If you set up your own business, how did you do it?

[Waspy555555]

I see so many threads on Mumsnet about people with their own businesses, and it's something I'm interested in but haven't got a clue how to start, so I'd love to know how you did it if it's not too outing?

How did you come up with the idea? Was there a gap in the market that you identified or was it based around your existing skills or profession?

Logistically and legally, how did you get set up?

How's it gone? What are the pros and cons?

Bumping for you OP - I'd like to know this too!!

I am self employed! Have been for 15 years. I have run my business as a limited company as it is easier with stuff like VAT.

I studied fashion design and worked for a high street retailer for years then went freelance. I was lucky enough to join a marketplace website at the right time and I sell my products through them and also on my own site.

I didn’t come up with anything new as such, people just seem to like the prints that I design.

I had savings and I invested this in the business to start me off. I also sold my car to fund some stock. I haven’t ever had a bank loan.

People do think that being your own boss gives you “freedom” and “ time with your kids” but that’s all a bit of a myth I think, I work longer hours now than I did when I was employed. I do earn more though! I prefer not having to answer to a boss or to have to follow trends anymore.

It depends a lot on what kind of a business you want to start... Do you want to start selling a product you've made or sourced, or start offering a service based on your existing skills (for example going freelance if you're an accountant) or an interest (say a dog walker or catsitter)?

I've kind of done both - sold a product in the past and now have a service based business based on my existing skills.

I think in general you need to ensure it's something you're really interested in and that there's enough demand for it. Be realistic about the time you can commit and your pricing. Generally you need to have a broad skillset to do different things to start with from marketing to book keeping.