Anyone can be a successful entrepreneur – even as a parent! This was the message of the joint event of Coca‑Cola Hungary’s #YouthEmpowered program and Loffice Coworkid. During the meetup five experts shared their best advice from the fields of law, taxes, finances and marketing with the participating mothers, but the workshops covered the opportunities included in the latest family protection action plan issued by the government as well. With the help of our experts, we have collected the 5+1 most important steps to follow for young moms who plan to start their own business and wish to return to the labour market.

1. Choose a suitable legal form for your business!

For most of us, law and tax related questions might seem difficult to maneuver, but choosing the suitable legal form and learning about the relevant tax rules is an essential step when starting a new business. Dr. Lilla Sáry, lawyer of Oppenheim Law Firm and dr. Adrienn Benei, legal expert of Becher&Torma Law Firm have both motivated participating mothers to find out as much as possible about possibilities, focus on the activity that they would like to pursue and choose the suitable legal form for their business based on these. The questions of minimal capital requirement, the location of the registered office, evaluation of expected profit and choosing the suitable form of taxation are all crucial in order to run our future business in the most transparent and easy way, all while abiding by the law.

2. Leave enough time for planning!

The financial plan is one of the most difficult part of creating a business plan, but this is also a vital step towards our new business. Éva Révész, lecturer of Corvinus University and expert of IFUA Nonprofit Partner doesn’t suggest doing this alone, and in a hurry. We should ask for help from those we want to start our business with, friends, acquaintances that we know to be experts in the industry. We will need to account more than enough time for this preparation period: a good business plan requires a lot of energy, research and investigation, but all these will pay off in time, when we’ll see our business blooming.

3. Learn about pricing methods!

It might be worth to combine different pricing methods. On the one hand, it is crucial that our prices balance out our investment, otherwise we jeopardize the sustainability of our business. On the other hand, we need to consider the prices of our competitors as well, to be able to keep our future consumers. Finally, we must find out the amount that our consumers are willing to pay for our products or services.

4. Be available, quick and helpful!

If our business has already started, we must do everything in order to know, understand and reach those, for whom our solution can offer real value. Anna Südi, the coordinator of Grow with Google program in Hungary believes in data driven marketing and digital solutions. Regardless of the products or services, she suggests to build communication and marketing strategy on three pillars: we need to be visible and easily accessible for those seeking solutions for certain problems; our messages should be personalised, and finally, we should strive for quick and easy interactions. Anna also believes that if we aim to develop any of these territories, apart from consciously measuring and analysing the available data, we should ask the opinion of our pickiest relatives and most critical friends – we will know soon enough which territories need further tinkering.

5. Make the most of your opportunities!

To complete the law and tax-related, financial and marketing workshops, dr. Mária Kottáné Baranyi, from the Family Protection department of the Ministry of Human Capacities has drawn attention to opportunities hidden in the new family policy and the less widely used work methods as well. She believes that most of us don’t know about the available opportunities, or simply don’t make the most of part-time, or flexible work-time methods, although these would mutual benefit for employers and employees. She has motivated entrepreneur parents to make the most of the opportunities offered by the governmental family policy. Apart from encouraging the youth to start a family, these also aim to provide parents with suitable circumstances to work in, let them be employees or entrepreneurs.

+1. Don’t be afraid to ask for help!

Apart from organising meetups and workshops, both #YouthEmpowered and Coworkid aim to help young parents to feel supported. During #entrepreneurofthefuture workshops, participating moms are free to ask questions, share their ideas, doubts and receive help with these from professionals. The organisers of the events believe that apart from professional support, it is also important to be able to ask for help, and to turn to each-other with our questions, as networking and being in community are of key importance in case of new entrepreneurs.

 

About #YouthEmpowered

#YouthEmpowered program was started by Coca‑Cola HBC Hungary in 2017, with the aim to enhance the labour market chances of youth between 18-30. The program offers free day-long training, where professional trainers help participants with writing CVs, preparing for job interviews, using social media and even starting a new business. Apart from youth between 18-30, the program is also available for the disadvantaged groups, young mothers, women and starting with fall 2019, for the disabled as well. Online trainings that partially overlap, partially complete the in-person trainings are available on www.enjovom.hu, offering help for those who cannot access the in-person trainings because of the lack of time or distance. Starting with 2019 spring, the program is organised together by Coca‑Cola HBC Hungary and The Coca‑Cola Company, putting great focus on the training of young mothers and parents.

About Loffice Coworkid

With Coworkid we envision a world where family and parental duties are in perfect harmony with workplace duties. Founded by Loffice, Hungary's first coworking office, Coworkid is a pioneer concept that merges a coworking space with professional childcare. Aiming to bring parents’ career plans and employer needs to the same page we organise social awareness events, work reintegration trainings, professional meetups, career consultancy or even help in recruiting. We're creating an empathetic and cooperative community for parents where sharing knowledge and relations provides an essential help. More info: www.coworkid.com