Question by LLL: I’m considering setting up my own business, but have concerns about the future? (UK only please)?
I’m 26 and I’m being made redundant in April. I’ve worked in admin since leaving uni at 21, but have been pondering setting up my own business for over a year. I’m a qualified zoologist, with years of experience with domestic animals, and would love to set up a “Pet Services” business. I haven’t yet done much market research etc, as my main concern is for the future.
I imagine that I’ll be starting a family in a year or two, so will be taking maternity leave at some point. What will the options be with regards to my business? I’m concerned about:
a. Having no wages whilst I’m not working
b. That my business will fail while I’m off
Les – I know I have the knowledge, intelligence & motivation to start a business, but I do have to consider my life outside the business. I am well aware of the demands a SME will make on my time (I currently work for an organisation supporting enterprise) and my life. However as part of the business will be dog-walking and handling larger animals, I have to consider whether I will physically be able to carry this out whilst 8 or 9 months pregnant. Should I require a C-section, I won’t be able to drive for 6 weeks, which will leave me unable to carry out work (unless I can afford a chauffeur). I’m not prepared to jump in with both feet without actually doing some forward planning, and this is part of it. One key aspect of setting up a business is to plan for the future & organise an exit strategy. I don’t want to be left high and dry, and I’m not prepared to sacrifice my health and the possible welfare of an unborn baby for this. I was looking for advice not negativity.
Best answer:
Answer by Daisyhill
I am self employed and have a three year old and another on the way in March…I have only been working for myself for a year and find that I simply cannot take maternity leave.
I could take statuatory leave…but the money is poor and I cannot afford to neglect my contracts…it is very stressful for me as I am having to do as much work in advance as I can, so that I can take a couple of weeks off when the baby is born.
At least you are thinking ahead though…I advise you to see a financia advisor now, with a veiw to setting up some funds to fall back on.
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Well, I have to say that if you are already worrying about the future you should ask yourself how motivated are you to start this business? I don’t mean that in a bad way but people who start successful businesses are focussed on that business, getting it going and making it work. The future does not concern them because all they want to do is work for themselves.
You are going about this the wrong way. Do your research, find out if your business idea will work and remember the key thing about a business is profit, not filling your time. You need to WANT to do this more than anything else in the world if you are going to succeed.
You talk about ‘maternity leave’ as though you are working for a company. You’re not, you’re working for yourself and running your own business is not 9-5. Also, maternity does not leave women helpless.
Reading your question I don’t think you have the right mindset to start your own business. Sorry.
No I really am sorry but I’ve seen too many people fail because they are not committed. I don’t want this to happen to you. Prove me wrong and no one will cheer louder than me.
I didn’t mean to be negative – sorry it came across this way.
2 years ago I started a business and sold it for personal reasons but for quite a lot of money. This can be an option for you. Start it, build it and sell it. The key here is not so much the actual business but the branding of that business. If you have developed a strong trading name then there is every chance you will sell it for a good price because that’s the bit that most people find difficult.
I understand your attitude to family and I respect it. There’s nothing wrong with selling a business and you can always start another when you feel the time is right.
http://www.earn997persale.com
Hi there. What you need is some kind of leverage, whereby your income is not entirely dependent on the actual hours you put into your business. I used to be self-employed as a photographer. the problem was that I only got paid when I worked, and the days when I wsn’t working, rather than relaxing I was worried because I wasn’t working and therefor not earning. You don’t need that stress.
I found the solution in Network Marketing. For a good overview of this you can watch a video called http://www.checkoutthebiz.com and if you are interested after that you can look at http://www.magnetsforhealth.co.uk It might be something you can run alongside your Pet Service so that when you are otherwise engaged you still have income. This company also sells products for health and pain-refleif in animals so it might appeal to you. I hope this is useful.
Luckily you are in the UK. Get a good accountant and explain your worries. Your first year you won’t be earning very much and depending on what you project you will earn, this will let you qualify for benefits such as Working tax credits etc.
My first year being self-employed I found this to be the extra help that I needed to survive finicially the first and hardest year.
The only way to make a lot of money in business is to have employees, but this takes a big resposibility from doing everything yourself to paying someones livelihood
gl