There are few – if any – roles in life harder than being a single mother. Looking after and caring for a child is hard enough, let alone doing so with the added burden of having to earn to make ends meet. Then there’s the fact that for many single mothers, these roles have to be done individually.
As if all of that wasn’t enough, the lack of the emotional and personal comfort having a partner brings can heap on further anxiety and stress. If done correctly, starting a business can help alleviate some of the financial and emotional pressure of single parenthood. The problem is, if done incorrectly, further pressure and strain will be piled on. Here then, are a few tips for the single mother in charge of a business.
Too many start-up business people believe themselves to have already made it. As a result, massive expense accounts are produced, while chic fancy offices are considered to be a necessity. Refuse to fall into this trap.
If your business is a start-up business, it should operate as one. Only spend within your means and do so shrewdly.
You may think that the majority of single mothers would know better than to spend lavishly, but you’ll be surprised. Manage your cash flow effectively and ensure you maintain a low overhead.
The internet has changed the face of single motherhood for evermore. It may still be a lot of hard work, but the reality is that starting a business has never been easier. It’s all thanks to the internet.
The internet is a global market, filled with money making opportunities. Social networking websites have made advertising to consumers and liaising with partners easier than ever, while the capacity of search engines mean that any query can be answered in seconds.
What’s so great about the internet for single mothers is that it enables us to work from home and effectively earn as much money as we could anywhere else. Your home can very easily turn into our office with an internet connected computer and you should therefore utilise the web to the maximum.
When it comes to taxes, many people are sadly unaware of the very convenient perk of capital allowances. As a result, businesspeople lose thousands each year in money that they’re actually entitled to by the State!
Allowed by the HMRC, capital allowances are sums of money a British business can deduct from the overall corporate or income tax on its profits. Outlined in the Capital Allowances Act 2001, these sums derive from specific purchases or investments. The problem however is that many business owners aren’t aware that they’re eligible for a substantial tax rebate.
This is to the extent that millions are collectively lost by British businesses each year. You should understand the tax system and subsequently any entitlements you may have through capital allowances.
If you need help getting your head around all the maths and clauses, there are a number of expert teams such as RIFT (www.RiftCapitalAllowances.com), who specialise in determining whether you’re owed any money through taxes and more specifically, capital allowances.
It may feel like you have to be superwoman to survive as a single mother, and in essence if you’re doing a half decent job at it, you already are. However, you should be wary of taking on too much, as doing so will not only limit your business capabilities but also your capacity as a parent.
Don’t be afraid to hire a babysitter when help is needed, so you can focus more of your energy into your business. Furthermore, don’t feel unprofessional putting your child first ahead of the business, even if it’s for something trivial.
The author of this article is Tahar Rajab, a young British writer. He was educated at Queen Mary College, University of London where he obtained an Honours Bachelors Degree in History in 2011. He has since gone on to write for a variety of blogs.
