Are you raising young children and feeling guilty about how much time your job takes away from your parenting? Or maybe you’re tired of your dead end job and wish to venture out on your own? Many parents find themselves at a crossroads. They understand the importance of financially providing for their families, but find it hard to balance work life and their own happiness. Starting your own business could be an effective solution to these problems. You get to work at something you enjoy while still being able to be an important part of your children’s lives. However, if you’re going to pull this off, planning from the very beginning is necessary.
Talk to Your Spouse
If you’re in a committed relationship or marriage, it will be important to first clue them in on your ideas. Even if you’ve talked about owning a business before, you want to make sure that the two of you are on the same page. A new business means potentially struggling financially and socially until things get off the ground. Educate your spouse on the type of business you want to start, what help you will need from them, and how this may affect your child’s schedule.
Begin the Planning Stages
Once your partner is onboard for your new business venture, a thorough research and analysis should take place as it would for any new startup. You will want to determine what type of business you wish to start, what the average startup costs are, and what the legalities are as it pertains to registering your business. Creating an effective business plan, mapping out your goals, and conducting some market research are all ideal before you start looking for customers.
Start Transitioning Part Time
It is never a good idea to up and leave your regular job for a startup unless you’ve already got all your ducks in a row. It is better to ease into the life of a business owner. Start on the part time basis with conducting your business. You can put in a few hours per day until you begin to gain momentum and are sure that this is what you want to do. Develop a solid customer base and keep your business hours to a minimum so that it doesn’t disrupt your day job or parenting time.
Build a Nest Egg
Before you quit your day job it is ideal to have a nest egg. Experts recommend that you save at least six months worth of income. This way, should your business fall short on profits one month, you have savings to survive on. It is also a good idea to dig yourself out of any debt you have accumulated over the years so that you can start your business on a fresh start. If you’re really having trouble in building your nest egg, you could always look into affordable factoring services that could give you the money you need during the beginning stages of your business.
Create an Accommodating Schedule
Once you’ve reached a point where you can quit your day job, you’re going to need to create a schedule that will allow you to manage your time accordingly. Take a look at all of your responsibilities: start and finish time for school, extracurricular activities, etc. Now based on your obligations, what hours of the day can you work? You want to start your business at a time that is convenient for you with the fewest distractions.
These are just a few of the basics to get you started. Starting a business as a busy, working parent will certainly present challenges, however, by planning ahead you can prevent a lot of turmoil. Most importantly, don’t forget to have fun. Though there are plenty of challenges ahead, you’re achieving your dreams, and that is certainly worth it.
This article was contributed on behalf of New Century Financial, your number one choice when looking for factoring services. Check out their website at www.newcenturyfinancial.com