Starting a business is an exciting time for aspiring entrepreneurs. You’ve developed this great idea and are ready to share it with the world. However, there’s something you may have forgotten to think about – your family.
What will your family think about you starting a business? Do you have a backup plan in case it doesn’t work? How much time are you devoting to your business?
Before jumping straight into starting a business, you should answer these questions. Starting a business may be exciting for you but potentially scary for your family. They most likely want to support you but are afraid you won’t be able to meet your time expectations and responsibilities.
So, if you’re serious about starting a business, you might consider getting your family on board first. Let’s dive into some tips for getting your family on board with your entrepreneurial journey.
Talk to Your Family About Your Vision and Goals
Your family might be a little skeptical when you tell them you want to start a business. Starting a business isn’t like picking up a hobby. It comes with commitment and responsibility.
- Tell your family WHY you want to start a business.
- Talk about your vision for your business and what you hope to accomplish with that vision.
- Set boundaries and expectations early on to avoid confusion and miscommunication.
- Discuss your action plan and what you will need to get started.
Starting a business isn’t like picking up a hobby. It comes with commitment and responsibility.
Maintain Constant Communication
After you’ve discussed your vision and goals for your business, it’s important to maintain a constant flow of communication throughout the process.
- Bring your family into the process. Talk to them about decisions you want to make to ensure they’re on board.
- Make them feel validated by asking their opinions on certain decisions. The more you involve your family in the process, the more likely they will be on board.
- Talk to your family about your working schedule to ensure you maintain a healthy balance between your personal and professional life.
Develop a Reasonable Financial Strategy
Developing a financial strategy is a great way to plan your budget around business expenses.
Disclaimer: I am not a financial advisor. This information is for educational purposes only. Do your own research and seek out a licensed advisor as needed.
- If you plan on purchasing equipment and software, hiring employees, or investing in mentorship, make sure you allocate adequate funds.
- Try to have a decent amount of savings for emergencies and other expenses to overcome potentially unforeseen financial troubles.
- Try to create a budget for start-up costs and other business expenses that may pop up.
- Do as much research as possible!
Discuss the Sacrifices That May Occur
Starting a business is a big commitment. So, it’s important to discuss with your partner what sacrifices the family might need to make for your business.
- Talk about trying to cut out non-essential expenses, such as streaming services or eating out every weekend. However, don’t give up everything all at once to make the process easier. Try to make the process as easy as possible to avoid conflict.
- Remind your family of the big picture. Keep reminding them of your WHY and ask them about what you can do to potentially make the process work for everyone.
Get Your Entire Family Involved
Getting your whole family involved in the entrepreneurial process can be fun! Teaching your kids what entrepreneurship is and how to start can be a great way to expose them to the business world.
- Try to involve your kids in the process without pushing it too hard. For example, you could simply talk about your business with your partner so your kids can hear you.
- You could let your kids help you make certain decisions, such as the design process, or help you spread the word about your business.
- Getting your kids involved in the entrepreneurial process is also a great way to expose them to alternative career paths and will let them get insight into what you are trying to build.
Develop Work-Life Balance
Starting a business can be time-consuming. To ensure everyone’s needs are met, creating a healthy balance between your work and personal life is important.
- Talk with your family about what they need from you and create your schedule from there.
- Set designated working hours and try to stick to them.
- Try to avoid taking on extra projects or tasks if they fall outside your working hours.
- Create daily and weekly schedules and make your family aware.
- Try to unplug after working hours to devote the remaining hours to your family.
The Role Family Plays in Your Entrepreneurial Journey
Your family plays a major role in your entrepreneurial journey. Entrepreneurship isn’t a one-person show. Although many entrepreneurs try to make the journey alone, having loved ones support you can help you along your journey and make it more manageable.
Your family plays a major role in your entrepreneurial journey.
Here are four roles your family could play in your entrepreneurial journey:
Starting a business can be an emotional experience with many ups and downs. Your family can act as your emotional support group during your journey to comfort you in tough times and be your cheerleader in good times.
At the beginning of your entrepreneurial journey, you may not have the ability to hire help. Your family can pitch in and help you with tasks you might not have time for, such as managing your budget or social media.
Your family is great for getting sound advice when you don’t know where to turn. They might be able to provide you with a different perspective or help you avoid mistakes.
Everybody knows somebody. You can leverage your family’s network to increase opportunities and connect with likeminded individuals.