Across the UK, average childcare costs range from £3000 to £8000 per year! Many parents start their own businesses to work from home and greatly reduce this expenditure. If you are one of them, then celebrate this success. How about profit? Although the Yell survey discovered that parents often have a lower day rate than non-parents, overall, the annual profit of a parent business was in fact 18% higher than a company owned by a non-parent. Success indeed! Another reason for some parents is time. The time we spend with loved ones is priceless. Alexis Kingsbury, founder of Parentpreneur Accelerator summed this up by explaining that “With parentpreneurs, it doesn’t need to become a billion-dollar enterprise [but] a good income, financial freedom and ability to spend time with family” can be your definition of success. But you may be wondering, how can we count time factors as a success when 63% of parent business owners work 7 days a week? Even just being in the same room as your child is a bonus. Our kids watch us and learn life skills that cannot be taught in a classroom. After school, but especially during the school holidays, you have the amazing opportunity to mould their precious minds into the business brains of the future!
Don’t wait for your kids to go to bed before you get stuck into your admin. When you organise your finances, use this opportunity to explain the importance of handling money sensibly. Explain to them how you pay your bills. Show them how happy you feel when you work hard and are paid by your customers. You can explain that your food, electricity and even their toys are paid for because of your hard work. When you calmly deal with difficult customers, you teach your child the art of communication. Keep your workspace neat and organised. Before you know it, your little one will be ‘playing office’ and following your lead while you get on with work. Spending quality time together is unique to each family. Some families have two parents, and both can teach the value of chores and secular work. What about single-parent families? Can a single-parent have a successful business?
There are just under 2 million single parents with young children in the UK. 90% of these are women. One of the many inspirational single mums out there is Jules Hawkins. She found herself and her young daughter below the poverty line and with bailiffs knocking at their door. Read her astounding story of destitution to entrepreneurship. If you would like to join our free Start Your Own Business Programme, you will have the chance to meet other parents on a similar journey as yourself. If you would like to meet up with other business–owning parents in person, check out https://www.meetup.com/parents-in-business/ They host events all over London. What about networking with your kids? Non-parent business owners may shudder at the thought of mixing kids with business. Faye Dicker, freelance mum and digital hub founder, begs to differ. She arranges networking meetings, walks and public speaker events. Parents bring their children along, with no need to apologise. Find out more here https://www.freelancemum.co.uk/ and join other parents with their children as you expand your network and grow your business!
In conclusion, having children can be the spark that sets your business flame alight. Let our young ones look up to us as we carve beautiful futures for ourselves and our families. Whether you are a single parent or have a larger family, you can become the entrepreneur of your dreams. You can provide for yourself and spend time with your loved ones. The summer holidays are a chance to teach your children important life-skills. Time will fly and your young child will soon be a young adult. Who knows, they may even join our free Start Your Own Business Programme! In the meantime, check out this government advice. Here you will discover extra support for young entrepreneurs.
As always, Visionnaires and Capital City College Group are here to support you and wish you nothing but success!
By Stef Cozens
