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Daisy Jones contacted me and volunteered to feature an article on my website. She has some wonderful information. Please note.
Welcoming a baby and establishing a business at the same time is intimidating, especially if you’re doing either one for the first time. However, as daunting as it may be, not only is it doable, but it can also be incredibly lucrative. Keep reading for tips from Melva Gifford on balancing a newborn’s needs while building a business from scratch.
Put Things in Writing
Starting a business with a baby should never be taken lightly, and this is true whether you’re starting up on your own or with a spouse or partner. Most successful entrepreneurs suggest putting everything in writing from the very beginning. Relying on vague thoughts or handshake agreements only leaves room for interpretation and can lead to disaster down the road.
Drawing up a business plan will force you to deal with issues upfront, figure out a salary, your schedule, responsibilities, and commitment. It may be uncomfortable to work out these things at first, but it’s better to have them early on when there’s less stress and emotion involved.
Get a Formal Business Structure
It’s important to shelter your company into a formal legal entity, like a corporation, proprietorship, or LLC. The LLC model is an excellent choice for small businesses for liability protection — sans the extensive paperwork that a corporation comes with. LLCs also get taxed as pass-through entities. Arguably the best place to register LLCs is through an online service like ZenBusiness, which streamlines and simplifies the process. You could also do so on your own; either way avoids having to pay expensive attorney’s fees.
Spend Carefully
It’s easy to get caught up in necessary business expenses, enough that overspending can quickly become a problem, particularly when you’re a harried parent managing your baby and your business. The importance of a budget can’t be overstated. Not only will this help you avoid falling into the red, but keeping close track of your expenditures gives you a solid idea of your cash flow.
When planning your budget, look for ways to cut costs. For example, do you really need a new wardrobe? What about office equipment? You can buy refurbished or used items like furniture, filing cabinets and chairs for a fraction of their original cost.
Ask for Help
Entrepreneurs are eternal optimists. A new baby? No problem! Work won’t be difficult, the family won’t suffer, and money won’t be an issue. We’ll just never sleep, and we certainly won’t have babysitters raising the kids!
Although positivity is rare nowadays, Today’s Parent suggests that you should know your limits and ask for help when you need it. If you experience sadness or guilt, insomnia, a change in appetite, anxiety, or just don’t feel right, it’s crucial to get help. Family and friends can be invaluable, but also consider outsourcing every task you can. Delegate stuff like cooking and cleaning to focus on your responsibilities, like spending quality time with your family and building your business.
Balance Family and Business Time
The stress of running a business and taking care of a new baby can wreak havoc on a relationship; thus, as Wellness Mama points out, it’s essential to take a break from business to also focus on your family and de-stress. Make it a rule not to bring business into the discussion at the dinner table or during family vacations. Of course, it’s OK if you need to break these rules occasionally for a quick check-in at work, but try to keep a balance to succeed in both life and business.
Creating a daily schedule also helps you balance business and family time, as well as developing routines. Make sure to include breaks, self-care practices, and quality family time throughout the day.
Remember that although your company may take off during a challenging time, you need to take everything about it seriously — in the same ways that you also need to prioritize being a parent. However, don’t overwhelm yourself too much, seek help when you need it, and start things on the right foot to avoid issues down the road.
