Single parents start their new companies with much less cash than most start-ups and so they work longer hours. Joanna Morris shares 10 tips to make your single-mum (or dad) business a hit.
Single parents face considerably extra challenges when beginning their own business, juggling childcare whereas working each spare minute on their start-up.
According to a brand new Hitachi Capital Business Finance survey, single parents have one fifth much less cash to put into their fledgling business to get it going within the first two years – £8,785 (R175 700) versus £10,836 (R216 720).
Half of single parents start their new business with lower than £5,000 (R100 000), in contrast with a nationwide common of 44 per cent.
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Single parents work for an hour and a half longer every week than the typical business proprietor. Nearly two thirds (63 per cent) work greater than the typical 35-hour week, with one in 10 placing in a 50-hour week and 4 per cent working a 60-hour week.
On the opposite hand, half of the 300 single parents surveyed say they’re doing what they love, and 52 per cent saying they might by no means retire as a result of they love their start-up companies and practically two thirds (65 per cent) see themselves working nicely previous retirement age.
And single-parent business house owners are among the many most accommodating of bosses, with practically one third providing each extra holidays for workers and versatile working preparations.
Joanna Morris, head of promoting and Insight at Hitachi Capital Business Finance, mentioned: “Taking the daring step to exit in your own is tough. However, for single parents, the enjoying area is way from degree and the challenges are that a lot better.
“Our research shows that, despite the odds being stacked against single-parent business owners, most have a genuine love for their businesses they run, driven by unrivalled passion for what they do, and plan to continue growing their businesses long into the future. The key for any entrepreneur thinking of starting a business is to learn from others who have been in the same situation who can help navigate the demands of running a small business.”
Top 10 tips for single parents who want to start their own business
#1 – It just isn’t a weak spot to ask for assist
You don’t know till you ask is what they usually say, so take this on board, and don’t be afraid to ask family and friends for their assist and help. It makes robust business sense to ask for assist, whether or not that’s for childcare, assist round the home or just displaying their help by posting and sharing on social media and so forth – if it offers you some respiration area to deal with the business, it would reap rewards in the long term.
#2 – Be affected person, it takes time to develop a business
The common small business takes a minimum of two to three years to start being worthwhile and between seven and 10 years to develop considerably. Don’t be arduous on your self if it appears to be going slowly. Rely or lean on pals and contacts as a lot as you’ll be able to and speak to individuals in your community. The idea of “selling”, may additionally be a troublesome one to get your head round, however there are such a lot of on-line sources to provide help to with this, faucet into them an be taught a brand new talent.
#3 – Put your youngsters first
Forty per cent of single-mum business house owners arrange on their own so as to obtain a greater stability between work and household. It is straightforward to overlook that if you end up making an attempt to juggle business and kids. Learn to settle for that so as to get the proper stability, you’ll have to work round their timetable, even when simply for the short-term i.e., college hours, nap instances and so forth.
#4 – Build a community of trusted advisers
Even if it’s a little at a time, have a broad plan in place that features an concept of how the business will develop and what professional recommendation could also be wanted at each level in that plan.
#5 – Use sources the place out there
Being a single-parent business proprietor can really feel at instances lonely and overwhelming. However, you aren’t alone. Join the Single Mum’s Business Network or Enterprise Nation to join with different single parents. And then there’s Hitachi Capital’s own Business Resource Centre for extra info. Most on-line sources are free, and so they present invaluable help by way of workshops and networking occasions across the nation.
#6 – Have a couple of contingency plans in place
When plan A doesn’t work, have a plan B, C and D in order that if one plan fails you might have one other. It is all too straightforward to put all of your eggs in a single basket, however to accomplish that is to ignore the truth that all these eggs might fall in the future, fall out of the basket and crack on the ground.
#7 – Listen to small business podcasts
Podcasts are an effective way to kill two birds with one stone: listening to a podcast while doing day by day chores generally is a nice use of time. Social media professional Janet Murray has a wonderful free podcast, actually helpful for small companies wanting to start up.
#8 – Trust your intestine intuition
Do the proper factor. If something feels flawed, it likely is.
#9 – Don’t get caught up within the want to compete
There is at all times sufficient business for everyone, consider in your self and set your own objectives – that confidence will carry you thru.
#10 – Stick to a piece life stability
The common single mum business proprietor spends up to 44 hours per week working, in contrast with the nationwide common of 35, with one in 10, saying they repeatedly discover themselves working a 12-hour day.
Although single-mum business house owners are adept at managing to work these hours round their youngsters, so as to be completely happy and wholesome, it’s important to recognise when to change off. Time administration is essential for productiveness, as is an effective night time’s sleep.
Written by Joanna Morris
This article initially printed by smallbusiness.co.uk
