The Idea

If you can bag a job which will let you work from home then all power to you. Some desk-based jobs can be negotiated so that one or more days of work a week are done from home, and some small businesses would like an employee who can work remotely. If you are work as a contractor, ie you do work for someone but you are not their employee, then you will need to register with HMRC. Check out our 'details' page to find the tax perks you are entitled to and the red tape you need to adhere to. You may be able to set yourself up as a contractor in the kind of job you had before having children and take on as much or as little work as you can manage. Have a think about whether the profession you were in would lend itself to working from home. Many Mums and increasingly Dads are finding that starting their own business is the best way to get set up with home-working. The advantages are numerous, but primarily the reason we do this is to supplement the family income with something that fits around the needs of our children. It all starts with an idea... You may already have an idea of what you would like to do for your business, in which case take a look at the 'Practical Details' and 'Tax & Compliance' in order to figure out how to go from the idea stage to the action stage. Or if you need inspiration then read on! Have a read through our 'Case Studies' to see what other people have done. Think of something you are interested in or passionate about. Do you make crafts which could be sold? Could you buy and sell goods online? Is there a service you can offer to the public, eg graphic design, marketing? Do you adore animals? Babies? Languages? Travel? Sit down with a friend over a large cup of coffee and have a brainstorm. Don't worry initially about having the full idea, just jot down all the different thoughts you have. Ask each other the following questions: what skills do we have? What assets do with have? Do we have any land available for use? (eg do you have a barn in your garden which could become a holiday let?) Is there are a gap in the market for a particular website? Can you do something which is already being done, but do it locally in your area or do it better than others? Once you have the beginnings of an idea then research your market. Google the themes you have come up with and see what is already out there. If others are doing something similar then that probably means it is a good idea! Find out if your sector is growing or shrinking. Our sector (maternity and baby clothes) is currently a growing market as we are in a baby boom. Renting houses is another sector with very high demand. If you do have obvious competitors then have a think about what you could do differently that would make your idea a success. Find out ways in which you can monetise your idea. Some are obvious: if you are planning to do dog-walking then you will charge your customers a set fee. But if you are planning to launch a new website then it is worth learning about the ways to earn revenue from that. Think about your start-up costs. It is VERY easy to find ways to spend money! Many people invest loads in getting a fancy website or getting a graphic designer to do a logo. Spend as close to £0 as you possibly can in the initial stages. It is extremely likely that your business will evolve and change once you get started so be as nimble and flexible as you possibly can be and don't spend any money!! This one is really hard, but you should try and be flexible with your idea. Often we think our idea is fab and we are going to push ahead with it no matter what. I have experienced that one and lost tens of thousands of pounds by taking out a loan and investing in a business which just wasn't the right thing. If anyone tried to caution me I just took it as an incentive to prove them wrong. If you can start small then you are able to make changes as you go along. Be brave! Entrepreneurs have always been noted for a positive can-do attitude and plenty of perseverance.