How to get started
As a mumpreneur one of the first things you’ll need to do is to decide on your business idea – whether you choose to start out producing cards, toys, gifts or selling a service. Once you know this you’ll be able to start working things out within the industry you’ve chosen and start researching everything about what you want to do and where you want to take your business.
Then you’ll need to decide on your company set up and with the tax advantages of setting up a limited company this could be the right choice for you. You’ll need to carry out a number of basic business set up tasks including:
- Working out your business idea.
- Choosing your company name.
- Defining your target audience.
- Researching the competition.
- Checking you have the right skills and experience.
- Writing a solid business plan.
- Working out your start up finance.
- Registering your limited company with Companies House.
The legislation and licencing you’ll need to take into account as a mumpreneur will vary greatly depending on the profession you have chosen.
Whichever industry you end up in you’ll need to comply with Health and Safety legislation from the Health and Safety Executive (HSE) and you’ll need to file your annual returns – your Self Assessment tax returns to HMRC and if you have set up as a limited company you’ll also need to file your annual return to Companies House.
If you employ people you’ll be obliged to take out employer’s liability insurance. You may also need public liability insurance, product liability insurance or professional indemnity insurance, depending on your business.
It’s worth looking carefully into the laws surrounding your chosen business area and some others you may need to be aware of include:
- The Consumer Protection Act 1987.
- General Product Safety Regulations 2005.
- Sale of Goods Act 1979.
- Data Protection Act 1998.
The qualifications you’ll need as a mumpreneur will, again, vary depending on the business you’re setting up. Other skills you’ll need, whatever the business you’re setting up, are:
Whichever industry you’re setting out in there will be an initial outlay to start your business venture. Working out where you’ll source your start up capital is another key consideration. You may be able to start up using your personal finance, you may need to get a loan or another form other investment.
Your business costs may include:
- Purchasing or renting business premises.
- Fixtures and fittings.
- Utilities and services.
- A van or other business vehicle.
- Tools, equipment and supplies for your production line.
- The cost of taking on employees.
Setting up your mumpreneur’s business as a limited company
When setting up a business it’s a good idea to look to the longer term and plan for the future too. Setting up as a limited company means that if your business is successful in years to come you can sell it on as an investment for someone else. Your business name will also be protected.
To set up as a limited company you’ll need to register it with Companies House. This can be a quick and easy process, especially with a formations agent such as The Formations Company. Our special rates mean your company formation could cost less than the price of your Companies House registration and it can take as little as three hours to complete.