We spoke to the awesome lady bosses of Staffordshire based, The Energy Deal (T.E.D), about setting up their new business around a busy home life. As successful ‘mum-preneurs’, here’s their tips and advice for other women wanting to take the plunge.
Victoria Warren and Abigail Hulme launched The Energy Deal in October 2016
Be on top of finance and self employed accounts immediately, and what it means to be self employed, especially from a tax perspective.
Keep a level head – we have come across so many people who reach a level of success and up their lifestyle straight away and overspend but actually business fluctuates and you’ve got to have your “rainy day.” Have a sensible approach to your finances from the start. You don’t want to be scrambling around for money at the end of the tax year.
Have an accountability partner. Find a friend or colleague, not necessarily in business with you, who you can sit with each month and do your accounts with so you are both responsible for each other doing it at the right time.
Setting your expectations of support. Sometimes you won’t always have the support of those closest to you so you have to be resilient because you are going to get knock backs and not just in business. Friends and family may not agree with everything you are doing which can hurt so you’ve really got to know what your goals are and remind yourself why you do what you do.
Don’t give up to soon! Many people walk away from self employment because they didn’t make what they wanted to straight away. It can take months and years to get into a profit within your business and it’s important to understand that and keep looking ahead.
Have a fall back. When we started T.E.D, we both had 6 months fall back in the bank to give ourselves time to get up and running and find new jobs if we needed to!
Understand your own financial model – know how and when you will make money, where your break even point is and also understand about accounting for expenses.
Go to networking groups and find other people who are already successful for advice and tips.
Be prepared to work on yourself, be ready to always learn and develop your skills.
Have time to be creative and give yourself space to think about ideas and to grow the business away from the day to day – we enjoy swimming together!
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The two mums run the business around their children and families