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Eight steps to launch your dream business

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"I have a Mumpreneur business idea but have no idea what I need to do to launch it or where to start, help!"

Thinking of starting a mumpreneur business can be a daunting and scary time. If you have not been involved in small business before, you can be forgiven for thinking it is just too hard or beyond your ability but the truth is it’s easier than it seems.

Here are eight steps to get you started.

Decide on your business structure Your business structure will determine a number of things such as how you pay tax and report on your income, how you can take profits from the business and how well you and your assets are protected against legal proceedings.

Select and register your business name Unless you are a sole trader and intend to operate under your own name, you will need to select a business name.

To ensure the name you have selected is available I would recommend searching for it using a general google search, using ABN Look-up, and finally the ASIC register. Once you feel sure that your name is available you should register for a business name and ABN number with ASIC.

Purchase your domain name and web-hosting Whilst you were checking if your business name was free, you should have found out whether the domain name was available. If your preferred domain name is taken see if a similar domain or a different domain type is available such as .com.au, .com, .net.au. Where possible get a .com domain for better worldwide exposure.

Here are two recommendations:

Oz Blog Hosting – affordable website hosting for self-hosted WordPress blogs.

Jumba – cheap webhosting and domains

Set-up a business bank account & business pay-pal account You should set up a business bank account so that you can keep all of your business expenses and revenues separate from your personal accounts. This will allow you to set-up a business pay-pal account and accept online payments which are very important for the majority of businesses.

Consider whether you need to purchase business insurance When I started my business I didn’t purchase insurance straight away as it didn’t seem necessary until I was seeing clients. However, as soon as the risk was there I purchased professional indemnity insurance to protect my personal assets.

Speak with a broker and consider different types of business insurance you require to protect your business and personal assets.

Develop a branding concept A branding concept can be as simple as a logo or extend to custom fonts, colours schemes, how your website ‘looks and feels’ and brand ‘personality’. When you are starting out it is hard to justify expenditure on the services of a graphic designer, however speaking from experience, getting it right and having it look ‘pro’ the first time is worth it. Find a graphic designer whom you feel you can create a long term relationship with.

Set-up a website The first decision is whether you do the website yourself or pay someone to do it for you – the difference is about $2-5k and a lot of hours of work learning to use a content management system such as WordPress.

If budget is your biggest concern then building your own website is certainly do-able and you can always upgrade your website down the track.

Set-up social media sites Social Media sites are critical for engaging with your target market.

I recommend that my clients pick 1-3 sites that they will focus on as maintaining more than that can be overwhelming for a time starved Mumpreneur.

In order of preference I recommend Facebook, Pinterest (if you sell goods or a creative service such as interior design) and Twitter (particularly for business to business).

Follow these 8 steps and you will have the foundations to launch and market your Dream Mumpreneur business!

To help create your dream business, Kathryn has just launched a Mumpreneur Maven e-course. You can find the details of this course here.

Related: How to make working from home work for you

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Kathryn Hocking - to view all of Kathryn's blog post click here

Kathryn is a Mumpreneur Coach and uses her passion and creativity to inspire, guide and motivate mums to pursue their dream business aspirations. She has been featured in major television and magazine media, is an expert contributor to many online publications and has a range of Mumpreneur workbooks available for sale on her website.

Website: http://www.reveriecoaching.com

  • Great article and really good starting points.
    Of course the number one thing to make sure you look at prior to starting the business is researchng the viability of the business. Is there a gap in the market for your idea? Who are your competitors? What will make your idea different?
    So many Mum’s have grand ideas of going into business and find it all too hard as they haven’t done the necessary ground work.

  • HI Jodi, I absolutely agree. This article is intended for people who have been through that process already and includes to practical steps to launch. I do however cover business idea viability assessment in detail in my coaching and Mumpreneur workbooks. Thanks for you comment.

  • Karen

    I found this really useful and was mentally ticking the boxes. I am about to join the many many other mumpreneurs and launch a website. The only other thing I’d add specific to mumpreneurs is get your support networks in place and talk to your kids about what you are doing and the changes ahead for the family. In my case this meant paying for babysitting and childcare as we don’t have family nearby. Earlier on I did take phone calls with kids screaming in the background and that just doesn’t work for anyone!
    PS I’m glad I’ve just discovered your website with all the resources on it.

    • Thanks Karen, glad you are enoying the site! Also, that’s a good point your raise about getting your support networks in place.

  • HI Karen,

    Thank for your comments and some of that will be covered in my next article on Coping with Jane so keep an eye out!

    Congrats with your business, let me know if I can be of any assistance!

  • Hi Kathryn, do all businesses need to purchase business insurance? Also where does one find a broker? Thank you

    • Hi Jane – at the very least all businesses should review their insurance needs with a qualified professional. I am not qualified to provide this advice but financial planners or accountants may be able to point you in the right direction. Sole providers need to be especially careful as their personal assets are not protected against someone making a claim or instigating legal proceedings and you don’t want to loose your house!!

  • Great first steps, thanks Kathryn

    • No problems Clare! Come on over and visit me at Reverie Coaching, I have a great blog, newsletter and also e-course currently running. And keep an eye on Coping with Jane for future articles!

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