Starting a business as a woman

Starting a business as a woman

Table of contents

Starting a business as a woman 2
Introduction 2
Formulate your business idea 2
Creating a business plan 3
Formulate a marketing plan 4
Starting up - structure and legal issues 4
Running a home-based business 5
Funding and support for female entrepreneurs 5
Business networking 6
Helplines 6
Related guides on businesslink.gov.uk 6
Related web sites you might find useful 7

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Subjects covered in this guide
Introduction
Introduction
This guide will help you decide whether
Formulate your business idea starting a business is for you. It will guide
you through the basics, such as coming up
Creating a business plan with an idea, business planning, sources of
funding and where to get help, advice and
Formulate a marketing plan training.

Starting up - structure and legal issues
Women represent half the UK's population,
Running a home-based business but are the largest under-represented group
in the UK in terms of participation in
Funding and support for female business. However, recent research
entrepreneurs suggests that women are increasingly likely
to believe they have the skills to start a
Business networking business. There is also evidence that
women are more likely than men to seek out
Helplines the business support and advice that can
help them succeed. This is especially true
Related guides on businesslink.gov.uk for start-ups.
Related web sites you might find useful
Starting a business can be an option that fits
in well with your work-life balance, whether
your priorities are increasing work flexibility
or entering traditionally male-dominated
sectors, such as IT, science, engineering
You can find this guide by navigating to: and technology.
Home > Starting up > Starting a business -
meeting the challenges > Starting a Starting a business can be a challenge, but
business as a woman there is a significant amount of advice and
information available to ensure that you get
the best start possible, and to help you to
understand your responsibilities.

Formulate your business idea
If you are seriously considering starting your
own business then you may already have an
idea. If this is the case, then the next step is
to undertake research to test if there is a
market for your product or service and to
formulate a business plan.



If your business idea involves an invention A business plan is important for the
of some sort then you need to find out business owner because going through the
whether someone else has already process of writing one helps to focus your
implemented or registered the intellectual mind on everything from where the business
property. is going to be based, through to where you
are going to find your first customer.
If you don't already have an idea then there
are many options. Start by thinking about It is also a blueprint for the future
your existing skills - do you already have a development of the business and the
specialism that would lend itself to starting a document that any potential investors will
business? Someone with a marketing want to read before they lend to you. The
qualification, for example, could start their people or organisations that might request
own marketing company or a musician could to see a copy of your business plan include
offer tutorials. banks, friends and family, grant providers
and any potential partners.
Some women are keen to start a business
so that they have better work-life balance. It Some of the key things a business plan
could be that starting a business from home should include are:
would be logical, perhaps selling goods via
your own or someone else's website, for • An executive summary.
example. • A description of the business.
• A marketing and sales strategy - who
Another option might be to start a franchise. you think your customers are going
A franchisee licences a business model to be and how you are going to reach
from a franchisor and then runs it with the them.
franchisor's help, who takes a slice of the • Information on your management
profits in return. team and personnel.
• Information on your operations,
Once you have a business idea the next including your business premises
step is to research it and write a business (which might be your home), your IT
plan. Doing this will help you focus your and management information
mind on whether the idea is a good one. systems.
Organisations such as banks or financial • Financial forecasts - how much you
institutions will also request your business need to start the business and where
plan if you need to approach them about you are going to get this money from,
start-up capital. how much you think the business is
going to make and what salary you
plan to take, etc.

Creating a business plan As well as having a business plan, a
well-thought out marketing plan is essential
A business plan is a key document for any too.
start-up business. It describes the business,
its objectives, its strategies, the market it is
in and its financial forecasts.



When it comes to starting a business, one of
Formulate a marketing plan the first things you need to work out is what
legal structure your business is going to
After the business plan, you might want to take, whether that is a sole trader,
think about a marketing plan. Sometimes, a partnership, limited liability partnership or
marketing plan is the next most important limited company.
document that a new business owner will
write, setting out how you are going to target
and interest potential customers in your The structure you choose will depend on a
product or service. However, before you sit number of factors but it is important to give it
down to work on it you will need to: careful consideration because your decision
can affect a number of things including:
• understand your market
• know who your potential customers • the tax and national insurance that
are you have to pay
• know the competition • the records and accounts you have
to keep
• the way management decisions are
Besides setting out what your marketing made
strategy is going to be, a marketing plan
should also set targets, such as how much
each marketing activity should increase Some of the options include:
sales, what the budget is for each activity
and who in the business will be responsible • sole trader - this is the simplest way
for each activity. Some of the marketing to run a business, keeping accounts
strategies you might consider, for example, is straightforward and any profits
include: belong to you but you are also
personally liable for any debts
• advertising and public relations • partnership - two or more people
• a direct mail campaign share the risks and responsibilities of
• taking a stand at an exhibition running the business, which means
• an email marketing campaign an equal share of any profits but also
• setting up a website debts
• limited liability partnership - similar to
a partnership but liability is limited to
Business support organisations, such as what each partner has invested and
Business Link, can help with setting out your any personal guarantees they have
marketing and business plans and you may given
also be able to attend start-up events or • limited liability company - limited
courses which cover writing a marketing companies exist in their own right
plan as part of their content. and can raise money through
shareholders
Starting up - structure and legal
Other company formats include franchises,
issues social enterprises and co-operatives. It is
beneficial to take legal advice or to carry out



careful research before choosing the legal There are also legal issues you need to
status of your business. consider when starting a home-based
business. In some cases it might have
There are many other times when taking consequences on your mortgage
legal advice might be useful, including when repayments or you might need to change
buying and renting business premises, your home insurance or start paying
taking steps to protect your intellectual business rates. Speak to your mortgage
property and when buying a franchise. provider, home insurer and the Valuation
Office Agency, which advises on business
rates, to find out more.

