Steps to keeping your family happy, while getting a promotion on your job and starting a business that will benefit you and your family for generations to come.
Starting a business while both parents are working full-time jobs can be challenging but certainly feasible with careful planning, dedication, and effective time management.
BH & Associates Global have helped many single Moms, Dads, and two-income households with children start successful businesses that will help finance their future endeavors. From starting an online business to selling products in a storefront, having a plan for your business is important, but having a better plan for your family should be your primary focus.
Here are some tips to help you have a firm foundation when starting your family business.
Tip 1 - Get On The Same Page
You and your home must be on the same page to first start a business and then identify a viable business idea. Begin by brainstorming potential business ideas that align with you and the skills of everyone in your household and assess if there is a demand for your product or service. Consider your passions, experiences, and any gaps you see in the market that your business could fill and then determine how everyone in your house will be involved in executing the plan.
Tip 2 - Have Family and Friends Support
Family and friends' support is crucial when starting a business because they provide emotional encouragement, practical assistance, and valuable feedback. Their belief in your venture boosts morale during challenging times, while their involvement as customers or advisors offers critical insights. Additionally, their network connections can open doors to potential clients, partners, or investors, expanding your business's reach.
Moreover, the understanding and flexibility they offer regarding your time commitments foster a healthier work-life balance. Ultimately, having loved ones cheering you on strengthens your resolve, enhances decision-making, and significantly increases your likelihood of entrepreneurial success.
"Having mentors in my life, for both my businesses and my personal life helped me start 8 successful companies.
Tip 3 - Do Not Tell Your Co-Workers
Keeping your new business venture private from co-workers can safeguard against potential conflicts of interest, office politics, or confidentiality breaches. Sharing too much information might lead to jealousy, distraction, or even sabotage in competitive work environments.
It is important that you maintain professional boundaries in order to prevent distractions from your primary job duties and ensures that your performance remains unaffected. Also, confidentiality shields your business ideas, strategies, and client relationships from being exploited or compromised by co-workers. By preserving separation between work and personal endeavors, you can mitigate any negative consequences and maintain a harmonious work environment while focusing on the growth and success of your new business.
Tip 4 - Involve Your Children
Involving your children in your business can be a valuable opportunity for their personal growth, education, and bonding within the family.
Here are three compelling reasons why incorporating your children into your entrepreneurial journey can be beneficial:
Educational Experience: Engaging your children in your business exposes them to real-world learning experiences they might not encounter in a traditional classroom setting. They can gain practical knowledge about entrepreneurship, finance, marketing, and problem-solving by observing your and participating in various aspects of the business. May it be stuffing packages or saying 'Hi' to customers, they will never forget how they too contributed to your family's success.
Family Bonding: Working together on a shared business venture can strengthen family bonds and create lasting memories. It provides opportunities for quality time spent together, shared accomplishments, and mutual support, fostering a sense of unity and collaboration among family members.
Financial Literacy: It is rare to hear that elementary, middle, or even high schools teach finances to students. Involving children in the business can teach them important lessons about money management, budgeting, and financial responsibility. They can learn how businesses generate revenue, manage expenses, and make strategic investments, laying the foundation for sound financial habits later in life.
Tip 5 - Celebrate Wins (Small or Big)
Who doesn't like to celebrate? Celebrating small or big wins, such as launching a product, surpassing revenue targets, or even learning that new CRM software, not only boosts morale but also validates the hard work and dedication you and your family have invested in the business.
It provides an opportunity to reflect on achievements, express gratitude to each other, and inspire confidence in the business's future success. It also helps maintain motivation during periods of uncertainty or setbacks, reminding everyone of the business's potential for success and growth. Ultimately, celebrating small and big wins allows you all to take a minute to look at each other and be thankful that you all are on the journey together.
Tip 6 - Have A Business & Family Mentor
Having a mentor for both you, family and your business can provide invaluable support, guidance, and perspective in navigating various challenges and opportunities. Here's why having a mentor is beneficial:
Wisdom and Experience: A mentor brings wisdom and experience accumulated over years of navigating similar situations in both family and business matters. They can offer insights, advice, and practical solutions based on their own experiences, helping you avoid common pitfalls and make informed decisions.
Objective Perspective: A mentor provides an objective viewpoint detached from emotional biases or personal interests. They can offer honest feedback, challenge assumptions, and offer alternative perspectives, enabling you to see situations more clearly and make better decisions for both your family and your business.
Accountability and Support: A mentor holds you accountable for your goals, aspirations, and commitments, providing encouragement and support along the way. They can offer motivation during challenging times, celebrate your achievements, and provide constructive feedback to keep you on track toward success in both your family and business endeavors.
Conflict Resolution: A mentor can offer guidance and support in navigating conflicts and resolving issues that may arise within both your family and your business. Their impartial perspective and experience can help you address interpersonal dynamics, communication breakdowns, and other challenges effectively.
"Make sure your mentor cares for you, your family, and your future." - Dr. Beverlin Hammett
Tip 7 - Use An Online Planner (Business & Family)
As stated in Tip # 1 you must be on the same page for multiple reason. But the question is, how do we get on the same page and stay there. you need to use an Online Planner that everyone in the family has access to.
You can use a Project Management digital tool designed to help you organize, track, and manage tasks, resources, and timelines involved in multiple projects. May it be who is cooking dinner, who is taking the children to their baseball practice, or who is going to make follow up calls to customers, having a Online Planner offers a centralized platform where you can plan, execute, and monitor various aspects of a project efficiently.
If you want someone to help you and your family setup a successful plan of action, contact BH & Associates Global and we can help you have a solid foundation for your new business while making sure you stay focused on what is most important and that is family.
Contact BH & Associates Global:
Phone:Â Â 678-436-3303
Website:Â www.bhandassociatesglobal.com
You have a made a number of valid points but my question is what if you have children who are not interested in helping with the family business? How do we get them interested?