Running a Household and Owning a Business

Have you ever considered self-employment? Some businesses were started by entrepreneurs who dreamed big from an early age. Other businesses have come about following a major life change (loss of a job, starting a family, or relocating). While the getting started looks different among business owners, we can agree that it may not be easy to run a household and own a business, but it is possible.

Benefits

Owning your own business and simultaneously running your household comes with challenges, but can be quite rewarding. Not only can you be the boss, but you can also have the best of both worlds. Having a family is a blessing, and time spent with family can reduce stress and foster that feeling of belonging. Owning a business enables you to pursue your goals and establish routines that work most effectively for you. Increased flexibility lets you decide when and how you work. What’s more, your work schedule can be tailored around your family commitments. There are many learning opportunities that await business owners, and the financial rewards you reap will result from your own hard work.

Set Boundaries

Distractions can be problematic. This is especially true if your household and your business share the same space. Make certain to create a workspace dedicated to your business. Adopt a regular work schedule to help you stay focused on tasks during your scheduled work time, and give yourself freedom to relax outside of this time. It’s important that your family respects your being unavailable during working hours so that you can minimize distractions. Setting client boundaries are just as important. In order to be your best at work, you must set clear expectations and say “no” to new clients until you have the capacity to fully serve them. Enforcing boundaries in both your household and with your clients will build trust and lead to stronger relationships.

Self-Care

Take care of yourself. Build in breaks throughout your workday to recharge and give your brain the breaks it needs. Set a stop time at the end of each day with the understanding that not all of your work will always get done. Ignoring your personal needs can inhibit your ability to perform your best work and serve others both in your household and in your business. Self-care practices such as going for a walk or meditating can improve productivity and mental clarity.

Everyone needs time off. Give your clients notice in advance of your scheduled vacation particularly if you are unable to delegate your work tasks to someone while you are away. If you must check and respond to email while on vacation, set a time of day to do so and limit the time you spend on this task.

Let Your Children Help

As you navigate through life with your family and run a business, consider a succession strategy that will lay out a plan to pass control of your business when you retire or you are no longer able to work. One option for keeping your business in the family is passing control to your children. Hiring your children to work in your business can give them business world experience, help to fill open positions in your business, and can result in both payroll tax savings for your business and tax-free income for your children. While your children will inevitably be led to what interests them, working in your business while they are still living in the household may be just what your business needs.