You’ve had a mat leave moment of genius so good it’s gonna make you join the realms of Richard Branson on the UK’s rich list. But how the hell do you go about funding it?
Want to join the growing army of mums ditching the 9-5 in favour of becoming their own boss? Mother&Baby has donned our bank manager cap to bring you the best ways to secure funding for your babymama business. You can thank us with a 20 per cent share of the profits (joke!).
The thought of returning to the daily grind after time out of the workplace may have lost some of its zing, while becoming your own boss and the flexibility that might bring is becoming ever more attractive. But how do you turn the light bulb moment you had on maternity leave into a reality?
And how do you go from babymama to businesswoman extraordinaire? Baby steps ladies...
According to Mumpreneur UK, there are 300,000 mum-run companies in the UK today adding around £7.4 billion a year to the economy, but the average start-up cash needed is only £500. Even Lord Sugar on one of his grumpy days can see that makes brilliant business sense.
Many business-savvy mums use their own savings or borrow from the BOMD (Bank of Mum and Dad) and ease into their new business on a part-time basis until they know it will make enough money to support them and their family.
There are 300,000 mum-run companies in the UK today
Jane Hopkins from mumsclub.co.uk says another popular way of doing it is swap motherhood for makerhood ‘Many mums start crafting businesses, turning their hobbies into money making enterprises,’ says Jane. ‘Funding for this will be minimal, if you are already producing your product all you need is a means to market it.
'Investing perhaps £30-£50 for a stand at a local craft fair will provide an initial platform to sell but you’ll also be able to see what sells best.’
Beg, Steal or Borrow (OK, not steal)
If mat leave has left your savings looking thinner than Wayne Rooney’s hair pre-transplant, you may need to look to external funding from investors, though this will take time to secure and you will need a strong business plan to impress any investor, warns Jane Hopkins. ‘Funding can also be available through local business grants and sponsorship.’
Google will be your best friend here, but also look for local networking groups and Gov.uk as good starting points.
Get into the entrepreneurial spirit…
…And sort yourself out an eBay account. Those old baby clothes and toys you didn’t think you could bear to part with, could go a long way into helping fund your new business, so bite the bullet and sell em.
Lord Sugar would be proud!