Parent Entrepreneurs: How To Succeed At Juggling A Business With A Family

The entrepreneurial spirit has never been so strong in the U.S., with more than 25 million Americans either running or starting their own businesses. While small businesses are important to the U.S. economy and workforce, it may seem a daunting prospect to juggle parenting with owning a business. However, as a parent, you will have already had to develop military organization skills and boundless energy reserves, which are ideal for parent entrepreneurs. Concentrating your efforts on creating structure and routine, and being intentional with your time, will help you grow your business in a way that works in harmony with your family.

Work smarter, not harder

If you are one of the 582 million entrepreneurs worldwide, and you’re also a parent, you will have far more demands on your time than the average person. To successfully juggle it all, you will need to be disciplined and focused. This means working smarter. Look for systems and processes that can be automated or run more efficiently. Automating tasks and even outsourcing and delegating less important responsibilities will give you more time to spend on the more valuable business tasks, and have more quality time to spend with your family.

Protect Your Business And Your Family

However small it is, your company should have business insurance to protect the livelihood you’ve worked so hard to build. It will help cover the costs associated with liability claims and property damage. If you have employees, you must have workers’ compensation insurance in case a worker is injured. If you don’t, then you risk facing a huge fine penalty. If you don’t have staff, you may want to consider a workers’ compensation ghost policy instead. This is an affordable type of workers’ compensation coverage designed for business owners who don’t have employees but are required to show proof of workers compensation coverage by a client or as a legal requirement of your state.

Protect Your Time

The word ‘no’ isn’t always easy to say to clients or family members. However, sometimes saying the word ‘no’ in your personal and professional life is important in achieving a healthy work and life balance. It may mean that there are times you have to decline work offers or negotiate deadlines with your client to attend a family function or just be home in time to put your children to bed. Likewise, there may be times that you have to work late or miss a family event. Try not to feel bad about it: after all, you are working to help give your family a great future.

Having children doesn’t mean you have to abandon your goals of running a business. By learning how to work smarter and protecting your business and your work and personal time, you can look forward to enjoying the best of both worlds.