Manage a New Business and a Family : It’s not just the young free and single who get the entrepreneurial bug; plenty of older people find themselves in a position where they’d like to set up their own small business. In fact, going self-employed or starting up independently is becoming an ever more popular choice for people even into their later working years.
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As you mature, you’re more likely to find a partner and start a family, and if you then wish to set up a business, you have the extra responsibility of taking care of your children as well as yourself. You will feel the added weight of ensuring you’re making a decent income, and you’ll need to consider the welfare of your family not just now, but in the future too.
As a new business owner, you know it will take a while, maybe years before you start to turn a decent profit, so you have to be able to manage the business finances to ensure you can pay yourself a reasonable salary in the meantime. You’ll be hoping and planning that as the business takes off, you’ll have a greatly increased income, but in the meantime, you’ll need to manage your budget at home just as tightly as you do your business budget.
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You should also be planning for the future and safeguarding your family’s wellbeing in the event you aren’t able to work anymore or that you’re no longer around. This is a good time to buy life insurance that will cover your debts should anything happen to you, and not leave your family out of pocket. You should also find out about other insurances that would help protect your family from financial hardship, such as disability and enhanced health cover.
It’s very easy as a business owner to get so wrapped up in the work that you have little time or energy left for your family, which isn’t good for them or you. Try to avoid falling into this trap by making sure you balance your work and family life appropriately. There’s little point in devoting so much time to your work that you never get to spend quality time with your kids or your partner. Business owners often say they’re working so hard because of their families and the drive to provide for them, but most kids would say they’d prefer to have time with their mom and dad.
Think about ways you could involve your kids in your business, helping out, learning, and feeling invested in what you’re doing. If they feel you’re making an effort to include them in your work, they’ll appreciate the time they have, regardless of what they’re doing. You also need to spend time with them away from work, reading them bedtime stories, helping out with homework, going for walks or kicking a ball about in the backyard.
Running a successful business doesn’t require you to spend every waking moment working. Your family are the most precious part of life, so give them the respect and attention they deserve, and you’ll have a happy home and a thriving business.