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3 Tips on How to Balance a New Business and Family

Posted Sep 19 2011 11:39am

Are you a parent who is wondering if you can also run a home-based business successfully without neglecting the kids? Preparation is needed to do both roles effectively.

Both parenting and entrepreneurship take a lot of care and attention. That raises the question: can one person handle both? Through careful planning and evaluation, yes, both can be handled. Here are 3 tips to help successfully balance a new business and family.

Time Management

In order to successful launch your new business without neglecting the time commitment needs of your kids, take inventory of how you currently spend your time. Create a time study, recording what you do over a week's time. Next, evaluate the results, looking for time waste that can be allocated for your business start-up. Then try to find 5 to 10 hours per week to carve out of your schedule.

Time Management also takes into consideration away-from-home time. While, not an issue in a home-based business, it might require doing home parties at other locations. Does your work time over-lap your kids dinner time? Bed time? Extra-curricular time? Will your work schedule be conducive to your family-time needs?

It is also important to take some time for you and your spouse. Keeping your marriage strong is key to a happier family and business. You want your spouse’s support, so you need to be careful not to neglect time with them.

Through successful time management, you can ensure that both family and business get attention to thrive.

Money Management

Kids cost money! They need clothes, school supplies, plus outside activities that all come with a price tag. Family expenses need to be considered while building a business. Building a business includes start-up costs, in addition to the time it takes to build a steady income.

Create a study of current family expenditures. Take a good hard look at where money is currently spent. Do you go out to eat or get take out each week (or multiple times per week)? Do you spend money on a hobby? What are the places to tighten your belt?

As you evaluate your financial start-up needs, consider supplementing your income with a part-time job in the beginning until more consistent money comes in. Telecommuting is a stay-at-home option. Working from home for an employer would allow more flexibility than working an outside job, plus you would save money on gas and child-care, including commuting and away from home time.

Space Management

You have a choice: renting office space or creating a home office space. Is there home space, either a separate room, or a corner of a room, to allocate to your business? Productivity suffers with interruptions, so creating a distraction-free area to conduct business is import to the success of your business.

Rental space, while reducing distraction, is a more costly option that takes you away from the convenience of working from your home.

Comparing home space and rental options will help decide which is best for you and your family.

As your business begins to bring in some profit, think about outsourcing some of your activities or projects. Eventually, you could even hire some others to assist you, which will minimize time, financial and space issues.

Entrepreneurship can be an awesome journey! Three tips - analyzing time, finance, and space challenges help you plan ahead, and avoid potential conflicts between parenting responsibilities and business start-up will be minimized. Enjoy the adventure!

Laurie Neumann Laurie Newman teaches others how to make their journey of working from home an easier one. Laurie has worked from home for over five years and savors the freedom and flexibility, plus the purpose it has added to her life.

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