Mums eager to start their own business
In search of the elusive ‘work-life’ balance, 17 per cent of millennial mums expect to set up their own business within the next 12 months.
A further one in five (21 per cent) millennial mums expect to be their own boss in the next five years, according to a study by the .uk domain.Nearly one in 12 (8 per cent) new mums are already running post-baby companies across the UK, finds the report, which explores how millennial mums are pursuing alternative career paths.More than half (54 per cent) of millennial mums who returned to traditional employment after maternity leave say they struggled to juggle family life with a ‘9 to 5’, leaving one in five mums (22 per cent) feeling anxious about working. As a result, 78 per cent of mums say flexibility and control over working hours is the main reason why they are choosing to work for themselves.The high costs associated with going back to work is also prompting mums to reconsider their career path. Prohibitive childcare costs are the number one financial concern (89 per cent) followed by travel costs (41 per cent).
Also, 71 per cent of new mums feel guilty about leaving their child with someone else, and over half (54 per cent) worry about the extra time spent apart from their family whilst queueing in traffic during the daily commute.Millennial mums recognise the value of their maternity leave, with the majority (94 per cent) saying the skills gained as a new parent during this time, such as multi-tasking, time-management, forming relationships and keeping calm under pressure, can give them a competitive edge in the business world.While mums recognise that setting up their own business is a huge undertaking, this isn’t putting them off. In fact, 20 per cent have already carried out some market research, nearly one third (28 per cent) have set up a website and/or a professional email address and 13 per cent have drafted a business plan.
Other preparation to be their own boss includes attending online business training workshops, investigating business loans and building up their little black books of contacts.Russell Haworth, CEO of Nominet, which runs the .uk domain says, ‘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 nine to five and embrace entrepreneurship.’