Millennial mothers determined to set up in business

Almost one-in-five (17%) of millennial mothers plan to start their own business within the next 12 months in search of a better work-life balance, according to a new study by the .uk domain.

The report, which explores the way millennial mothers are seeking alternative career paths, states a further 21% of those surveyed anticipate being their own boss within the next five years; demonstrating a clear determination not only to raise a family but to succeed in business.

Almost a tenth (8%) of millennial mums surveyed confirmed they are already running their own business after having a baby.

The majority (54%) of millennial mothers surveyed who returned to traditional full-time employment after their maternity leave admitted to struggling to juggle family life with a ‘9 to 5’ role, resulting in 22% of mums growing anxious about their job.

Flexibility over working hours is a key reason that new parents are choosing to work for themselves, with 78% indicating this was the main reason for setting up their own business.

The impact of childcare costs cannot be ignored as a reason for new mums to reconsider their career path either. The prohibitive childcare costs were cited by 89 per cent of mums surveyed as a stumbling block to going back to work, followed by travel costs (41%).

In addition, almost three-quarters (71%) of millennial mothers admit to feeling guilty about leaving their child with someone else.

Millennial mums don’t appear to be daunted by the prospect of setting up their own business. Indeed, 20% have already conducted some form of market research, almost a third (28%) have set up a website in readiness, while 13% have already penned a business plan.

Russell Haworth, CEO, Nominet, which runs the .uk domain, said: “I think that we’re seeing an entrepreneurial shift in the UK workforce, and women with young children are at the forefront.

“There is real enthusiasm amongst millennial mums to be their own boss to ensure they can achieve the all-important work-life balance, while still generating an income to support their growing family.

“Advancements in technology mean it’s never been easier to set up your own business online and to quickly develop a space for yourself and your ideas; making it more viable to abandon the traditional '9 to 5' and embrace entrepreneurship.”

Any good business idea requires a solid business plan with sound financial information and a strategy to ensure the idea becomes a profitable reality.

Your local TaxAssist Accountant can work with you to refine and prepare your business plan to help you understand the profitability of your business idea and give banks and other lenders the ability to understand your idea and how the business will shape itself.

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Image: WOCInTech Chat

Date published 23 Sep 2016 | Last updated 23 Sep 2016