Job of the Week
A-Star Sports
Location: UK Wide
Our franchise owners are passionate about the positive impact of sport on every day life, nurturing in young children a fun, positive outlook and a life-long commitment to being active through the enjoyment of the A-Star Sports programme. From fundamental movement and multi-skills through to a ...
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Starting up a Business
by our Mumpreneur Guru, Antonia Chitty
Last month we talked about getting a great business idea. Now you have your idea, here are some essential steps to help you get started from Antonia Chitty, Mum and Working’s Mumpreneur guru and author of the Mumpreneur Guide. (Read our review of Antonia's book here)
- What resources will you need for your business? Try to estimate what you will need over the next year, and take a broad view by looking at possible longer term expenses in the next five years.
- Allow a certain amount to get your business going: you may want business cards, headed paper, or promotional flyers. Factor the cost of these into the price of your product. A simple website and email address is an essential investment for most businesses. You could need access to a computer.Most businesses need a phone number: will you get a second line, or buy an additional number to point at your existing line? And will you want a mobile specifically for business? A mobile which also takes emails can be indispensible for juggling mumpreneurs who fit in work while waiting for the kids.
- Will your business need equipment? Plan out the basics of what you will need, and guess how often you will need to replace things. Budget for replacements and upgrades in your business plan, and include an element for this in the cost of your product or service. Remember that you may need to move from using basic home equipment to something more robust: you could find your iron needs replacing more often, for example, if you start to offer a home ironing service.
- You should also think about where to work. Will your business launch from the kitchen or dining table, or spare room, or will you need premises? Where will you store stock? Cost up storage shelving for the garage or spare room.
- If you want premises for your business, weigh up the cost of renting a unit in the local business centre: this can be less costly than a shop and may come with some services included.
- You may need a budget to upgrade your workspace. If you are catering from home, your kitchen will need to meet health and safety requirements. There are also requirements for your home if you are setting up as a childminder. Some mumpreneurs remortgage to create an extension to house the business.
- If you are going to sell a product, you are likely to need money to invest in stock. Before you can spend, however, you will need to find suppliers which can take time. Look at trade fairs, join directories of wholesalers online, search on the internet and even look through the telephone directory. Alternatively, you could consider drop-shipping, where your supplier holds the stock and delivers direct to your customer.
- Finally, don’t forget the crucial issues of insurance and your terms and conditions. These may be less exciting than buying new products or designing your site, but no business should start without them. Will you need public liability insurance, employers’ insurance, insurance for your buildings or equipment or professional indemnity insurance? If you are working from home, check with your home insurance provider: they will want to know if you are operating a home business.
If you’re feeling confused by all the things you need to think about, don’t worry. You can send in a question to Mumpreneur Guru Antonia Chitty, and next month we will talk about business planning.
