Having a startup is something to be proud of. You have created an income-generated company out of a mere idea; more people manage to get out of their jobless phase. Your products and services are a welcome change in your industry, too. Thanks to you, the consumers have access to a broader range of options—an impossible feat when enterprises and corporations still monopolized the market.
Despite that, the level of dedication that a startup requires from a person is typically easier to fulfill for an unattached individual than someone with a family. After all, when you have a budding business, the investors come once it becomes established. You must pool all your resources before that to bring your ideas to reality. Some startup entrepreneurs are known to sleep in their parents’ basements or only eat once a day since they no longer have money for rent or food. If that happens to a young couple with babies, it will undoubtedly be not so ideal.
So, it makes everyone think, “How can you balance your startup and your family life?”
Create A Fail-Safe Plan
The first thing on your list must be to create a fail-safe plan. I get that being a startup owner requires plenty of guts and willpower. Still, you cannot dive into their entrepreneurial industry without thinking of how you can minimize your losses.
The key is to stick with the reality that you have a 50:50 chance of becoming a business wonder. It can fail, and there is nothing you can do about it. However, the failure should not hurt you much if you cushion the blow before it happens.
Avoid Leaving Your Day Job
A significant part of that fail-safe plan is to avoid leaving your day job. Doing the opposite to follow your dreams seems like the wisest decision when you feel incredibly determined to have a startup, yes. Still, you can guarantee that there will always be money to spend in your bank account when you work for another person or company.
It is challenging to juggle two jobs, especially if they call for two different skillsets. I know it does not feel invigorating to keep on doing something that you no longer love. That’s why you want to open a startup in the first place—to make sure that you are only doing what makes you happy. But you must think of handing in your resignation letter once your business is already generating profits.
Secure Your Family’s Budget Before Anything Else
Considering you want to be known as a wise entrepreneur, you should know that every dollar counts and should not all drop into your startup’s funding. It appears to be a smart idea to get everything moving, but it matters to think of your family. The business plans can wait, but not their financial needs.
Thus, even before your salary comes, you must secure your home budget. Say, one half of it goes to the family, while the other half goes to the startup. It may even become 1:4 in favor of the business, assuming your spouse contributes to the expenses. When you prioritize your family’s needs, your children will never resent you and your startup once they grow up.
Consider Saving More Money Before Working On Your Startup
Ask yourself, “Must I open a startup business now? Can’t it wait?”
If there is no urgent reason to become an entrepreneur, you can consider saving more money before getting started with your plans. That will give you time to prepare your finances and avoid taking out loans.
If you can no longer wait, though, you should let your family—especially your spouse—about it. Explain your reasons to them and make sure that everyone is on the same page. This way, they will not accuse you of making decisions behind their back.
Spend Holidays With Your Family
When your startup is already in motion, your schedule may always be tight. You get up early and leave the office late; sometimes, you may even end up sleeping on your desk due to exhaustion.
That should be understandable for your loved ones, but there are unique occasions that you should never miss. E.g., birthdays, graduations, weddings, and other holidays. In those days, you must pause everything and return home to be with your family. Doing so will help them realize that they are still on top of your priority list.
It may never be easy to balance your startup and family life. Both require you to stay ahead of your game to avoid failing in either. If it does not happen, you may need to choose between the two. That is a task that always ends in heartaches and financial losses.
To guarantee that neither will suffer, you should remind yourself of the tips mentioned above. Good luck!