From childcare to chief exec: a quick guide to starting your own business – Posted on The Guardian

From childcare to chief exec: a quick guide to starting your own business – Posted on The Guardian

This was a guest post I wrote for The Guardian that was recently featured on their website here. After having children, there may come a point when you want your career back, but perhaps returning to traditional work isn’t for you. Some people come to relish the freedom and flexibility of being a stay-at-home parent, and aren’t keen to go back to the confines of a conventional job. In a survey of more than 1,000 mums, 86% said flexibility was a top priority in their lives. The survey, carried out by Mumsnet, also found that more than three quarters of parents felt less employable after having a child. If you have a business idea and fancy a challenge, the answer to your career dilema could be entrepreneurialism. Turning an idea into a successful company takes a lot of work, but here are five key tips for start-up survival. Keep the money in mind If you don’t have financial targets for your business, you don’t have a business – you have an expensive hobby. Without these, it’s hard to track your progress and review your business objectively. At the early stages it’s fine to go with ballpark estimates. Crafting an initial estimate of your business model is a great way to start simply and feel confident about what you’re creating. Clearly you want your business to make a profit, or at least break even. At these early stages, working out your profit margins precisely might be difficult until you have compiled a detailed business plan. Base your target on what how much you need to earn for your personal situation –...
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