Becoming your own boss – Tips for getting your business idea off the ground
For many mums, starting their own business and becoming their own boss is the best way of juggling work and motherhood.
Home-based businesses are one of the fastest growing business sectors in Australia, and mothers of young children are up to three times more likely to be self-employed than other working women, according to the Australian Institute of Family Studies and the Australian Bureau of Statistics.
Getting started to becoming your own boss – Mum-approved tips
Here are some mum-approved tips for the early stages in the process of starting your own business and balancing CEO with motherhood.
- Do your research and choose something you are passionate about– even when you are tired, stretched and stressed it needs to still be your dream job. To make sure your research is robust consider if your service/product/idea is unique, who are your possible competitors, research your target market, look at how you might structure your business and the costs involved.
- Ask lots of questions of many people and even make contact with similar businesses or businesses that you really admire and look at what they do and how they do it. Be willing to get feedback that may not be what you are expecting and be open to changing tack based on your findings.
- Starting a new business takes a lot of effort and energy so you need to carefully structure your time. It may be that evenings become the time to get work done so you can focus on running your household during the day. Work out what your working hours might be and be realistic in fitting these around young children, family obligations and other commitments. Look after your support network because without them the business cannot survive. Make sure from the outset your partner/husband/family are on board and discuss in detail how you might prioritise and manage the demands and commitments of a business.
- Ensure you equip yourself with the skills you need to launch your business. Sign up and go to courses and events, read books/business blogs and tap into business networks and mumpreneur groups of which there are many, particularly on social media platforms. Ongoing education is key in business, it may be that you need to upskill or get a solid foundation in business with a business degree before you start this endeavour.
- Create a business plan and include details of your business and products/service, a market and competitor analysis, sales and marketing plan, operations and systems and budget. Then look at your business aims and objectives. Perhaps look at the objectives in terms of income, customers, products and human resources. Once these have been set, draw up a step by step action plan on how these objectives will be reached. There are tons of templates, business plan packs, books and online services that can help you with great planning. Sometimes you might feel like it’s not worth the time or detail, but this step is where businesses can be built or broken. So do yourself a favour and do it well.
- Take the time in the beginning to get everything right which will allow for faster growth later. Have a long term view and never give up! Success all starts with a great idea.
If you feel you need to gain that solid foundation in business before embarking on your own business venture, then now is the time to start studying a flexible online Martin Higher Education business degree. For more information about Martin Higher Education, click here.