Welcoming a baby while starting your business means balancing responsibilities daily. On one hand, you need to ensure your business is working smoothly. While on the other hand, you’re catering to your baby’s needs. In this article, Online Parenting Programs explores five useful tips you can follow to balance time, finances, and wellbeing between your family and business.
Set Achievable Goals
A common reason for failure among small businesses is inefficient planning. While making your business plan set realistic timelines, funding requirements, and revenue projections. While it’s good to be ambitious, chasing unrealistic goals will set you up for failure.
Additionally, take into account that during infancy, babies need round-the-clock care. Hence, estimate the amount of time you will be able to dedicate to your business.
Create Sound Financial Plans
According to Parents.com, the cost of childbirth can range between $5,000-$20,000. Additionally, other expenses include hospital bills, baby care products, hiring nannies, etc. Moreover, the cost of raising a child from birth to 18 years of age is around $230,000 ($12,000/year approximately) as reported by the Plutus Foundation. As a parent, you need to have a plan to cover these expenses.
Running a business can be equally expensive. Money is required for purchasing inventory, marketing, and labor. Securing funding from an investor can help cover these expenses but you need to work towards making your business self-sufficient.
Consider working with a financial advisor to help balance your finances between child care and business.
Establish a Limited Liability Company (LLC)
Talking about finances, it is important to secure your personal assets from any business-related disputes through an LLC. Additionally, an LLC allows you to use business expenses as tax write-offs and pay lower taxes compared to businesses run as a corporation or partnership.
Use a formation service to establish your LLC according to your state regulations. For example, here are the rules for starting your own business in California. Additionally, you will avoid dealing with paperwork and expensive legal fees.
Make Time for Leisure
As an entrepreneur, it’s normal to think that the more you work, the more you’ll get done. Additionally, as a parent, you constantly need to tend to your newborn’s needs. Juggling both these responsibilities might leave you with no time to rest leading to stress and eventual burnout.
It’s important to take a step back and focus on self-care. As a business owner, you are in control of your schedule, block your calendar for a few hours a day to spend time with your baby. Making time for leisure will increase productivity and reduce stress. Here are a few ways you can integrate leisure into your schedule:
- Go for a daily walk with your baby. It will help you disconnect from work and gain clarity of thought.
- Schedule lunch and nap times as events in your calendar. During these times put your phone away, have conversations with your family or get a nap yourself while you try and make your baby fall asleep.
- Choose a hobby and practice it for 15-30 minutes a day. This can include journaling, yoga, exercise, playing an instrument, dancing, etc.
Take Support When Needed
Business and parenthood are both endeavors where you learn as you go. There is no single guidebook that provides you with answers to all your questions. It is natural to feel confused, tense, and overwhelmed, and the best way to overcome it is to reach out to others for help.
Who better to ask for baby advice than your parents themselves. They have experienced everything you are going through and more! Whether it be questions relating to the baby’s health, managing finances, or being a good parent yourself, you are sure to get insightful answers.
As for your business, connect with other entrepreneurs in your network or reach out to your mentor. Interacting with experienced business individuals will help you increase your knowledge, improve problem-solving abilities and build your confidence.
Welcoming a baby while starting a business can be a challenging yet rewarding time in your life. The best way to balance both these responsibilities is to plan well and take help from those around you.