New topic - Make It Your Business

[KateMumsnet]

Hello hello,

Welcome to our new topic. We’ve teamed up with the folks at Make It Your Business, who have just launched, and who aim to help women who want to start their own business. It’s a non-commercial partnership between Mumsnet and Make It Your Business - we’re giving MIYB members a forum to chat with others who are keen to go it alone, and they’re letting their members know that Mumsnet is a great place to exchange ideas.

Make It Your Business offers women who are looking to set up their own business information, advice, inspiration and a chance to network. They put on events around the UK, and offer videos, blogs and a monthly newsletter for those who register (it’s free to do so). It’s founded by entrepreneur Alison Cork.

Alison and her team will be posting in this topic from time to time to give you a heads up on events or news you might be interested in, or to answer your questions - they’ll go by the names AlisonMakeItYourBusiness and SophieMakeItYourBusiness.

Most importantly, we hope that those of you who are thinking about going it alone and are looking for some support and companionship along the way find this new topic really helpful.

Thanks
MNHQ

Thank you Kate - its Alison here, from Make It Your Business. I very much look forward to following the conversation and will dive in from time to time if I think I have something to add!

Excellent! Hopefully some good advice - I need some

Perfect timing for me! I'm looking forward to finding out more!

I already run a small business, but it's little more than a hobby and I want to grow it into something proper. Looking forward to some inspiration.

Oh well just let us know what sort of advice you need, maybe we can point you in the right direction.

Great! Just shout when you need a steer.

When you say something proper, do you mean to do the same thing but just grow the turnover?

I've recently started a business so am following. Great idea

Recently started my own business too so watching with interest!

Wonderful - we are really looking forward to sharing ideas and tips.

Great - please feel free to post questions - doesn’t matter how simple they may seem - there’s so much to consider when starting out and it’s so easy to lose time and money by making avoidable mistakes.

This is awesome!

I've recently started out and have set up a limited company which pays me a minimum wage each month.
I was wondering what would be a good amount to leave in the business account as contingency? So that I can continue paying the wage during quiet months and have enough left for corporation tax etc.
I know there's no hard and fast rules but wondered what others did? E.g. enough to keep the business going for 3 months or?

Sounds interesting! I want to start a business but i have no idea where to start with legalities and tax etc.

Great idea, will be watching with interest.

Can you advise what I need to do legally in regards to making and selling children's clothing? I need to put together labels with washing instructions and sizes but what must I put on them? And do I need to safety test clothing? Particularly pyjamas, or is using certified fabric and threads enough?

Perfect timing for me too. Always wanted my own business - just struggle to think of a profitable idea.

Very interested in this thread, I have not made the leap yet, but it's the grand plan when I pluck up the courage! Watching intently for some excellent tips!

This is great news! I'm looking for advice on finance. Do I have to use my home as capital for business loans to get started?

I want to open a shoe shop, not easy to do as lots of upfront costs. How do you go about obtaining finance?

Thanks very much

Also recently started a business. Things keep cropping up that hold me back from 'growing' it... Need to take a few risks, I think. This thread is great timing for me!

Perfect timing for me also, I did a soft start of my business last year and am hoping to kick start it properly this year. I think (and hope) small one woman businesses will be the "new" thing for 2018/2019. I've started to notice a lot more of it - or is that just because I am in new circles now I wonder?

Looking forward to more chatter about it on Mumsnet, I have been on the a few of the other self-employed sections here but they're fairly quiet.

How is everyone doing in general with their new goals? I shouldn't really ask, I am a month behind in mine!

Anyway, hi everyone

Hello all, I’m one of the MIYB entrepreneurs and will try to help where I can. My background is in finance and accounting. When it comes to contingencies, really the question is how much you need to live and pay bills and not panic.... and also what your product / idea is and how quickly it can come to market. I reckon at least 6 months is ideal but appreciate it’s difficult to have the cash to hand!

Hi I’m an MIYB entrepreneur with a background in finance. There are several routes for financing that you can take. It’s worth going to your local bank and seeing what they can offer. You’ll need a business plan, don’t worry it doesn’t have to be formal; just an idea of how much it costs to run the shoe shop and then some forecasts of what revenues might look like in 1, 2, 3 years. Sometimes banks will lend without needing to get your house involved, if they think it’s a solid business plan. Also there are things like crowd funding but that’s higher interest rates and a bit trickier to manage. I would advise going to the bank first. It means you’ll have to do the business plan which is a good discipline anyway! And if it doesn’t work with that bank, you can try others and take forward what you’ve learned. Don’t fear finance jargon. Ask direct questions : what are my risks, how much does it cost? Etc. And good luck!!

This is great timing for me, too. I also started tentatively last year and need to have more discipline to get out there and market my company's services.

A more anonymous body to hold me accountable to my goals compared to the local networking groups would be ideal for me

Go on then Minnie, what are some short term goals you have?