When it comes to beginning a company, single parents confront substantially greater hurdles, coordinating childcare while spending every spare minute on their venture.
According to a recent Hitachi Capital Firm Finance study, single parents have a fifth less money to invest in their developing business in the first two years – £8,785 vs £10,836 – than married couples.
In contrast to the national average of 44%, half of the single parents start their new company with less than £5,000 in their bank account.
Single parents work an hour and a half more each week than the typical company owner. Nearly two-thirds (63%) work more than the typical 35-hour workweek, with one in ten working a 50-hour week and 4% working a 60-hour week.
On the other side, half of the 300 single parents polled said they’re doing what they love, with 52% saying they’ll never retire because they love their start-up enterprises, and almost two-thirds (65%) saying they’ll work long into their retirement years.
And single-parent company owners are among the most accommodating employers, with roughly a third providing extended vacation days and flexible work schedules for their employees.
Joanna Morris, head of marketing and intelligence at Hitachi Capital Business Finance, stated, “Taking the bold choice to set out on your own is tough.” However, the playing field is far from even for single parents, and the hurdles are that much harder.
“Our study reveals that, despite the odds being stacked against single-parent company owners, the majority of them have a true love for the enterprises they manage, are motivated by an unrivalled enthusiasm for what they do, and want to develop their firms far into the future.” The essential for any entrepreneur considering establishing a company is to learn from people who have been in similar situations and can guide them through the challenges of operating a small business.”
Top 10 advice for single parents who want to start their own company
Asking for assistance is not a sign of weakness.
They frequently say, “You don’t know unless you ask,” so remember that and don’t be scared to approach friends and family for assistance and support. It makes good business sense to ask for assistance; whether for childcare, housework, or just expressing elp by spreading the word on social media — if it offers you some breathing room to concentrate on your company, it will pay off in the long run.
Be patient; growing a company takes time.
It takes an average small firm two to three years to become profitable and seven to ten years to expand considerably. Make sure you don’t become too hard on yourself because things take a while. As much as possible, rely on friends and connections, and speak to individuals in your network. The notion of “selling” might be tough to grasp, but there are several internet tools available to assist you. Take advantage of them and acquire a new skill.
Prioritize your children.
Forty per cent of single-mum company entrepreneurs started on their own to strike a better work-family balance. When juggling a company and a family, it’s easy to lose sight of that. Accept that, to achieve the correct balance, you will have to work around their schedule, even if just temporarily, such as school hours, sleep times, and so on.
Create a network of dependable advisors.
Have a broad strategy in place, even if it’s only a bit at a time, including a concept of how the company will expand and what expert guidance will be required at each stage of that plan.
Make use of resources when they are available.
Being a single-parent company entrepreneur may be isolating and exhausting at times. You are not, however, alone. It’s easy to meet other single parents when you join an organisation like the Single Mums Business Network and Enterprise Nation. Additional information may be found at Hitachi Capital’s own BRC (Business Resource Center). There are several free seminars & networking events all around the country where you may get the help you need from these internet resources.
Make a few backup plans in case anything goes wrong.
Prepare for the worst-case scenario by having at least three backup plans in case the first one fails. It’s all too simple to put all your eggs in one basket, but doing so ignores the possibility that those eggs may all tumble out of the basket and shatter on the floor one day.
Listen to podcasts on small businesses.
Listening to a podcast while completing everyday chores is a terrific way to kill two birds with one stone. Janet Murray, a social media specialist, offers a great free podcast to help small companies get started.
Have faith in your instincts.
Make the proper decision. If something doesn’t feel right, it most likely is.
Don’t get sucked into the urge to win.
There is always enough work for everyone; trust yourself and establish your objectives; your self-assurance will take you through.
Maintain a healthy work-life balance.
The average single mother business owner works up to 44 hours per week, compared to 35 for the national average, with one in ten reporting working 12-hour days regularly.
Although single-mum company entrepreneurs are good at working these hours around their children, it is critical to recognize when to turn off to be happy and healthy. Time management, as well as a good night’s sleep, are essential for productivity.