Starting your own business: How to go from employee to business owner without the risk

Are you sitting on a brilliant business idea, but can’t for the life of you see how you’ll cope without the security of a regular paycheck?

Around 80% of small businesses fail in their first 18 months, according to Bloomberg stats, so you’re right to be cautious and it’s a miracle so many mumpreneurs get started at all.

But Fiona Clark, founder of Inspired Mums, a Buckinghamshire-based coaching business for mums, says there are ways to overcome your fears and minimise the risks.

She shares her top tips on how to start your own business in the most financially savvy way.

juggling mum2· Research, research, research – Make sure your business idea has legs. Think about ways of launching small and then building up the business before you spend lots of money. If, for example, you dream of running pottery painting shop, a good way of getting started without the huge overhead cost of renting a premises could be to offer pottery painting parties. You could also ask local schools to let you run an after-school club for a fee.

· Plan your finances – Try to save a bit of money to take the pressure off during the first few months. Decide what are you’re willing to sacrifice to fulfill your dream. Could you swap to a cheaper car, take fewer holidays or just cut back a bit in all areas

· Be creative – If you need to keep earning whilst starting up your business, think of creative ways of topping up your income. Could you get a part-time job or do short term contract work while building your business on the side?

· Small steps – Use cheap and free ways to get your business going such as free networking events, cheap business cards and a simple website to get you started. You can always relaunch your site after a year when the income is flowing.

· Get going – Don’t wait until everything is perfect – start networking now by telling people what you’re doing and the type of clients you’re after. This way you could land a client or two to get you going and build up some income early on.

· Childcare solutions – Be creative about childcare – one of the biggest costs for mums and hard to justify in the early months when you simply don’t know when you’ll be able to draw a salary. Work some evenings, call in favours, swap a day’s worth of childcare with a friend each week.

Download Fiona’s FREE e-book – “For mums stuck in a career rut – 8 steps to finding work you love” TODAY. It’s packed with tips, exercises and inspiring case studies to get you out of your rut and on the way to your new career.

Fiona Clark is a qualified confidence and career coach who founded Inspired Mums to inspire women to reach their full potential at work. She is passionate about helping women find fulfilling, family friendly roles.
Like her on Facebook: www.facebook.com/inspiredmumscoaching
Follow her on Twitter: @Inspired_Mums