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Tips for Managing Your Business, Fun, and Parenthood

Managing Business

From the moment you drew up a business plan, you had to navigate financial territories, laws and regulations, and business goals and decisions so you could last as a company. But there is also a time to relax and have fun and enjoy life with your family. Here are four ways to manage your business, be a parent, and have fun all at the same time.

Demonstrate Commitment to Purpose

Your first clients want to trust you as a business owner. If a transaction with a client goes wrong, you could be left in debt, and knowing that outstanding debt comprises 30% of your credit score will make you think twice. So, as a business owner, in the beginning, you'll have to build trust with clients, and one of the best ways to do that is to show your clients why you're doing what you do.

For example, if you're running a non-profit to support the homeless population, why? If you're starting a mental health grassroots organization, what do you hope to accomplish? The sooner you define your purpose for your business and work, the sooner you can bring your family into the equation. You only need to imagine the fun you'll be having when your work has a purpose.

Get the Entire Family Involved Early

Even if you're not running a family business, your family members can contribute and find ways to make your business more profitable. Whether it's helping out with accounting or managing calls and orders on the weekend, your family can bring your business to life at a time when it might not be performing well.

The increase in effort provided by your family can translate into greater financial gains. Additionally, having family assistance can alleviate some of the workload you're carrying. Either way, getting the entire family together from the start of a business venture will give everyone time to bond. Enjoy a challenging experience at the same time by asking relatives to pitch in when they can.

You can also get your family involved with your business by having them help manage pop-up shops. If you run a business that sells physical products in a store, you can utilize one of the five million available shipping containers and turn it into a pop-up shop in your city square. Choose a spot with heavy foot traffic so many people can see your business's sign and take a look at the products you sell in a more casual setting.

Be a Leader to Establish Authority

You'll have plenty of opportunities to be a role model for your children. So, seek out times where you can show your family what it means to be a leader. Push harder and reveal your work ethic, and dismiss self-doubt as you command authority. Generally, clients and customers will approve of a business owner who takes ownership of all responsibilities related to the business.

Just think of the largest businesses. Those with revenue of $30 million or more are more likely to sell their products consistently than businesses that have earned less revenue. That's because they've established authority and identified themselves as leaders in their respective industries. As a business owner and parent, you have to balance the need to be a leader and show authority while maintaining a bond with other family members. When clients and customers enjoy great experiences, your family will have time to celebrate, and it'll be obvious that you're the one who guided everyone on the right path all along.

Set Boundaries to Gain Respect

Boundaries refer to the lines that you don't cross when it comes to your family and your business. You'll put safety and well-being at the top of your list and then look for ways to keep your business going forward. When people have trouble respecting your boundaries, they'll encroach on your physical space. They may take up a lot of your time and make it harder for you to attend to priorities. Over time, your competitors will adjust to seeing your employees arriving to work late and an owner who doesn't care. People not respecting your boundaries can make you go crazy if you allow it to happen. As a business owner, not demanding respect from employees can cost you when your competitors decide to exploit your weaknesses.

Your family will want you to show that you're a leader. In doing so, they'll be in a position to share your same values and goals when it comes to running your business for years to come. But with all the leadership and responsibility comes stress. That's why it's so important to get the family involved early so that the work you do matters as much to them as it does to your clients.