We may be drawing free of the recession, but its effects are still with us. It is more difficult to find jobs, especially for young people and graduates. However, one group of people that is making the best of things is mums, particularly those with children under ten who wish to stay involved in raising their children but also want to establish and nurture a business.
These so called “mumpreneurs” are seeing big returns in their businesses. Many of these businesses start small, but the recent trend for home-style, retro products has launched financially rewarding careers for many mums, who find themselves quickly transitioning from home-based beginnings to moving to premises and taking on staff.
In recently published statistics, UK insurer Direct Line discovered that more than 65 per cent of women with children under ten are planning to start their own business by 2017. Most plan to do this because they do not want to miss out on their child’s early years, and many cannot justify the cost of full-time childcare if they work outside the home.
However, Jazz Gakhal, head of Direct Line for Business, warned: “While launching a business from home has many benefits, it also brings its own set of challenges. These ventures often require substantial financial investment, alongside the time and effort required to build a business from scratch.”
Help with vital financial considerations and advice can come from a PAYE Umbrella Company. These invaluable companies can take away the headache of “boring” tasks and let you grow your business safe in the knowledge that your tax, staff pay and insurances are taken care of.