Running a home-based business
Funding and support for female
One of the key questions you will need to
start thinking about straight away is where
entrepreneurs
your business is going to be run from. It is completely natural to have concerns
about starting a business. You may have
If you are planning on opening a shop or worries about money - especially if leaving
another customer-facing business, then you paid employment - or you may have some
will need to find suitable premises. However, self-doubt about your skills and abilities.
many other types of business are suited to
being run from home. Many businesses are Help with funding
run this way because the business owner
doesn't want to take the risk of renting or Once you have written your business and
buying business premises straight away. marketing plans, you will have a good idea
of how much money you are going to need
to get started. There are various options you
Starting a home-based business can be
can consider, which may include bank
particularly useful for women with caring
loans, loans from friends and family, venture
responsibilities because it can allow them to
capital and business start-up grants or a
have better control over their work-life
mixture of these. There are various
balance. In fact, there are some businesses
schemes to help fund start-up businesses,
that lend themselves particularly well to
including specific funds aimed at female
being a home-based operation.
entrepreneurs.

There are some issues you will need to be Support available
aware of though. Although running a
home-based business will benefit your There are many business support
work-life balance, you also need to take organisations - both general, such as
care to separate your family and work life. If Business Link, and those aimed directly at
you decide to work from home it can help to women - that can help. For example, the
have a separate office, for example, and to Prowess website gives details of all
try and keep family and work life as women's business support organisations by
separate as possible. region, and these can give you advice on
grants and loans in their area.



Loans to help with ongoing training where the sole point is to network or where
networking is a secondary bonus. Others
If you need to improve your business skills might give you the opportunity to network
before or after starting up a business, you online, while Business Link also runs plenty
can apply for a Professional and Career of events where you could meet other
Development Loan. This is a deferred female business owners.
repayment bank loan aimed at financing the
training and qualifications that will help
individuals further their career or business. Some women also find it extremely useful to
have a business mentor - usually someone
who is a business owner or has been in the
Search our Grants and Support Directory past - to support them in starting and
of grants, advice and support. developing their venture. Organisations
such as the Prince's Trust offer mentoring
Find out about Professional and Career services for young women, whilst the Make
Development Loans on the Directgov Your Mark Campaign can provide you with
website - Opens in a new window. access to mentors and networks.

If you are a student or graduate the National
Business networking Council for Graduate Entrepreneurship may
be able to offer you with advice and support.
Besides being an extremely exciting time,
taking the decision to start your own
business can sometimes be a bit daunting.
You might wonder whether you are doing Helplines
the right thing and question whether you Business Link Helpline
have the skills to succeed.
0845 600 9 006
Talking to other women who have already
set up their own business can be helpful,
allowing you to gain confidence from their HMRC Newly Self-Employed Helpline
experiences and share any concerns. 0845 915 4515
Networking can also help from a business
Network point of view as you might meet
someone who you can partner with. A
wedding-cake designer might be able to do Related guides on
joint advertising or share an exhibition stand
with a local wedding-dress shop, for businesslink.gov.uk
example.
Search our Grants and Support Directory
of grants, subsidies and advice | Listen
There are lots of business organisations to expert advice on starting a business in
aimed specifically at women on a local and our series of audio interviews | Starting a
national level. These include the Women in business during a recession | Protecting
Business Network, everywoman, Prowess intellectual property | Buy a franchise |
and Women at Work. Many offer access to Prepare a business plan | Use your
face-to-face networking events - either business plan to get funding | Create



your marketing strategy | Write a
marketing plan | Use our interactive tool learndirect Business website - Opens in
to find out which legal structure is right a new window
for your business | How to choose and
manage a solicitor | Meet the need for Homeworkers' business rate information
work-life balance | Choose the right on the Valuation Office Agency website -
premises for your business | Business Opens in a new window
rates | Choose the right finance when
starting up | The Small Firms Loan Local business support for women on
Guarantee | Online networking | Learning the Prowess website - Opens in a new
through networking with others | window
Networking and mentoring |
Professional and Career Development
Related web sites you might find Loans on the Directgov website - Opens
in a new window
useful
Business support for women on the Networking information on the Make
Prowess website - Opens in a new Your Mark website - Opens in a new
window window

Business support on the Women in Online business mentoring on the
Business Network website - Opens in a horsesmouth website - Opens in a new
new window window

Business support on the everywoman Business support on the Women at Work
website - Opens in a new window website - Opens in a new window

Franchise information on the British
Franchise Association website - Opens
in a new window

Identifying your intellectual property
factsheet (PDF, 212K) - Opens in a new
window

Sample business plans on the Bplans
website - Opens in a new window

Business plan templates on the
Microsoft Office website - Opens in a
new window

Online marketing courses on the


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