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

@NetflixandWill - you are not alone in asking these questions - just about everyone starting out for the first time would ask similar. If it’s possible (for example by offering a non competitive strand of PR), could you start your new business whilst still working in your current job? That would give you a chance to test it out before making the leap, and also to put a little bit aside for the inevitable quiet moments. Obviously you should check your non compete clause in your current contract and be as up front with your employer as possible. Being self employed does mean you will effectively be unpaid for sickness and holidays, but I think the majority of s-e people would say that the rewards of independence, freedom and sense of achievement more than make up for it.

Hi there! I've just seen this and have to agree with Alison. What kind of products do you sell? Instagram is definitely the best way to get your brand out there and insta stories are the key theme for this year. Make sure that you get your story out there too as the founder/maker. There are often #meethemaker trends etc... on Instagram that help with engagement and let others see what's going on behind the scenes!

Also, depending on what industry you're in, have you thought about joining a like-minded Facebook group specialising in your craft? Often the "competition" are the ones that can help you most and a lot of the women I've spoken to have now found great friends doing similar things this way!

Good luck!

Thank you @AlisonMakeItYourBusiness that's the kind of stuff I need to hear! Yes I've done some informal consultancy for friends- I think next step is an actual paid campaign to see how it works in reality. And I will definitely call on current and former employers when I actually start looking for clients!

Just been thinking about a plastic-free-loose-tea and all the nice teapots and accessories business. Am currently employed and love my job but if anyone sets one up in the North West, please will you let me know.

@Fishcalledlola its a great idea and you could combine a physical tea shop (with cakes of course) with an online service - bit like Bettys of York. I'm always amazed at how few people do afternoon tea really well. The profit margin in it must be substantial.

@MinnieMinchkin yes, your public brand profile has to be spot on and consistent in tone through your visual and written material - authenticity is key.

@happysunr1se have you considered sharing premises with someone else to ease the cost and responsibility? Perhaps a complimentary brand or service?

@fromthebreach but on a positive note, you are probably better informed than most when it comes to raising money and understanding risk. So few women in VC - wish there were more!

This is perfect timing for me too, I am shortly looking to launch my new Graphic Design business whilst also being a stay at home mum too!

Hello to everyone else!

"ENCOURAGING WOMEN TO START THEIR OWN BUSINESS
Make It Your Business is for women who want to start their own business and who are looking for inspiration, networking, information and advice."

Hi @AlisonMakeItYourBusiness. Can I ask how MIYB defines "women". (Hint: references to XX and XY would be welcome)

Lovely to see this thread. I have trouble with my branding, so will follow this with interest. Wonderful to have women supporting each other.

Hi @senua - I haven't been asked that before but I would say anyone who defines themself as a woman. The reason we have made a distinction is because there is a really marked discrepancy between the number of men and women starting businesses (only 20 per cent of all SME's are owned or majority run by women) and we felt it was time we addressed the reasons why, which research tells us are primarily lack of support, lack of networking and lack of female role models.

@TheMamaYo -we think so too - about time!!

Hi @KadabrasSpoon - I have always keep about 3 months expenses as a contingency. It depends how regularly you get new clients but my business is seasonal so 3x months gives me peace of mind in quieter times of the year. I was once told 'pay yourself first' but if I feel like I'm tight one month, I typically forego paying myself for the sake of the business, but I am only able to do this because I also have some personal savings, which really helps reduce the stress when you're starting out.

Thank you. I was thinking at least 3 months plus the corporation tax owed at least so glad to hear I'm not way off there.
Work has been really busy since November and getting busier which is great. But when I started it was very quiet. So wanted some contingency in case of more quiet times (or holiday, illness, family crisis etc)
I don't have any outgoings apart from accountant, insurance and salary really so that makes it fairly predictable

I haven't been asked that before but I would say anyone who defines themself as a woman.

I'm not signing up then.
I suggest that you read some of the feminist postings on MN. Try this one for starters, about another female support group.

Hey guys - I have a question for everyone - when you think are the most important character traits for entrepreneurs? When I started out 3 years ago I felt like I tried to emulate the 'top bods' from my corporate business - hyper, pushy and fixated on the finances. Over my journey so far I have found that patience (with myself and others), organisational skills, and a strong sense of my vales, have been essential to the success of my business.

Katrina I'd agree with organised. Also resilience as sometimes I get heaps of nos to get one yes on pitches. Reliability - this gets repeat trade and recommendations to others.
I'm an introvert and not pushy type worked out how to do it my way.

By the way I'm loving that this thread is so active. The freelancer section of mn has always been quite quiet.

Katrina, I’d say incisiveness. The ability to get to the heart of things and see the bigger picture.

I haven't been asked that before but I would say anyone who defines themself as a woman.

Would love to start something from scratch but considering franchising as a less risky alternative. Any franchisees who have had a great experience and have found it possible to start a franchise with young children?

PS to the trolls...why the hating on an organization that is supporting women...let's keep this thread on track.

PS to the trolls
Its not trolling to respond to a question she answered. I'm all for supporting women in business.

Hi Minnie
I also one of MIYB entrepreneurs and I specialise in networking and helping people find the right type of networking for their needs.Some people come along to groups and feel able to ask for help if they are struggling and if it's the right kind of group everyone is glad to support and help but you are right, this forum is so valuable because you can ask for advice without worrying that you will be judged

I am wanting to start an upcycling business. I am unsure whether I should test out the market first before going all official in terms of tax declarations, insurance etc. What advice would you give?

I am wanting to decorate glass jars and bottles initially and use battery operated lights.