How to be a Parent and a Business Owner – I am sure if you are reading this you are already or nearly a parent. You may also already be a business owner or nearly a business owner.

Many parents’ know that a great way of contributing to the household is to be a small business owner. This is very true, but if you don’t plan and do it successfully it can eat into your households disposable income. This often is forgotten when parent’s start a business! Financial pressure can then lead to stress on the relationship so a little planning early on can make a world of difference.

You will have read through my previous posts and perhaps via my website that I recommend people create a budget of some description. This is both for your personal money and your business money.

Beyond this it is also important to create a plan for your business. Ask some simple questions:

  • Is it a hobby business or a growing money making enterprise?
  • If it is a hobby, what is the expectation over the next 12 months!
  • If it is a business, what is the expectation over the next 12 months!
  • Who wants what I have?
  • What problem is it solving?
  • How will I package my product or service?
  • How many hours each week can I commit to my business?
  • How much do I need to invest to start up this business?
  • Do I have the support of my friends and family?
  • Research the ongoing costs to run your business.

There are many more questions to ask and answer, naturally I can help you with this.

It is important that you do as much of the research project yourself especially when looking at your current financial situation. The statistics remain that the majority of small businesses fail within the first 12 months and the main reason they fail is they run out of money.

There are many wonderful small businesses out there that have been created by parents at home. The ideal situation is that the business grows well and continues to offer flexibility to the owner so they can be available for their children. This is where asking and answering the difficult questions early on can really make a difference in the long run.

If you are struggling to decide which business idea will work for you, have a think about your skill level.

  • Virtual Assistant – great for parents who were EA’s or similar
  • Social Media Manager – great for parents who love social media and have great organisational skills
  • Online Store – great for parents who have a niche product or store idea based on their interests or previous working skills
  • Party Plan – so many choices here for the parents who like to party
  • Event planner – Again your skill set is around being very organised and a great communicator.

This list can be endless of the small business choices – pick something you have a passion for as well as the skill for. Without a passion the first few years in business can be very difficult to sustain without losing interest.

I hope this article helps to lead you towards being self-employed as it can be wonderfully rewarding. You may also end up employing your partner when things get busy!

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