The best advice I have ever been given

This post is inspired by Josie’s Writing Workshop over at her Sleep Is For The Weak blog.

The best piece of advice I have ever been given came to me  in the middle of Wales in 1993. By a guy whose name I can’t even remember.

I was coming to the end of my university course and it hadn’t been the fabulous experience I’d expected. Brought up in the 80s on a diet of Johnny Ball and Tomorrows World (when it was good) I was fascinated by how things worked, so I’d chosen to do a physics degree. But the reality was very different – apart from one afternoon a week in the lab, the rest of the course was just maths, really hard maths.  Half way through the course my confidence was at a low and I dropped out. I was talked back by a tutor and ended up taking physics with a medical physics option, which was an improvement because it was using science to make ill people better. All that maths had a practical use at last.

By 1993 I was coming to the end of my course and, even though life was better with medical physics, I wasn’t going to get the grades I needed to actually be a medical physicist. The recession was just about at its worst so there were next-to-no jobs out there.  At that time I felt I’d have been better off if I’d left school at 18 and got a job – at least I’d have some useful skills.

We went on a residential course somewhere in mid-Wales a few months before we took our final exams. The physics department had invited an ex-student back to give us a presentation on life beyond the University of Wales. He’d got a physics degree, but like me he hadn’t been the natural born scientist he’d hoped to be.  He’d done some more studying and become a Master of Wine. Despite doing something completely different from his degree, he said that his physics had come in useful. Especially when he had to learn about the technicalities of producing wine.

“Nothing is ever wasted”, he said.

Just four words, but it gave me hope that the tough previous three years hadn’t been for nothing. Those words have come back to me whenever I’ve come to a crossroads and wondered if the path I’ve taken to get there was a waste of time and effort.

Like the time I realised, even thought I’d spent a year getting qualified as a teacher, I didn’t actually like being a teacher.  A couple of years later I got a job training teachers in IT,  using what I knew in a way I didn’t expect. And it led me into a whole new career in training.

Then there was the day I realised I couldn’t go back to my full-time training job when my maternity leave ended. Was that the end of my career? I kicked myself for not seeing it coming and making better plans. But over the next few months I realised that six years as a freelance trainer was actually pretty good preparation for life as a self-employed mum.

As the man said, nothing is ever wasted.

So if you happen to know Master of Wine who is in his early forties and has a BSc in Physics with Astrophysics from the University of Wales, please let me know. I’d like to say thank you.

Business Ideas For Mums – Running a Community Magazine

Tell me more…

You can start a business that produces a magazine for your town or local area. You would earn money by selling advertising space in the magazine.

  • You can either buy a franchise or start your own magazine from scratch
  • Your magazine could be aimed at anyone in the local area or could be for a specific group of people like parents or business people.

What are the benefits?

  • You can choose your working hours to fit around your family.
  • The satisfaction of producing your own magazine
  • The potential to earn a decent income from a part-time business, although it will probably take several years of hard work to get there.

Things to consider…

  • You will  probably have a heavy workload on the run up to the publication deadline. How will this fit with your family commitments? Can someone else handle the childcare if you need them to?
  • Chances are you’ll have to chase some advertisers for payment. You’ll need to be persistent and not afraid of phoning people and asking for the money you are owed.  It may take a while to get payment,  so you’ll need to make sure you can survive if several advertisers don’t pay up for a few months.
  • If you’re not going down the franchise route and are just starting your own magazine, advertisers may be reluctant to part with their money as you won’t have a track record. Before you approach advertisers, think about how can you convince them that their advert will reach their potential customers.

If you’re considering buying a franchise…

  • Don’t take the franchiser’s word for it in terms of how many hours you need to work each month. Talk to someone who is already running a community magazine.
  • As with all franchises, be clear about exactly what you’re getting for your money and weigh up if this is good value. Talk to people who have already bought the franchise and learn from their experience. Write a business plan and make sure you can make a profit – don’t take the franchiser’s word for it, do your own homework.
  • Franchisers will often give you exclusive rights to an area, but this doesn’t stop someone starting a rival magazine from another franchise or an independent magazine. Check out your competition, there may already be several magazines in your area.

Further information

  • Ouse Valley Living is my local independent (i.e. not a franchise) community magazine – check out their website for inspiration.

Not convinced that running a community magazine is for you? Take a look at other business ideas for mums.

Can you really make money from an internet business?

If you've looked into starting your own internet business you'll have seen websites claiming you can make "$$$" by doing very little work. There's a lot of hype out there and it's bound to make you feel cynical if you read enough. I'm certainly not making $$$ from this website (yet!), but I believe that internet businesses aren't that much different from any other business. You'll need a product or service that customers are prepared to pay for, a marketing strategy to tell people about it, some cash to invest to get you going, consistent planning and hard work. This week I've found a couple of thought-provoking posts if you're interested in running an internet business, but have doubts that it can really earn you money.   First up is  5 big internet business lies from hiremyparents.com and it's well worth a look. If you're feeling that it's impossible to get your information website noticed in the ocean of information out there, check out Diana Schiedman's Stand Up 8 Times blog post: The Internet and Online Marketing: Musings.

One Day…

This post was prompted by the Writing Workshop on the Sleep Is For The Weak blog.

