Kicking off the shackles of the daily grind and starting your own business is a dream of many Australians. With over a million reported home business owners in this country, it seems that many have already made this dream a reality.
If you’ve been considering starting a home-based business there’s a good chance you already have one in mind, so you’ve likely already chosen one which matches your skills and expertise. However, there’s quite a lot to organise in the early stages of a business and things to consider for your future if you want to give yourself the best chance of success. Here are our top tips for the mumtrepreneur looking start her own business.
Know Your Strengths
Evidently, there’s something that you’re passionate about or have an interest in that has sparked this desire to start your own business, so focus on that as your strength. While it’s important to love what you do each day, you should also be objective about how it’s going to make you money or if this is going to be more of a hobby than a lucrative venture.
Understand what it is you’re good at and what skills you can bring to your own business, and work on the skills you’re lacking. If you think you won’t wrap your head around the financial side of things or your marketing skills are a little rusty, find someone with experience who can help you get started. It’s best to know the areas you need to improve so you can work on making them better rather than finding out down the line.
Use the Free Resources Available
There are some great tools available for Australian home business owners, and many of them come from the Australian Government’s Business website. The best free resource to start with is their ‘Starting Your Business Checklist’ which helps you tick off everything you need to get started.
In addition to the resources on this website, you can also speak with business managers, bank managers, government advisory services, and local members of the community for free knowledge that could be invaluable in growing your business. Networking is a major part of establishing and building your customer base, so don’t be afraid to get out and about where you can.
Have a Detailed Business Plan in Place
No business ever succeeded without a plan in place, no matter how big or small. A detailed business plan should encompass everything someone needs to know about your business. These plans will go into specifics about what your business hopes to achieve, the main tasks you’ll need to do to ensure it happens, and any potential roadblocks that you might encounter along the way.
Each year, take some time to look over your business plan and make the necessary changes. The first 12 months can see some drastic changes occurring in any size business, and you always need to have your future planning in mind.
Understand the Laws and Regulations in Place
One of the most boring things about owning a business, but one of the most important, is all of the rules, laws, and regulations in place. Again, the Australian Government Business website can be an excellent resource to help you check off what’s required, but you’ll ultimately be responsible for finding out about taxes, salaries, superannuation, licensing, registrations and more.
Set Up Your Finances
Some businesses require start-up costs, and so you’ll need to know where these are coming from ahead of time. There are some great online accounting software programs available for small home businesses that allow you to keep track of finances, bank accounts, wages, invoices and more. Finding one that suits your type of business and becoming proficient at it will be one of the most useful skills you will ever learn.
Set Up A Dedicated Office Space
Mums are especially guilty of trying to get their work done in the middle of a house full of screaming kids, and although we’re natural born multi-taskers, this just won’t work. If you’re starting your own home business, you should have an office to call your own or at the very least a corner of a room that belongs to you alone.
You’ll need just the basics to get started, including a good internet connection and reliable computer or laptop, as well as ergonomic office furniture. From there, you might want to add more items like a printer, scanner, Eftpos machine or anything else that makes running your business more efficient.
Help is Always Around
If you’re a mum looking for a new way to make money or a hobby on the side to keep you engaged, there are a plethora of free resources out there to help you achieve it. Here at Peachymama, we are committed to helping mums realise their passions, and there are plenty of articles on our blog here that can help you juggle the mum/work balance.