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.
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