Single parents face more challenges when starting a new business, from juggling childcare to having less capital. According to a new Hitachi Capital Business Finance survey, single parents start a business with less money to hand, with half starting with finances under £5000.
Helpful Tips for Single Parents
Preparation
If you have no business experience you may want to prepare yourself by studying, luckily there are many options from free courses to online degrees. Look at the options below for a kickstart:
Know when to ask for help
It is likely that you will have friends and family who are happy to help, from sharing posts on social media to supporting you with childcare. Having a dedicated support network will ease some of the stress of starting a new business, so ask for help when you need it.
Patience is a virtue
It can take years before you begin seeing real progress in a new business. Do not be too hard on yourself if things are moving slowly, minor change is still positive.
Child-friendly hours
One of the selling points to beginning your own business is being able to choose your own hours, allowing for a better home and work balance and scheduling work around your child’s needs.
Support network
Being a single parent can feel lonely at times so make sure you have a support network, try one of the following resources:
Have a contingency plan
Your first plan may not work as you hoped but do not give up at the first hurdle, have a plan B, plan C, or even plan D in place.
Listen to podcasts
There are several podcasts devoted to small businesses, try listening to various podcasts featuring different business owners for advice. See our list below for a head start:
Trust your instincts
If something feels wrong there may be a reason for it, trust your instincts.
Childcare
Childcare arrangements can be a challenge for single working parents. There are some options that may be worth your consideration:
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Support from family and friends
Find advice regarding childcare and funding on Coram Family and Childcare.
Time Management
While keeping child-friendly hours is a bonus of having your own business, time management can be difficult. There are steps you can take to help manage your time effectively:
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Delegating time between work and family
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Logging time
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Setting schedules
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Use a time management app
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Use the Pomodoro® Technique
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Try the Pareto principle
Funding Options
You may be worried about funding your business when you are a single parent, there are options that are worth considering.
Investment
There are investors who may be interested in helping your business grow. It is worth researching your potential investors carefully, even try using investor networks for advice or research:
Grants
There are UK grants available to single parents looking to start their own business, it is worth conducting research as different grants will have various criteria.
Crowdfunding
Crowdfunding uses public donations and pledges to source finances for your cause, you need to sell your business to the public to achieve their backing.
Start-Up Loans & Business Loans
Start-Up loans are offered to small businesses that have been trading for under 36 months (about 3 years). You can find more information via the UK gov or a traditional bank. Business loans can be applied for at most banks. As with all loans, there are considerations to consider, such as the length of the loan, how fast the money will be paid to you, the APR and whether the loan will be secured against your assets.
It is important to research each aspect of your business goals, you can learn important lessons from other people’s experiences so take your time before jumping into anything.
Get in touch to find out more about how CBM can support your business needs. To speak with one of our expert consultants please call us on 01604 420 420 or complete the form on the right.