Between wrestling with mummy duties and finding yourself mind-numbingly bored on maternity leave, you’ll seek out new ways to stimulate yourself and keep busy. This has led to many a mum realising an excellent idea for a business. Whether you want to call it being a mumtrepreneur, mumpreneur, or more plainly an entrepreneur with young children, this has the potential to change your life forever. If you’re interested in becoming independent and earning more money than you ever could in your career, then it sounds like the opportunity for you.
1. Don’t get bogged down
Making it is another matter entirely though. Truth is most mumtrepreneur ‘ideas’ stay just that. Often, the dream gets sunk by the realities of motherhood and everyday life. Paying the bills, doing the nursery run – you know the stuff. And so, your first challenge to making it as an entrepreneur is keeping the dream alive. Start with a business plan. Write out exactly what you want your business to do and what it will take to make it a success. Read it back and edit it nearly every day. Keep your mind focussed on your business plan to stay focussed on your dream. This has the bonus of transitioning your mind from mumtrepreneur to businessperson.
2. Start a company- make it official
Next, incorporate your company to make it official. It might sound like a step too early, but once you have your business plan done and dusted incorporating is the next step and making it official will give you the kick you need to get going. It may be tax advantageous to start as a limited company. The fastest and easiest way to incorporate your limited company is with the MachFast app. It takes less than 10 minutes, and you can check for available company names at the same time. Incorporating also allows you to purchase what you need in your company name. You usually have to incorporate before you can open a business current account, but with the MachFast app, you can do it at the same time.
We have partnered with CashPlus who will open a free current account for you. You can find out more about them here. The application process is built into our app so you can incorporate and open a business current account on the same day. This will save you a lot of time and energy, and you really can’t argue with that.