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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To want to start my own business (but don't know what) in this financial climate?

29 replies

NeedEyeDeers · 13/11/2011 00:06

It's all doom and gloom isn't it? Do you think there is even a little ray of hope that I could start up a business in this day and age?

I have 9K saved up from when I was working. I haven't worked for over a year now, and TBH, dread the thought of working for someone else and putting in hours of work only to gain nothing.

I want to start a business from home, but have no idea what I want to do, which is a bit thick I know. Would it be stupid of me to even consider spending my hard earned money on a venture that may not even work out?

OP posts:
SacreLao · 13/11/2011 00:08

I think you need to do a hell of a lot of research as to not waste your money.

The best business are one's where the owner has a real passion for that type of business so you need to find your speciality and then see if there is a market for it.

VelcroFanjo · 13/11/2011 00:12

Totally agree with Sacreleo. You will be wasting your money unless you know you have a valid business and the real passion to drive through the first difficult years. Being your own boss sounds good but many ventures fail within the first year taking all your money with it! Research, research,research!

WilsonFrickett · 13/11/2011 00:12

Oh come on. You must have some idea of what you want to do, or are capable of doing...

ViviPru · 13/11/2011 00:19

Base it on your existing skills/experience/resources. Don't believe the media hype that entrepreneurs can just create a business from thin air. That is a myth.

Original poster
NeedEyeDeers · 13/11/2011 00:20

Thanks for the replies. I know I need to do alot of research. I only really started thinking about this a few months ago, when I realised that after having this baby (am pregnant) I'll have to go back to work after 6-9 months.

I'm trying to find a niche in the market on ebay, as that's the easy way to start something I suppose.

Wilson - I'm quite an artistic person. I think if I do, do something I would have to use my creative talent. But I don't know what.

OP posts:
Original poster
NeedEyeDeers · 13/11/2011 00:24

Vivi - my skills and experience include working with protein samples in a lab.....! Don't know how I could use that!

OP posts:
Laquitar · 13/11/2011 01:44

a) Something like make-up artist?

b) Making clothes?

c) Toddlers Art Club?

d) Baby music classes?

e) Childminding with a twist - combine with c and d?

f) jewellery/gifts (although i think there are too many)

g) Photography (if you can take a course)

Tbh if you have a job i would look into going back to your job at least part-time and do something on SE basis as extra only, at least for 6 months. Then you take it from there.

Working for someone else isn't all bad, it has it advantages imo.

Cathycomehome · 13/11/2011 01:49

I think it's a great idea, but I think you need to really know what you are doing and take advice before trying. A friend of mine quite fancied reflexology and lost all her savings as she didn't plan it right. Good luck, I hope it goes well, but be careful and take advice from professionals about starting a small business.

Also, being employed has its benefits; it's not all bad as the poster above said. I have worked full time since son was 12 weeks old (that was when the SMP stopped then) and it's been fine - you don't necessarily miss out on motherhood's joys if you work outside the home.

Goodynuff · 13/11/2011 02:10

I would suggest trying to work for someone who does what it is you want to do, to gain experience, for a year or so.
It would give you a chance to see what it would be like, before sinking all your money into it.
Sort of an apprentice thing

PigletJohn · 13/11/2011 02:15

As I see it:

Times is hard. People with experience, skill, stock and established business contacts are going bust. You have none of these, but you think you'll be successful? You must be barmy. Just send your £9k to me and I will invest it in a sure-fire winner*

Sorry.

  • not guaranteed.
ninedragons · 13/11/2011 09:52

Problem with an eBay business is that there are effectively no barriers to entry. The moment someone else clocks that you're doing well in your little niche, they will set up in it too.

You will also work far harder and far longer in your own business than you ever will for a boss.

I hate to piss on your fantasy but self-employment is a long, hard road and more people fail than succeed.

CurlyBoy · 13/11/2011 10:13

My wife is an avid quilter. After a year or so making a name for herself on the quilty threads on Flickr and her blog she and a few others set up a quarterly quilting e-zine. They are just about to release issue 7 and have over 5000 readers now!

Find a skill or hobby you already have and try to think of a way to make money from it.

Triphid · 13/11/2011 10:16

I'm reading this at the moment and I think it would be really useful for anyone who's planning to set up a business.

