Would this be a crazy idea?

[Currentlywatchingshrek]

For background, I am late 20's with a toddler DS.

Currently studying at uni a fairly high pressure course. Will lead to a decent job at the end (starting salary approx £25K with progression up to about £40K but would take many years to get there. Would also be unsocial hours and shift work)

At the moment I'm feeling so ground down with the pressure of this and I'm just dreaming of being able to have more flexibility in my life. I don't want other people dictating my schedule, I'm fed up of the stress and just feeling very overwhelmed with it all.

I'm thinking of quitting uni and starting a baby / toddler group where there's weekly sessions, people pay to come and do activities etc. Think like Jo Jingles type of thing. There's hardly any baby groups in my area (have looked this up and from own experience when DS was younger) and the one or two there was there was a waiting list so I feel like there must be demand for this?

Would it be totally insane to give up uni and a stable career in the future to do my own thing?

For one thing, you put in a lot more time on your business then just on the hour or two with the children. Secondly £85 sounds okay but can this be replicated every half day of the week? Thirdly you might find there were classes like this but lockdown has stopped. And lastly if you have qualifications, you have them for life. Once your child is in school, would you really be bothered with other people's babies?

There's hardly any baby groups in my area (have looked this up and from own experience when DS was younger) and the one or two there was there was a waiting list so I feel like there must be demand for this?

Yes, it would be crazy to give up your course to start a business if this is the extent of your research. If you are going to do this, you need to do it properly.

Have you considered how you will support yourself while the business gets going? How will you finance start up costs? What happens if there are lockdowns or people stop coming because there are high rates of COVID? You wouldn't have been eligible for the business loans/SE grants during lockdown as it is a new business. Could you live on UC?

How many years have you done so far? One or two? Quitting the course will affect any future student loans available to you, if you decide to pursue another degree. Even if you don't follow the career related to your degree, a degree in itself will open many more doors.

Is it too late to withdraw from the course this year without having to pay fees?

Can you take a year (or more) out from your course to try out your business?

I'm not saying don't do it, just don't rush into it on a whim.

I think this sounds a bit mad tbh. What would you do if there was another lockdown? Your business would likely go under. Don't put all your eggs in one basket at this time.

Is there a possibility of keeping your uni course on part time and doing your business on the side? Then if it's going well you could transition over in a more secure way.

If your course is getting you down, think about transferring to a different one. You can usually transfer quite easily within an institution. Again, consider doing it part time so you have flexibility for a side hustle.

[quote IloveStrawberrylaces]@Cazzovuoi what is it you do then?[/quote]
I own and run a service based business. I can’t say exactly but it’s similar to helping businesses optimise their SEO.

Do it. Life is too short and £25,000 starting salary isn’t really that much for a degree educated person, esp up to £40k. Nights and shift work? No thanks! Go it alone, run with the idea and make money on your own terms.

How long do you have left in your degree? I'd imagine you'd still have to complete qualifications to start up a baby group and you'd need insurance and to hire a venue. Only do it if you have a really good plan and you're 100% it's what you want and you wouldn't regret leaving your degree.

Finish your course. If you leave you won’t go back. Just knuckle down and get it done.

Can you imagine covid ramps up over the winter - your business would be ordered to shut, as a new business you may get no income from the government so would be penniless, while still having to pay rent on the building etc. Nightmare.

And doing a service based job at £100k a month is likely not going to be an option for the majority of us.

There’s only drugs or pimping /prostitution services round my area that could give an income like that.

Hopefully the pp isn’t involved in any illegal activity or encouraging others to partake in illegal activity either.

I guess it depends on why you want to work.

If it's for money, then a baby group makes no sense, as you'll make a pittance, if that - after costs it'll probably end up costing you money.

If it's for some kind of personal fulfilment thing, then I guess OK? If you think you'd enjoy it. But if you're just killing time and don't care about money aren't there other things you'd prefer doing than a baby group?

I retrained in a tech role because of lucrative opportunities and a better life due to increased income. It didn't make any sense to me to work for a few pennies for no good reason. It has to be worth it.

Stick to the proper job goal. Although maybe consider how you can get to 40k quicker. It's not a 'top' salary anymore these days.

Sounds like you are a student nurse? Can you switch to child branch? Finish the course at least but if if the baby group is what you want to do then go for it. At least you’d have nursing to fall back on.

If it's something like nursing, you could just do bank when you qualify then you can pick and choose your shifts whilst your child is still young and yet still have the possibility of building your career when you are ready ,

went from a €60k a year job to €100k a MONTH with my business. Go for it!!!"

