Australian women seem to be leading the way in entrepreneurial endeavours, with the Australian Bureau of Statistics revealing figures this year that more women than ever now run their own business. This news means big things for the future of what the modern family might look like, with mums taking control of their careers and enjoying the benefits and hard work of being self-employed.
The study was commissioned by the Office for Women and found that the rate of female-run small businesses has increased by nearly 50% in the last 20 years with women now representing a third of all small businesses in Australia. These numbers prove that the workplace is changing for women, and particularly stay-at-home mothers who want a little more flexibility when returning to the workplace.
Things to Be Careful of As A Self-Employed Mum
Although there’s plenty to celebrate with these figures and the rise of the independent woman, we need to be careful that we’re taking care of the responsibilities of being self-employed. The ABS figures showed that many women who are self-employed are failing to plan for the future which can lead to problems down the line.
If you’re looking at starting your own business and being your own boss, you’ll need to consider all of the boring but necessary stuff that an employer usually looks after. Be sure to check these off your list if you’re self-employed so that you can be safe for the future:
- Set up an ABN so that you’re legally allowed to receive payments for goods and services;
- Use a dedicated accounting system to keep track of invoices, payments, and spending;
- Make regular payments of both tax installments and superannuation contributions;
- Keep a record of everything you spend including electricity costs, internet, and furniture for your home office; and
- Update your insurance so that it can cover your income should you be unable to work.
The benefits of working for yourself from home can certainly be worth it if you’re willing to take on the responsibility.
For more ideas about how you can do it all, click here to check out the rest of the Peachymama blog for inspiration.