Should I start up?

[ShouldIStartUp]

Hello,

I am currently a SAHM to a 3 year old and a 14 month old.

I have a new idea for a product that I have been developing in my spare time for the last 8 months. Focus groups have responded positively to the product so I am relatively confident. The product is now ready to go to manufacture.

I estimate to start up will be about £7000 which I can use from savings. This doesn't include the additional childcare costs though.

So far so good.

However, we would also desparately love a DC3 and we would like to TTC in about 6 months time.

Am I crazy to even consider starting up a new business now? Should I wait for a couple of years to start up the business? Or should I wait for a couple of years to TTC? (though at 35 am not that young and also would like DC close in age) Am I selfish to want both a new business and new baby?

Anyone else been in this position? Any advice/opinions much appreciated.

Thanks you.

Have you got buyers lined up? If so wholesale or retail and would they be reliable payers?

How long would 'the path to market' - ie market, manufacture, fulfill orders, transport, etc etc take?

If you TTC will someone else invent the same product in the meantime?

If I were you, I would get a business plan (free, online) and fill it in to see where you stand re the key issues - cash and timing. Then call Business Link (google for your area number) and ask for some advice. They should sort you out with your own business adviser - usually very good. If your product is potentially high-growth (sounds like it could be) BL run programmes that give you lots of lovely free services such as accountancy, lawyers and so on.

At the risk of being nerdy, I would also think about protecting the rights in your product if it really is innovative and other people in the market are seeing it.

You don't have to go the whole IP rights hog (costs money.) Go the IPO website and do a quiz called the IP Healthcheck which will tell you what to do.

Thanks for your help.

No buyers lined up. I am planning to sell the product myself via a dedicated website and also approach wholesalers/retailers once I have the product manufactured.

At the moment I estimate it will be about 4-6 months to market. I have a prototype, suppliers and manufacturers identified and some very basic financial spreadsheets. I still need to do a lot of work on the business side of things. I am currently in a catch 22 situation because I don't want to put DC into childcare until I am ready to seriously take the plunge. However, no childcare means no time to work! I need to decided soon whether to take this seriously or not!

Regarding protection I have a brand name which I have trade marked. I can't patent the product as similar products exist.

I will contact business link re an advisor - that sounds v useful.

Thanks again.