Those dreams that you have always had about starting your own business are often limited by the lack of time. You are constantly busy on your current job to even give your dream business a thought. However, when you are on maternity leave, you have the perfect opportunity to try out those many ideas and start your own business.
The business will be perfectly timed and one of the best ways to make a change in your life. As you go about starting a business while on maternity leave, there is a lot that you should consider.
For this reason, we have put together what you need to start a business while you are on maternity leave. The guide will prove useful to ensure that you get everything correct and have the best start for your new business.
How to start a business while on maternity leave
A big change in your life makes you reconsider your options and think of bigger plans for your life. Starting a business is a major move, and you should be sure about every step you take. For this reason, you should do the following when you are starting a business while on maternity leave.
Where to Start
A starting point is very important when you are starting a business. While you are on maternity leave, you should ensure that you know what your passions are. When you match your skills to your passion, you will find out which business idea to pursue.
Doing something that you are passionate about is one of the important steps to a successful business. Your passion will be enough to power the business and see it grow and reach more people. It would be best to focus the business idea on your skills, hobbies, and talents.
The next important step should be talking to as many people as possible. When you get all the advice you can get, you will be off to a good start. Getting advice from professionals is also important as it aligns you with all the legal requirements that are needed whenever you are starting a business.
The advice will also be a good way to encourage you on your adventure, and you will find the strength you need to get started from the people you talk to. The conversations you have with your friends and family will be one of the main ways to encourage you and give you the strength you need to start.
Reading is another source of inspiration for someone looking to start a business on maternity leave. It will enable you to be more informed about all the steps you take and your decisions in starting your new business. Read as much as you can to stay informed about all the requirements for the new business.
Reading also enables you to know what it will take for your new business to take off and what you will need to maintain it. Reading on self-employment is a good start to starting a business while on maternity leave as it gives you the best foundation for your new business.
Form a Business Plan
A business plan is an important aspect of any new business as it sets the foundation for the business. It also enables you to define what your business is all about. Instead of the business being a merely vague idea, the business idea lets you focus on the main strengths of the business and what it will be all about.
In the business plan, you should be able to define the business idea, the sources of income you expect from it, and how it will operate.
Having a business plan in place is one of the most important steps to starting your own business, and when you have everything laid out, the rest of the steps will be significantly easier to accomplish. You will also have a clearer vision of the business and what it will accomplish for you.
With a business plan in place, you will also define the kind of products and services you will be providing to your customers. Your customers will be an important part of the business plan, and in it, you should define exactly how you deliver the products and services to them.
When you have a clear business plan, a source of revenue for your business will also be easier to determine.
Start the Business
With a clear guideline to starting your new business, you are ready to go ahead and start the business. The starting phase involves a lot of legal documentation and filling in forms. With a lawyer by your side, you will get most of the requirements fulfilled and the business registered.
It also allows you to start working legally, and whenever you have your business off to a good start, you can always leave it in the trusted hands of employees you know.
The business that you start is an opportunity for employment for the people that you will leave behind when you resume work where you are employed. As such, you should be careful in your selection of talent to keep your business running even when you are away.
Getting the best employees to run your business and training them appropriately is also required for the business to be off to a good start.
Starting the business is the most important aspect of your plan, and you should make all the necessary arrangements before this step.
For instance, you should have decided on where you will run the business from. You will also have projected a duration within which the business will be making revenue on its own.
This enables you to make arrangements with the people that you hire to run the business. They can work with minimal allowances for a while and start receiving salaries when the business finally starts making money independently.
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Benefits of Being Self Employed
Being self-employed has a myriad of advantages. When you are self-employed, you are completely in charge and in control of the business. You determine how the business operates and what goes into every step of keeping the business alive.
Additionally, being self-employed means that you have greater freedom, and making decisions is all your responsibility. You have a chance to make your mark on the world by making decisions on your own.
When you are self-employed, you decide where you will be working from. While you are on maternity leave, you can decide where your new business will be operating from. For instance, you can rent out an office or resort to working from the comfort of your home.
Being self-employed means that you can run your business from anywhere, and with the freedom of choice comes to a creativity allowance that lets you establish your brand in the loudest ways possible.
While you are self-employed, you can work for the hours that you want. The freedom to choose your work hours means that you can accomplish as much as you want. This freedom is very important, and the very reason modern businesses start becoming very successful in very little time.
The people that run the business can focus on various aspects of running the business. Whenever there are aspects of running the business that will require more hours of work put into them, you will adjust your schedule accordingly.
Being self-employed also means that you decide on your breaks and holidays. This is very important for the business as you can establish it and maintain it while saving time and setting aside time to relax and take a break from all the activity involved in keeping the business running.
In addition, you decide on the working hours, and as such, you can have your business operations when you are not busy or otherwise engaged. This allows you to make your business unique even in terms of the hours in which it operates.
What to Watch out For
While you are starting your business while you are on maternity, you will be momentarily unable to earn any monthly allowances. This is the case during the first few months of running the business.
In addition, you will be required to spend more time and effort at the beginning, which can be draining. If you have additional help at the initial stages of the business, it will be very good and healthy for you.
In addition, you will be able to get the business off to a good start by hiring the best talent you can find. With the many people you have spoken to, you will be able to find connections to the skills you need and the talent required to get the business off to a good start.
A good business plan is important when you are away from the business as it will keep the other parties involved well guided and informed about how they should be treating the business.
Starting a business on your own can also be quite scary as you will be wading into unfamiliar territory. During this period of uncertainty, you will need all the support and help you can get, which means that professional advice will be important.
All the advice you can get during the initial stages of starting the business will be useful, and you should not turn down any offers for help. If there are willing and ready to volunteer or chip in to ensure that your business is successful, do not turn them down.
Their efforts will factor into the eventual success of your business, and who would not be ready to help someone on maternity leave?
Do you need to Quit your Job?
If you are looking to start your own business while you are on maternity leave, you should make it clear whether you will quit your job or not. Depending on the business plan you have in place, you might be required to quit your job to focus on getting your own business started fully.
Is the new business in conflict with what you have been doing while you were employed? If it is, you should inform your current employer about your change of plan and tell them that you can no longer work with them.
Quitting your job is not always required when you have a good plan in place. A good business plan caters for the labor required to handle the business even when you are away. As such, you can get the business started while you are on your maternity leave and still resume your normal job after delivery.
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This way, you will have an additional income source that will complement what you are already earning. The maternity leave allows you to focus on the plans you had been holding off for a long time.
There is a lot that is involved in starting a business. The logistics that need to be taken care of are countless, and there is also the documentation to take care of. As such, you might have held off the plan to start your own business for a long period due to a lack of enough time to get everything correct. When you are on maternity leave, you will easily be able to start the business.
In this break, you have enough time to do all the necessary consultations and make the required arrangements. Additionally, you will be free enough to make better decisions while you are still on maternity leave.
Major life changes require that you have enough time to plan everything. Maternity leave is usually a good time to make such great changes and starting a business can be useful. When you start a business, be sure to consult the correct professionals and ensure that you have the best plan for the business.
A good plan ensures that your business is off to a good start. It also enables you to plan everything and even determines when the business idea will finally become successful. With the useful tips and pointers provided above, you will be able to get your business started while on maternity leave easily.
Bijay is an entrepreneur and start-up founder having more than 14 years of IT industry experience. He is the co-founder of TSInfo Technologies, a SharePoint development company.
A dedicated professional and very passionate about public speaking and also wrote thousands of technical blogs in various technologies. He also wrote a lots of blogs on entrepreneurship, investment, startup, business, manage money tips, etc.