Sounds like a MLM.

It certainly does, doesn't it? I think "PM me, hun" was implicit.

@LagunaBubbles

went from a €60k a year job to €100k a MONTH with my business. Go for it!!!"

Sounds like a MLM.

Not really, the poster later said it was a service industry a bit like SEO. If you can make the switch from employee to employer, it's perfectly feasible, even with a small scale business. Particularly if it is the kind of business where you need no premises or equipment and can outsource to sub-contractors, which I'm guessing it is from that description. A business with less than 10 employees and a turnover of under €2 million is still only classified as a micro business, not even a small business.

It was a bit of a glib statement though...

Prostitution is service industry is it not.

100k a month divided by 30 days = £3333 a day working every day.
£3333 divided by 8 hours a day is £416 an hour. That’s too much so it can’t be that. Not even an MLM could earn that much. Unless you own the company not just a franchise.

Gotta be drugs.

Whatever it is id suggest it’s not legal and shouldn’t be in here.

@arethereanyleftatall

I run my own business. It's easy tbh. Round my way, I don't know where you are, parents fall over themselves to keep up with others so their baby doesn't fall behind 😂. Anyway, as a consequence, hire a hall - £15ph - sing or throw a few baby toys out, £5 per baby, 20 babies, £85 profit, thanks very much.

Not really all profit though is it? What about tax, ni, public liability insurance , advertising, etc

Yes it would be mad. Don’t do it. Finish the course, see how you feel, and then you have both options.

I own and run a service based business. I can’t say exactly but it’s similar to helping businesses optimise their SEO.

Oh FFS, @Elieza, I hope you are trying and failing to be funny. PP said what she does (ish).

I doubt very much that she earns £416ph providing a service on her own.

Look, when I graduated, the average starting salary was £16k (£8ph). I had a holiday job at that rate but the freelance contractors were being paid £20ph (£39k) and our employer's client was being charged £100ph. So, if I went freelance and hired a graduate to work alongside me, I could earn earn £62k after paying them £16k, sub-contracting to my former employer. If I could get a contract with the client directly, my turnover would be £195k per employee. Obviously it isn't that simple and there were overheads, I haven't taken into account things like employers NI on the £16k salary, holiday and sick pay, and down time with no work, but you get the point.

@chesirecat99 wasn’t trying to be funny at all.

The point I’m making is the pp didn’t say what she did at all. Just some vague thing about service industry and how it’s similar to SEO optimisation. Well so are a lot of things!

The point I’m making for is that I think she’s talking nonsense and we shouldn’t be engaging with anything illegal per MN policy.

That’s all.

Who ripped your knitting?

Do you imagine for one moment people who are that high rollers have time to go on mumsnet! Or indeed care about MN

A few things -

1. Getting a qualification doesn’t prevent you from starting your own business. Any PP presenting it as an either or/now or never is not being useful. You can get your qualification and later start a business.

1. Starting a business is a significant and serious commitment. PP here do not know whether you have the acumen, skills, mentoring, resources, support etc to make a success of it. The question is whether you are ready to take up what a serious attempt at entrepreneurship involves and if this is the right time in your life to do that.

1. Giving up a known beast for an unknown and hence sounds-easy-enough beast is a foolish act. Think. Pause and think.

If - after having considered it all - you still remain convinced that you must quit your degree, that now or never is the time to become an entrepreneur, then skill yourself and find resources and mentoring to make a success of it.

I'd get your degree behind you first. Where are you that you can hire a hall for £15?!
You'd need insurance too, it won't all be pure profit.

How much is it going to cost for equipment, insurance, first aid training, dbs, safeguarding, marketing etc?

Once the above costs are covered how long can you cover all of your bills for?

Why don't you swap to a business management degree?

I left in my 3rd year of midwifery to set up my own antenatal teaching business. Unless you turn your business into a mega franchise-selling model most people do only scratch a living in this and similar fields.

I do wish I had finished the qualification because you don't necessarily always have to be clinical.. you can go into teaching, masters etc. Or something related like sonography or perhaps another self-employed role that's helpful to have a health qualification.

I'd try to be sure any decision you make is carefully thought through - stress & burnout can be helped with breaks and support.

Once your children aren't babies anymore the appeal of baby groups is lost pretty quickly.

No. Get your qualification. I can't imagine running a baby group would be very profitable. I used to run a toddler's group ..but not for profit.

Also create anyone who claims they make 100k a month with caution.