Want to be a Mumpreneur? What you need to know

Mumpreneur, Mum in Business, or just plain old Business Woman. Whatever you want to be known as, if you’re a woman (or man) who runs their own business and happens to be a mother (or a father) too, then you’re not alone. Thousands of parents in our local Hertfordshire area alone have turned to self-employment and are running their own businesses as a way of balancing their work and family lives. It’s not hard to see why. Sometimes life makes it difficult to balance the needs of a young family and a demanding boss.

Self-employment is an attractive option for those with a skill, or innovative product to sell. Setting up as self-employed is relatively easy, and Colprint in Watford have created a three-point plan for any mum setting up a business from home, but this isn’t all that you need to know. If you want to be a ‘Mumpreneur’, then also think about this…..

1. Tax and National Insurance. You will need to register with HMRC as self-employed from the day you start working for yourself. You will need to complete a self-assessment at the end of each financial year, whether you’ve earned big bucks or not, although you only have to pay tax and NI if you earn over a certain amount (currently around £10,000 for tax and £5,500 for NI). Any less than the NI threshold and you need to apply for an exemptions certificate. Contact the local Hertfordshire HMRC office for help.
2. Tax credits. You will need to inform the Tax Credits people if your circumstances change. You may be eligible for help with childcare if you work a minimum number of hours and your income is below the threshold. These change all the time, so contact the Tax Credit helpline or visit their website for more information. You can use their online calculator to give you an idea of what you can claim depending on the number of hours you work, which is very useful!
3. Working Hours. Although your hours in some respect are dictated by the needs of your clients, you may want to set your own hours with boundaries to prevent your family life and work life clashing. You can’t take important phone calls with a toddler attached to an ankle, so work out the practicalities of when you are able to do what type of work in advance and arrange suitable childcare. Again, you may be eligible for help towards the cost of childcare, so find out what you can claim and take advantage of it.
4. Help is available. Local business advice centres can be an excellent resource for more specialist advice. For example STANTA gives start-ups free business advice in the first year, and affordable business advice after that, so look for help that is available to put you on the right path.
5. Expansion. Once you’re up and running you may want to expand quickly. Many Mumpreneurs find that they outgrow their home base very quickly and start to look into rented office or workshop space. This is good as it means that family life and work life can be more separate. There are lots of units of all sizes in Hertfordshire to suit many different types of businesses. Don’t be afraid to expand what you might consider to be nothing more than a ‘mummy business’ – all big corporations had to start somewhere and more started in someone’s kitchen or shed then you would think.

Whatever business you want to run, there is lots to think about. Speak to the right people and you’ll soon be up and running and enjoying your new well-balanced career.