It can be difficult for mums who have taken time out of work to look after their children as getting back into the job market can be difficult, particularly when there is childcare to be taken into consideration.
One solution for this is to start a home-based business. This means that the working hours can be conveniently fitted around the children’s day and the type of work done can be tailored to the interests and skills of the mum concerned. Choosing something that is interesting to do is essential. There are plenty of different business ideas out there but if it holds no interest then there is a greater chance that the business will not succeed.
A successful home business
There are many success stories of mums who have started a home-based business whilst also caring for their children. One of the main requirements is that the new business owner will need to be organised and flexible. Staying fully organised is tricky but there are things that can be done to help it along. The right software for keeping track of customers and other aspects of the business is essential. Staying on top of the filing and other administrative tasks is another, but there is help available with this.
Something that many new start-ups have opted for is the help of an umbrella company. This gives the worker the security of employee status but the freedom of an independent contractor. The freelancer registers with the umbrella company and they take care of much of the administrative side of the business. While it is still up to the contractor to find their own clients and work, the umbrella company will collect timesheets each week or month and invoice the client; they will also chase any outstanding payments from them.
One of the main benefits of the umbrella company system is that there is no need for the worker to have anything to do with the taxation side of the new business. Payments are made on a PAYE basis and both income tax and National Insurance are deducted at the time. Self-assessment is not a requirement and there is no need to keep accounts for checking. There is a fee to the umbrella company but this is also deducted at the time of payment.
Opting for the services of an umbrella company also means that it is easier for mums to keep a balance between their work and their home life. A new business can be a very time-consuming thing but with the umbrella company dealing with the administration there is more free time to spend with the children. As an independent contractor the hours worked are chosen to suit so there is no real demand on time and the freelancer is able to work as much or as little as they want. If there is an important family event coming up, the work is simply planned around it. The business can be started small and developed over time, so as the children grow and more time becomes available, more time can be devoted to the business.