One day parents will really be able to balance working with spending time with their children.

One day there will be a part time job for anyone who wants one. Jobs which make full use of mums’ (lets face it it’s usually the mum) skills, expertise and training. Jobs with an equal status to full time jobs and that pay the same rate per hour.

One day schools will teach kids how to be their own bosses so they will know there is more to working life than the employment career ladder. Lets give kids more flexible work options and prove that running your own business isn’t just for hard boiled macho blokes in suits.

One day companies will make full use of not-so-new-anymore technologies so that more of use can work remotely. Then we’ll be able to work more flexibly and our work will have less impact on the environment (less travel, less fuel).

One day childcare won’t be so outrageously expensive that a parent with two or more pre-schoolers can’t afford to work.

One day the media will stop flogging the tired ‘old working mum vs stay at home mum’ debate. It isn’t a straightforward choice between one and the other, many of us juggle both options  and we change the way we work (or don’t work) as our children get older. We don’t sit around arguing about which is best – we just get on with what works for our family. And we support each other in our choices.

One day women will refuse to compromise either their career or their family time and will start their own businesses so they can do both. Hang on, that’s already happening!

Do you have any more? Post me a comment…

Top 10 Tips for Finding a Great Accountant (and why you need one)

When I started out as a freelance trainer almost ten years ago I knew I needed help filling out my tax return form and making sure my books were kept properly. But I was apprehensive about hiring an accountant because I'd never done this before. I didn't really know what an accountant should do or how to find the right one for me. If you're new to business you'll probably feel a lot like I did. Which is why I've asked my latest guest blogger, Amy Taylor of Amy Taylor Accountancy, to share her expertise. In this article, Amy covers…

  • What to look for in a great accountant
  • What a good accountant should do for you
  • Why you need an accountant
  • What to do if you can’t afford an accountant
  1. First decision : High street practice or sole practitioner?  The main benefits of a sole practitioner are lower fees and a more personal service.  They are often more flexible, and as they run their own businesses are much more likely to understand the pressures you are facing.  My clients chose me because they like having a regular point of contact and proactive tax planning advice.
  2. Talk to your business contacts and attend networking events.  Word of mouth is often the best way to find a great accountant.  Find out who your business contacts use, their experiences and attend networking groups which invariably will have at least one accountant in attendance who you can get to know informally before deciding on appointment.
  3. Check out Twitter.  It’s another way of getting to know an accountant informally.  See if they offer tax advice that is relevant for you as it’s a good sign they understand your business.  Follow some lists such as http://twitter.com/efficiencycoach/great-accountants and http://twitter.com/BookMarkLee/uk-tax-and-accountants to get to know some great accountants, including me http://twitter.com/amyaccountant .
  4. You absolutely WILL save tax.  A good accountant will assess its clients’ needs, identifying areas where tax can be legitimately saved and offer tax planning advice for the future.  Areas where I have helped my clients save tax is by advising on the best VAT scheme, identifying missing expenses, such as costs of working from home, broadband, insurances, carrying forward Class 4 NIC losses and advising on eligibility for child tax credits.
  5. Avoid fines.  Getting your tax return in on time is essential if you are to avoid heavy fines, and/or interest.  A great accountant will know all the deadlines applicable to your business and make sure you work together to meet those deadlines.
  6. Prove you are taking reasonable care.  HMRC have changed their penalty regime from 2009 which means that you must demonstrate a commitment to correctly declaring your tax liabilities, and taking the best possible care over your books and records.  What better way to prove your commitment than taking on a suitably qualified accountant.  It says to the taxman, look I know this is my weak area so I am taking responsibility for my tax affairs by appointing this expert to help me.
  7. Ask if your accountant will give you regular updates or a newsletter.  I provide my clients with personalised updates to their particular industry or background, to make sure they are aware of any changes, for example compulsory online VAT filing, etc, so they can plan ahead and take on additional accountancy services if required.
  8. If you have issues over affording an accountant, look for an accountant who offers special rates for start-ups.  I have very reasonable packages for start-ups as I recognise how finances can be pushed to the limits in the first year.  A good accountant will advise you on how to keep your books and records in order, to obtain the lowest fees possible.
  9. Another reason why it is important to have an accountant is if you move house. If you are self-employed you won’t have any payslips to hand over as proof of your income when getting a mortgage, so it is essential to have an accountant who can provide you with a reference, let the bank know your past accounting and tax history and future expectations of growth.
  10. If you get it wrong and choose an accountant who is not right for your business needs, don’t worry.  It is very easy to change.  Find a new accountant and they will write a “professional enquiry” letter to your old accountant asking if there is any reason why they shouldn’t work with you.  They will also draft a letter for you to sign which allows the old accountant to pass over all old tax calculations and accounts to the new accountant.

Good hunting!  For more information on accounting and tax services from Amy Taylor Accountancy, or a copy of my ebook “10 Top Tax Tips” for the self-employed, please ring me on 01767 260282 or email me at amy@tayloraccountancy.net.  Visit my website at www.tayloraccountancy.net. Amy Taylor Accountancy takes every care in preparing material to ensure that the content is accurate and up to date.  However no responsibility for loss to any person acting or refraining from acting as a result of this material can be accepted by Amy Taylor Accountancy

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