The idea that you could quit your dead-end job and start a business of your own is enticing to a bunch of people. In the grand scheme of things, it would appear that becoming an entrepreneur is an easy approach to finding more balance in your work and family life. You can set your own hours, work from virtually anywhere, and be there for your spouse and children more. This is all true, however, what most people end up finding out is that these perks aren’t without their own set of struggles.
Starting a business is challenging, to say the least. You can have a great idea and even good plans for executing it, but there is a lot of work involved in getting from the initial setup stages to the autopilot stage where you can have more freedom to do as you will. Often, there are factors along the way that can prove stressful. If you don’t know how to effectively cope it can result in the loss of your business and your family.
Common Familial Stressors for Entrepreneurs
Lack of funding – Most people don’t have money set aside to launch a startup. Which means that they have to search for funds high and low. While some have the means to borrow funds, others have to resort to things like cutting back on their personal spending. This can lead to strain in the household if there are too many sacrifices that have to be made to fund your dream.
Inability to support the family – As an adult, it is your financial responsibility to care for your family. Although you may have a small savings or a spouse that works, without your contributions, money will essentially get tight. Some individuals find themselves so strapped for cash that they can’t afford to get the bare necessities for their loved ones. Feelings of disappointment and inadequacy can force some entrepreneurial hopefuls to the edge causing them to abuse substances to cope with the ever-growing difficulties to provide financially. If you or your spouse has reached this point, it is necessary to consider a drug and alcohol rehab program for recovery.
Shortage of Help – When you’re just starting out and you’re working with a tight budget, you don’t have the means to hire people to help out. This means doing all the work yourself which is taxing. Others, decide to call in a “favor” with their family members. You’ve probably heard that mixing family and business isn’t ideal, but lots of people do it. If you’re expecting your loved ones to work forever without proper pay, this could cause a conflict and create a rift.
Missing Out – There is no way around it. If you’re going to have a successful business you’re going to have to dedicate long days and plenty of hours to get it to where you want it to be. In the beginning, this may mean missing out on quality time with your family. When you’re working from sun up to sun down, traveling for networking events, and juggling a host of other entrepreneurial responsibilities, your family can sometimes take a back seat. They may be understanding in the beginning, but if you don’t properly manage the problem it could alter your family dynamics.
As much as you may be starting this business for your family, it will require you to make a lot of sacrifices. Though it comes with the territory of being in charge, there are some things you can do to prevent things from getting out of hand. As, constantly struggling with money, being unable to provide for your family, and not having the time to commit to them can cost you big time. Here are some more effective ways to cope:
Hang on to your job – as much as you may hate your full-time gig it may be vital for awhile. If nothing else, it provides you with steady income and benefits until your business if off the ground.
Hire interns, temps, or freelancers – though your family is probably proud to help out on occasion you shouldn’t take advantage of their support. If you’re strapped for cash, hire an intern, temp employee, or freelancer. They don’t require as much overhead but help to free up your time and keep personal relationships intact.
Make time for things you love – If you let it, your business will begin to consume every aspect of your life. Make time for the people you love. Whether that means taking a day or two off, or finding time throughout the day to spend quality time with your family it is necessary.
Take care of your health – running a business is physically and emotionally draining and if you’re not careful, you could suffer from everything from diabetes to addiction. Take care of your health by eating right, exercising, getting sleep, reducing stress, and, if necessary, seeking help from facilities like forward movement recovery.
Starting your own business sounds like nothing but answers to all of life’s problems. At some point, it can be an avenue that provides you with the flexibility to invest more time into your family and personal interests, however, when you’re just starting out, there is a lot you’ll learn. If this is the career path you wish to take, be sure to find a healthy way to balance chasing your dreams and being there for your loved ones.