We conducted a survey which found that two-thirds of British mums and dads want to leave work to start their own business for this exact reason.
Often, it can feel like there’s not enough hours in the week to do the things you want to do the most. Add the pressures of being a parent and you can quickly see how your time can be limited.
The benefits of starting a business for parents
We’ve previously looked at the many ways you can draw from your experience as a parent when starting a business. So, what are the other benefits most parents seek when making the break?
According to our study, the opportunity to be your own boss, potential earnings, pursuing a hobby and a sense of self-achievement are key reasons for registering as self employed.
Did you know that the number of children you have could also influence your decision?
Interestingly, not all UK parents want the same outcome from their business. In fact, the amount of children you have could determine your overall desire to set up a company from scratch.
A closer look at the statistics revealed that parents with one child see potential earnings as their main goal, while those with two or three children are more tempted by the flexibility factor.
As for parents with four children, our research highlighted they want to be their own boss. It’s clear to see the reasons all lead back to flexibility, be that time, potential earnings or the opportunity to work from home.
Five top tips for parents looking to start a business
The Start Up Loans Company was introduced by the government initiative to help new start up businesses in the UK. We understand that the financial commitments of starting a business is often the main barrier that prevents budding business owners from achieving their plan, but money isn’t the only issue.
For some people, it’s the lack of information, guidance and support. It’s not that people most hopefuls don’t want to start a business; it’s often that they don’t know how. We offer personal loans for business purposes of up to £25000 with a 6% fixed rate interest per annum. On top of this, we offer expert mentoring and support to all of our beneficiaries.
You can apply for a Start Up Loan here. In the meantime, here are five tips for parents who are considering setting up on their own business.
1. Work out your preferred method of business funding
There are numerous business funding options out there for anyone looking to start their business, including a Start Up Loan, a business loan, crowdfunding and grants. Research each method extensively and pick the right one for you.
2. Draw on your experiences as a parent
Much like parenthood, being a business owner comes with a great deal of responsibility. You may be more qualified than you think. In terms of the actual process, get your children involved with the market research, look and feel of your product. Ask for their advice and guidance.
3. Seek advice and mentoring from existing business owners
Do you have a friend or family member who is self employed? Mentoring is essential when starting a business. Find someone willing to help mentor you and draw on their past experiences.
4. Create an extensive business plan and cash flow forecast
When applying for funding of any sort, you’ll most likely require a cash flow forecast and business plan. This will outline both the financial and practical elements of your business.
5. Remind yourself of your goals and what you want to achieve
If flexibility is your main goal, make a note of everything you’re going to do when you find yourself with more free time on your hands. Often outlining your goals from the get go will encourage you to succeed.
Thinking of starting a business? Check out our free online courses in partnership with the Open University on being an entrepreneur.
Our free Learn with Start Up Loans courses opens in new window include:
- Entrepreneurship – from ideas to reality
- First steps in innovation and entrepreneurship opens in new window
- Entrepreneurial behaviour opens in new window
Plus free courses on finance and accounting, project management, and leadership.
Reference to any organisation, business and event on this page does not constitute an endorsement or recommendation from the British Business Bank or the UK Government. Whilst we make reasonable efforts to keep the information on this page up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.