Many women we speak to, go to work just to bring home some extra money for the family.

But often their jobs are unfulfilling, boring and underpaid.

There are plenty of stories in the traditional women’s magazines of women who have had the courage to step out on their own, turning their hobbies into successful businesses, but often you will only read the headlines rather than the details of how they achieved it.

This blog aims to provide greater guidance to women who are frustrated business people and set them on the road to greater financial independence, security and happiness.

While it may seem overwhelming, with passion and dedication you could join one of the six million small and medium sized businesses in the UK.

What should you consider before you start your own business?

There are fantastic resources on the internet which drill down into the fine detail of how to do things – we particularly like this one by Simply Business and will summarise some of it’s content below.

In fact there are many websites that tell you what to do and how to do it, but first we would encourage you to think mostly about WHY!

Why do you want to run your own business?

Great businesses know WHY they’re doing what they’re doing—and they use that mission as their guiding principle.

Your WHY is your central belief. It’s the concept that motivates you to get out of bed in the morning and is the reason you’re in business.

The WHY leads to the HOW and the WHAT:

  • The WHY: This is the vision of your company. It’s the motivation behind your service or product. It’s the mission that you stand for.
  • The HOW: The HOW are the practical steps you need to take to achieve your WHY. The HOW is the practical, operational knowledge that brings the vision to life.
  • The WHAT: The WHAT is the product or service you’re selling. It’s the tangible part of your company, and it’s also the easiest to identify.

To illustrate this more clearly, we’ll use technology company Apple as an example:

  • WHY: We think differently. We want to challenge the status quo.
  • HOW: The way we do this is by making products that are easy to use, elegant, and well designed.
  • WHAT: And we just happen to make computers as our products.

Starting with WHY you want to be in business, will concentrate your mind on what is important to you and will make your business more resilient and sustainable. If you want to know more about this watch this TED talk – by Simon Sinek, he has also written a book called Start with Why.

From Simply Business some guiding principles:

Starting a new business – ideas and inspiration

Of course, the first thing you need to do is choose your business idea. It should be something you’re passionate about so you’re happy putting your time, money and energy into making it a success.

Start by checking if a product or service is viable by looking at Google Trends, conducting market research, or even building a blog or social page to test if there’s interest.

You’ll need to find a niche so you can stand out to customers – is there a gap in the market for something? Can you make use of specific skills and experience you have already? Do you have a unique perspective on something?

Next, think about whether you want to start an online business or if you need physical premises. If you’re thinking of setting up an online shop then it could make more financial sense to start your business from home.

Still stuck for ideas? Check out the business trends in 2021 for more inspiration.

What do you need to start a business?

Aside from a great idea that you’re passionate about, you’ll also need:

  • courses and training – depending on your business, you might need specific training or want to complete a general business qualification – City & Guilds offer a range of vocational courses
  • licences – check the government website to see if you need a business licence, for example to sell food, play music or trade on the street
  • specialist equipment – make sure you budget for any equipment or tools
  • products – if you’re setting up a shop or selling your own creations, you’ll need to get your stock together

Then you’ll need to think about all of the following:

  • Business name and your brand
  • Audience – who is your product or service aimed at
  • The legal structure – Limited Company, Partnership or Sole Trader
  • A business plan and a cashflow forecast
  • Finance – personal investment, bank loan, crowdfunding, business grant
  • Advertising – social media, website, networking, printed flyers
  • Business insurance to cover the risks you face
  • Personal insurance if you fall ill and cannot work in or on the business
  • Tax – this will depend on the legal structure and how much you earn
  • Systems – software for customer database, banking and accounting
  • Organisation and maintenance – HR, Health & Safety etc

Yes there is a lot to consider and much research to be done, but for the most part it will be fun (in our experience, just thinking of a name for our business caused much hilarity) and in the end it will very rewarding.

So ladies, we hope we have inspired you to think about your own life and business journey – you can take control and at the same time create something that matters to you and will provide fulfilment and joy.

Of course, at Magenta, we help many business people to realise their dreams and one of the first things we can help with, is providing a robust personal cashflow forecast to determine whether setting up a new business is viable and what you will need to earn from it to achieve the future lifestyle you desire.

If any of this is of interest, please do not hesitate to call us for a friendly chat – we will do our best to help you on the road to greater financial and career freedom and fulfilment.