Setting Up Your Own Business
By Rebecca Jordan, from www.gapwork.com
The word on the street is that if you want to set up your own business, there’s no better place to start than by taking a career break. According to research from the career breakers exhibition One Life Live, most people come up with business start up ideas while on a career break. And indeed, i-to-i itself was founded on the back of its owner’s career break.
So if you’ve ever thought about being your own boss, here’s some advice on where to start…
My story
I took a gap year, but after graduating from university in 1995 felt the need to do something different again. I had backpacked in Italy and loved it, so I applied to the Leonardo scheme which meant I worked near Venice for four months.
Having decided that I needed to get a proper job, I did a Masters degree in Law. But then I got pregnant, so my career went on hold. When my daughter was about a year old, a friend asked if I could help him find out about working in France. He was a bar manager in London, and wanted to work in a bar somewhere sunny for the summer. I thought it was odd that there wasn't anything on the Internet to help him.
I got chatting about the idea to a friend, Kirsty Weir, who had recently returned from a career break in Australia. Kirsty had a background in marketing and had previously run her own youth orientated business. Soon the idea for www.gapwork.com was born.
You can do it too
To set up your own business, you need to have a good saleable idea, with a clear market, a business plan, and enough money to get it off the ground.
Going it alone can be a great way of starting afresh after a career break, but you need to be realistic about what you can achieve given your circumstances. You can reduce the amount of risk involved in setting up your own business by choosing to do something that does not require huge amounts of start up funding. If you do need funding, think about getting business angel investors onboard, or venture capitalists (if your idea is big enough) rather than re-mortgaging your home or using all your savings. In the UK, there are also grants available through your local Chamber of Commerce.
Also, Kirsty and I work well together as a team because our skills and personalities complement each other. If you are going into business with another person or a group of people, make sure you don't all want to be head of marketing or creatives. You need commercial and strategic people as well. Going it completely alone can be stressful, and you need to get a group of supportive people around you, even if it is only on an informal or freelance basis.
Top tips
Most start ups fail because of lack of initial capital - make sure that you aren't relying on your business being an overnight success to pay the bills.
Use your experience and skills to make the business work, but be aware that you can't do everything. If you need specialist help in finance or legal issues, then find a professional who will do a free initial session and establish whether or not they are people you could work with.
Ask lots of questions, listen to advice, but follow your gut instinct.
Don't expect getting money from the bank to be easy. If you are relying on bank funding but don't have anything to personally secure a loan with, in the UK, you can ask your bank manager about the Small Firms Loan Guarantee Scheme. This scheme means that the government underwrites most of the cash loaned to you by the bank. Eligibility criteria apply.
Don't be afraid to try something different, to be unique and to blow your own trumpet.
Coming back from a career break could be the ideal time to set up your own business. You'll be inspired, invigorated and full of energy.