HighHeidYin · 13/11/2011 10:26

Starting your own business can be rewarding, but the realities are very long hours and hard, hard work. I can't see how you would be able to dedicate the time and energy required to make your business viable alongside coping with a new baby.

Sorry to be negative, but I would say that starting a new business just before having a baby isn't the best idea and I wouldn't want you to waste your hard-earned funds.

E-Myth is a brilliant book.

ViviPru · 13/11/2011 10:35

All that said, OP - good for you for thinking laterally and being prepared to take a gamble. I get so fed up of people on here bitching and moaning about their lot and how its society's/the government's/their employer's fault, at least you're trying to take responsibility for bettering your situation. Good luck.

MrsCog · 13/11/2011 10:54

There are two answers to your two questions.

  1. YANBU to want to start a business in a recession - in a way, it's the best time to start, becuase if you can make it work now, it should work in the 'good times'.
  1. YABU to want to start a business unless you have an absolute solid idea of what you're going to do and how you're going to make it work. Until you've decided this, there's no point in spending a penny of your hard saved cash. Maybe go back to work pt, and have a think about ideas.
Rhubarbgarden · 13/11/2011 11:06

Actually, statistically, businesses set up during recessions are more likely to succeed than businesses started in 'good times'. I guess because you have to be more business focussed and it will only work out if there is a genuine market for it. Also, existing businesses are often struggling with overheads left over from times of plenty, and they are often saddled with inertia so they cannot adapt to fully take advantage of new opportunities, whereas a new kid on the block with no staff, no rents etc etc can often be in prime position to nab the trade from under the big boys feet. For example, airlines - BA big behemoth with a massive fleet and massive staff numbers, couldn't compete when Easyjet et al came along with budget flights to Europe operating on a shoestring with low paid staff. The budget airlines made a killing, BA had to abandon most of its European operation and is still struggling.

That said, self-employment is not the easiest path to take alongside baby-rearing. I set up my business a couple of years before having dd, and while there is plenty of work out there (because I'm skilled and cheap compared to established companies with high overheads) I'm in the frustrating position of not being able to capitalise on it because I don't have time and I'm too knackered.

Good luck.

emsyj · 13/11/2011 11:13

YANBU to want to start a business from home. I wanted to do this and have just started up. I had my first two clients this week and already have my first order!

BUT I am still working my day job 4 days a week until I get established (if I ever do - hope I will). Could you do that?

emsyj · 13/11/2011 11:14

...PS I always wanted to be a make-up artist and am doing courses now - you would struggle to get trained, kit built and establish a reputation on £9k. Sad but true.

mummymccar · 13/11/2011 12:19

OP if you are unemployed speak to the job centre. In Wales if you are on JSA (even if you aren't claiming but are just registered as unemployed) then you can get advice, training, help and even a small business loan. Not sure if it is the same elsewhere but would certainly be worth asking. Good luck!

wicketkeeper · 13/11/2011 13:33

As others have said, starting a business in a recession isn't impossible. BUT - don't think that being self-employed is an easy option. As well as doing 'the job' (whatever field you are in), you also need to factor in time for doing the paperwork (HMRC is relentless), marketing (there can be a lot of time spent at trade shows, networking events etc), and chasing new business. Unless you are sure that you can earn more than the minimum wage in the long term, you might actually be better off taking a job where you can walk away at the end of the day with no worries - and you get a lunch break and paid holidays.

Nancy66 · 13/11/2011 14:13

if you want to start a business but can't actually think of one and are relying on suggestions from strangers then, to be blunt, you shouldn't even think about it.

SirSugar · 13/11/2011 14:26

I've had my own business since I was 21. Heres my checklist if I was starting a new venture.

Keep records of any money spent and earn't from day 1, organised neatly.

Teach yourself basic accounting skills like book keeping

If you think someting will cost you £x to set up, multiply that figure by two

get as much free advertising as possible

be prepared to work all hours

steer clear of cupcake making businesses

Good luck, it is worth it if you are passionate about what you do and the rewards can be great if it goes well; though remember you can NEVER take your eye off the ball - EVER.

slipperandpjsmum · 13/11/2011 14:27

Well the Dragons from Dragons Den say one of the best times to start your own business is during a recession. I'd love to start my own business but have no savings I could put into it.

Are you any closer to thinking which area you might want to work in??