Every parent knows that raising a child is a full time commitment. Now combine that difficult job with the pressure of trying to run a small business. Many single income households often deal with situations like this one every day. They expertly navigate the complexity of the business world and parenthood.
Many single mothers and fathers embrace these types of challenges. They find it easy to balance working on their business and their children. These super moms and dads raise well-behaved future leaders of tomorrow, and they watch their small business’s revenue just grow and grow. By now, you may be wondering: how do these parents manage their business and family so effortlessly?
The answer is that it depends on the parent. Some are just naturally great at being a parent and business owner. So we cannot give you the magic solution, but we can offer some suggestions on how to balance owning a small business while being a full-time single parent.
Make Financial Cutbacks
Eliminate some of your daily luxuries. Stop drinking that double shot of espresso on your way to work, and stop buying new pairs of shoes on a whim. Cutting professional and personal expenses should be your top priority during the early stages of your business’s development.
Be Wise when Picking Family Treats
Being strict about your spending is crucial for the financial success of your business, but indulging once in awhile is also important. Boost your mood and refocus your goals by giving yourself permission to spend on fun activities or items for you and your family. Don’t spend more than 5 to 10 percent of your monthly budget on any treat to your family. Plan small ways to show your loved ones some appreciation. Here are a few inexpensive ways to reward your family:
- Take your small child to Babies-R-US and let him select a toy or two. Save by using Babies-R-Us coupons.
- Buy a few premium desserts at a grocery store.
- Rent your children’s favorite movies and have a movie night
- Hire a babysitter and take an evening off
- Purchase some board games for a family game night.
Tell your family your exact business plans. If you have older children, let them know about your business plans, and ask them for help around the house. Additionally, call up family members who might be able to help with babysitting and other family-related needs.
Opening the proper window of communication allows you to balance work and raising children with a little more finesse, because you are not doing it all on your own anymore.
Develop a rigorous system to organize personal matters and professional ones.The more developed your system, the easier it will be to juggle projects. The system you use for organizing should match your needs and include family projects as well. Create both a digital and hand-written schedule. Keep the hand-written one stapled to the back of your bedroom door, so you can start your day by reviewing it.
The digital one is good for checking your schedule while on the go.
Pick a No Work Time
Most likely, your business will be a home based one, which often means you’re constantly tempted to work. Remote workers and entrepreneurs often have to work longer and harder than their 9 to 5 counterparts. If you don’t designate time to actually stop working, you may spend all your time working instead of enjoying time with your family.
Set a time every day to either stop working completely, or take a break to play with your children, eat dinner with them, and catch up on their day.