The monthly mum budget challenge. Could you start a business with £10?

From now on each month there will be a budget challenge posted on this blog. I hope you’ll join in, These will always be linked to the monthly theme which this month  is of course mums making money.  Let’s start the first one off with a major incentive CASH!

 I remember when I was at school being given £3 by our teacher,  in pairs we had to make that £3 into more. We bought a bucket and sponges and cleaning stuff and touted our business washing cars. I remeber we made about £20. Not a bad return.

If you had a spare tenner what business would/could  you set up? How would you invest it? Could you write a little blog post  stating what business you may launch with a spare  £10

Please leave details of your post in the linky below. The most enterprising  inspiring poster will win a crisp tenner! Just think where it could lead!

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15 Comments

  1. Lynn Goring-Crook
    August 13, 2010 / 8:55 am

    I started my business with just £10 and two years later we turn over £50k and I take a healthy income. Not millionaires yet but I am working on it. Two years ago I set up a swim school for ages 2 years plus and with £10 had some posters printed to put up in places near the pool. As a result we started with 2 hours of sessions with 32 children signed up. After just two lessons the pool was shut due to a problem with the roof
    And we had to cancel all the lessons and give refunds. We didn’t lose any money but we didn’t make any money either. When 3 months later we were able to hire the pool again I was sure none of the orginal parents would come back but they had been so impressed with their first two lessons over half of them signed back up and they brought their friends two!

    The rest as they say is history but our swim school now runs at 3 different pools for 17 hours and week and we have over 250 children.

    Take those £10 and go for it!!!

  2. August 13, 2010 / 9:25 am

    I just had to say what a fantastic challenge and what an inspiring story, Lynn! You really can start a business on a shoestring, epecially now that the internet has opened up so many business opportunities.

    Although you can take the first step with a micro budget, you do need a little more cash (not much) to protect you and your business against unpleasant events – I’m thinking of business insurance and getting a business phone/mailing address (to protect your family from oddballs finding you on the internet and coming to your house!). So many mums start businesses involving children (food, parties, toys activities etc), so it’s really important that the health, safety and meeting legal requirements are taken care of. These needn’t be that expensive or time consuming, though.

  3. August 13, 2010 / 1:32 pm

    ooh what a challenge, will have a think..

  4. August 16, 2010 / 11:00 am

    I’m gonna have to think about this.

    I started a business with £0, but that wasn’t a thought out plan.. so far less exciting than this challenge!

  5. Mangla Sachdev
    August 17, 2010 / 11:28 pm

    What an inspiring challenge!

    I have a few ideas. I would use free parenting forums to publicise a cupcake party! It doesn’t have to be for birthdays only, even playdates. I would take all the ingredients, flavourings, icing and decorations and entertain children for 2 hours with the mixing of batter, experimenting different flavours, baking and then icing them.

    With the service I would also offer a full clear up, so the kitchen is left in a great state.

    I wouldn’t pay for advertising and the £10 will cover the first party’s ingredients.

  6. Karyn - Working jobs from home
    August 18, 2010 / 1:19 pm

    Inspiring story lynn! You can start a business with £10 or for free. All depends on how motivated and passionate you are!

    You can set up your own website for free these days now. Add a couple of affiliate links and way you go.

    Get crafty, visit a charity shop buy old second items, fabric, sheets etc and make your own designs. Invite your friends and family round to buy your stuff and use the money to hire a stand at a local leisure centre, fete, car boot sale etc

    Start growing your business from there!

  7. August 18, 2010 / 1:28 pm

    Great ideas thank you

  8. August 18, 2010 / 9:46 pm

    Daddy Moo –
    I would use the £10 to buy seeds and flower pots. Grow the seeds and sell the flowers / veg plants at a car boot sale making a huge mark up as seeds cost pennies …. only draw back not a quick fix plan seeds take a while to grow!

  9. August 19, 2010 / 6:04 am

    Hey there is no time limit and i think thats brilliant!

  10. Leila Jerman
    August 19, 2010 / 11:59 am

    Hi Ladies

    For me I have invested £8 in buying myself my own website and domain name. There are free ones out there but as I had learned basic web page coding when I was at university, I prefer to create my own site from scratch.

    Sofia’s Kitchen is under construction at the moment but it is a foodie site to encompass lots of things such as recipes, reviews, nutritional guidance and much more. Use Social Networking to build up a fan base, it’s quick and free and you meet many wonderful people along the way who all have a wealth of knowledge.

    I have created a mind map on a piece of paper with 11 branches so far of which 7 of them will be the ideas to hopefully make money.

    To get your ideas out there, seen and heard you must use social networking. It is the tool of the Noughties!!!

    Leila x

    ps I LOVE the plant pot idea!!!

  11. August 20, 2010 / 11:49 am

    I would buy some variegated cotton thread and earring fixings and tat earrings to sell on Zibbet. Initial outlay would buy enough materials for an awful lots of earrings, and my time would be invested free to begin with. Zibbet does free listings, and I would promote via twitter and facebook, also free avenues, until I started to get some profit in, when I would diversify to other sites.

    (And I’d use the Zero cash tips to build the site too.)

  12. Nicola
    August 20, 2010 / 1:53 pm

    What a great challenge – there is so much you can do with £10 and some creative thinking!

    My idea involves sewing, which I’ve always loved and I’m hoping to begin putting it into practice soon having been given a sewing machine for my birthday which

    does a few more stitches than my trusty old Singer!

    My idea is to make items for babies, starting with
    beautiful and individual receiving blankets. I live near some amazing and reasonably priced fabric shops and for £10 could buy enough fabric for 4 blankets. My daughter, like so many babies, loves the soft, silky surrounds of blankets so I will focus on using really
    interesting fabric for this part of the blanket.

    To sell these, I have already applied for a “shop” on
    etsy.com, where listing is very cheap. When I have sold these and have money to purchase more fabric I would
    investigate selling in school fairs and the local craft
    shop etc.

    I really hope you like my idea! I have put a lot of thought into it – my maternity leave ends soon and I dread the thought of returning to work and leaving my little girl – so I’m determined to make it work!

  13. Nicola
    August 20, 2010 / 1:56 pm

    Sorry that was such a long post! I didn’t realise how much I’d written til I clicked “submit comment” and saw it posted!

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