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Ask anyone with children about juggling parenthood with career aspirations, and they’ll admit that it’s challenging. However, it’s not impossible. These days, remote working makes starting a business as a stay-at-home mum or dad the perfect solution to balancing family life with your professional goals.
In this guide, the experts at the company formation agent 1st Formations offer practical advice on how to turn your skills, interests or entrepreneurial ideas into a business.
What to consider before starting your business at home
Ready to start your business a stay-at-home parent? While it’s exciting, remember to take the following into account before taking the leap:
- Define your goals
Are you looking for a full-time venture that becomes your main source of income? Or are you keen to pursue a side hustle to supplement your family’s earnings? Define your objective early on to make informed decisions about your business and parenting arrangements.
- Assess your skills and interests
Reflect on what you’re good at. Are you a passionate writer or talented artist? These skills can translate into the foundation of your business, such as starting a blog or selling handmade crafts or paintings online. By aligning your interests and hobbies with your business, you’ll naturally enjoy working on your new venture while making it profitable.
- Evaluate your time and availability
Realistically, how much time do you have to dedicate to your new business while being a parent? Be honest about this – we all know parenting in itself is a full-time job, so be realistic about the amount of time you can carve out for your business without it taking over.
- Factor in startup costs
The good news is that running a small business from home often requires minimal upfront investment. However, strategic planning is key. Make a list of equipment, software and other resources you’ll need to start your business and how much it costs.
- Do your market research
Is there a demand for your product or service? Great business ideas come from identifying a gap in the market or customer needs that aren’t met. Research the industry, your potential competitors and speak with your target audience. Why not ask friends or family members for their honest opinions or send online surveys to gauge people’s thoughts?
4 benefits of running a business as a parent
- Enjoy a flexible work schedule
Running a business from home as a parent means you can schedule your time how you wish. You’re not restricted to set hours, or even days.
While having a routine is important, working from home on your business lets you prioritise parenting when needed, such as attending parents’ evenings, watching your child at sports days, or taking time off to spend quality time as a family. You can also reclaim the time you previously spent on getting ready for work and commuting.
2. Manage finances
It’s normal for stay-at-home mums and dads to feel less financially secure after giving up their 9-5. By starting a small business of your own from home, you can build confidence in your earning potential and avoid expenses associated with traditional day jobs. For example, you won’t incur as many costs for childcare, commuting or eating out – think of the money you’ll save just from meal prepping at home.
3. Improve self-esteem
Many parents say their career has been put on hold when they have children. Instead of resigning to the idea that becoming a parent has hampered your career progression, channel your skills and talents into a meaningful and valuable venture.
Each achievement will help build your self-esteem and serve as a reminder that you’re growing professionally. What’s more, contributing to your family’s finances and showing your children that anything is possible if you put your mind to it is highly rewarding.
4. Empower others
Thinking of starting a business as a stay-at-home mum? You may have been inspired by other female founders who have proven that entrepreneurship is entirely possible, even when they’re occupied with family life.
Running your own business successfully and sharing your journey encourages more women and parents to explore their passions and pursue their side hustles. As such, you can also contribute to fostering a community of like-minded people, in which you can share learnings and support each other along the way.
7 tips for balancing parenting and running a business
Starting a business from home as a parent requires careful planning and savvy prioritisation skills. Here are some top tips for striking the right balance:
1. Create a dedicated workspace at home
Physically separating work and family life instantly creates a boundary that signals when you’re in ‘work mode’ and helps you switch off when it’s time to step away from your business.
2. Set realistic daily goals and prioritise tasks
Parenting can be unpredictable – whether it’s tantrums, illnesses or emergencies at school. Keep your to-do list manageable and don’t overload yourself. As well as wanting to avoid burnout, you’ll want to keep track of small achievements that help you feel a sense of accomplishment.
3. Use productivity tools
Explore time-tracking and scheduling apps – as well as project management tools such as Trello and Asana – to help you use your precious time efficiently.
4. Involve family support
Stay-at-home mums and dads running a business still need a helping hand. Don’t be afraid to ask your partner or family members to assist with childcare, especially when your business requires your undivided attention.
5. Stay adaptable
When you’re a parent, chaotic days are guaranteed. Avoid putting pressure on yourself to run your business smoothly from day one.
Take the time to build your business and learn from mistakes while being flexible. This will help you manage unexpected challenges and stay positive.
6. Take it slowly
You’ve heard the expression “It’s a marathon, not a sprint”. This is true for running a business from home as a parent.
Don’t put yourself under unnecessary stress by trying to make your business successful immediately. Remember to be consistent and celebrate the small wins – this will help you enjoy the journey while still being around for your family.
7. Get help if you need it
Consider outsourcing tasks to save time and money in the long run. Even a virtual assistant in the early days can help lighten your workload and allow you time to focus on high-value tasks.
Delegating is an important skill to develop as an entrepreneur. It lets you balance your professional life and parenting more effectively. If you’re setting up a new limited company, consider buying a registered office address to receive official government mail, or a telephone answering service to answer your business calls.
4 steps to start your business from home
If you’re soon to be, or already are, a stay-at-home mum or dad and have your business idea ready, consider the following before jumping straight in:
- Create a business plan: Take time to detail your objectives, audience and financial projections. Research shows that you’ll have greater success if you write a business plan.
- Legal and financial setup: Register your business and understand what taxes you’ll need to pay. 1st Formations offers company formation packages to help you register your company – these include emailing you a full set of digital company documents and more.
- Build your brand: After checking the availability of your company name and registering your company, start developing creative assets, including a logo, and build your online presence.
- Launch and market your business: Research affordable marketing strategies and upskill yourself in social media management and email marketing, if needed. Consider attending networking events, too, to build your connections and brand awareness.
Start your business as a stay-at-home parent
Now you’ve got your business idea, plus a toolkit of guidance for navigating the responsibilities of parenthood and entrepreneurship. By adopting these strategies and planning your new business venture or side hustle thoughtfully, you can create a new stream of income, fulfil your professional ambitions, and still make time for your family.
If you want to learn more about forming a company and staying compliant, reach out to the team at 1st Formations, who will be happy to answer your questions and offer expert advice.
