 mums born between 1980 and 2000 with a child under four years old.
Over half of millennial mums who returned to traditional employment after maternity leave say they struggled to juggle family life with a ‘9 to 5’, leaving one in five mums saying they felt anxious about working. Some 78% of mums say flexibility and control over working hours is the main reason why they are choosing to work for themselves.
Prohibitive childcare costs are the number one financial concern followed by travel cost. Also, 71% of new mums feel guilty about leaving their child with someone else, and over half worry about the extra time spent apart from their family whilst queuing in traffic during the daily commute.
The vast majority of those surveyed said the skills gained as a new parent during maternity leave, such as multi-tasking, time-management, forming relationships and keeping calm under pressure, can give them a competitive edge in the business world.
While those surveyed said they recognise that setting up their own business is a huge undertaking, 20% have already carried out some market research, nearly one third have set up a website and/or a professional email address and 13% have drafted a business plan.
Other preparation to be their own boss includes attending online business training workshops, investigating business loans and building up their contacts.
Russell Haworth, CEO of Nominet, which runs the .uk domain, said: “I think that we’re seeing an entrepreneurial shift in the UK workforce – and women with young children are at the forefront. There is real enthusiasm amongst millennial mums to be their own boss to ensure they can achieve the all-important work-life balance, while still generating an income to support their growing family. Advancements in technology mean it’s never been easier to set up your own business online and to quickly develop a space for yourself and your ideas making it more viable to abandon the traditional nine to five and embrace entrepreneurship.”