Ambitious Mothers Unlock Entrepreneurial Spirit
A lack of career options for working mums is inspiring a new breed of mumpreneurs, a survey for Intuit, makers of QuickBooks financial management software for small businesses, has found.
Despite improved working conditions for mums over the years, more than two in five mumpreneurs (43%) say they struggled to get back into work after having children because of the limited career opportunities available to them.
Nearly half of mumpreneurs (48%) surveyed say they returned to work after having children however 47% of those found it hard to adjust.
Finding it difficult to juggle work and children was also cited as one of the main reasons (48%), while more than 40% of mumpreneurs who struggled when they returned to work claimed unsuitable or expensive childcare was a major factor.
As a result, many mums are focussing their attentions on starting a business which they can fit around their families rather than give up on their ambitions altogether.
In fact, nearly three quarters (73%) of mumpreneurs say they set up their business after having children. A quarter (26%) say they turned to entrepreneurship because they couldn’t find a job flexible enough for them to work around their children while over a third of mumpreneurs (36%) started their business because they wanted to be their own boss.
The Intuit survey also found that this trend is growing, with a half of mumpreneurs saying they know at least one other mum from their circle of friends who has set up a business or is planning to.
Pernille Bruun-Jensen, managing director, Intuit UK said: "These findings demonstrate that mums across the country are increasingly using their initiative and resourcefulness to get around the issues they have with settling back into work after having children.
"Setting up a business, while challenging, is clearly becoming more attractive for mums who want to realise their ambitions and working potential yet want to be able to work around their families.
"Therefore, it is vital that these women are encouraged to unlock their entrepreneurial spirit, not only to help them in supporting their own families, but also to ensure they continue to provide a valuable contribution to the UK’s economy."
How can budding mumpreneurs turn their dream into a reality? Intuit offers these five tips for getting started:
1. Do your research. Having a great idea for a business doesn’t always result in a successful one. Before you set out it is important to look into your target market and any competition. This will help you differentiate your offering and capitalise on your creativity.
2. Put it on paper. Do write a business plan. A business plan helps you think about every possible scenario before starting your business. Going through this process and having it on paper will help you stay on target.
3. Plan your time. Starting a business can be time consuming and even more so when you have children.
Managing your time effectively and in advance can ensure you fit everything in including time with the kids.
4. Get support. Looking after children is challenging enough as it is so if you are trying to start a business at the same time then make the most of your network of friends and family.
The hands-on help they can provide can really benefit you at a time when you are stretched as it is but their advice can also spur you on.
5. Keep an eye on the cash. Sometimes even the greatest business ideas can fail due to a simple lack of readily available cash.
It’s vital to be aware of how much is being spent and for what, and the easiest way to do this is to have an automated financial management tool in place which tracks money going in and out from the start.