How to combine parenting with a profitable business

How to combine parenting with a profitable business...  (and is it even possible?)

Talk of work-life balance is everywhere and the internet is loaded with information on how to make it happen.

However this balance can often seem elusive, particularly for those women who are balancing business or entrepreneurship with a family, and some are questioning whether it is even possible to balance business success with parenthood.

We like this article by Jo at Love Your Small Business which discusses how to effectively combine parenting with a profitable business. If you like the article too you can sign up to their free webinar coming soon:

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We recently conducted a comprehensive survey of women entrepreneurs, and among other things we asked  “what are the top reasons you decided to start up your own business? We would love to hear in your own words what motivated you to take the leap!”

We received a whole host of responses, but many, unsurprisingly, related to parenthood:

·       flexibility of time with family

·       To be a mum that is home with my children

·       Ability to work from home & be a hands on Mum

·       As a sole parent I wanted to be financially independent & support my family

·       Lifestyle - I wanted a lifestyle where I could exercise and spend time with family and friends on my terms.

·       Wanted to be a stay at home Mum

·       long term build a home based business for my kids

Do any of these resonate with you?

And more importantly, are they showing up in your life?

Given that many women entrepreneurs start out on their journey with the end goal being to balance a profitable business with parenting, the reality can often be quite different.  Despite the best intentions, research has shown that while flexibility of time is a key reason for going into business many women end up working more hours than they did as an employee.

So – if you want to combine parenting with a profitable business, how do you do it?

At the heart of it, and tucked in behind all the tools, techniques and tips you could apply, the key lies in the simple questions.

1.     WHY combine parenthood with small business? What is your motivation? This is about being crystal clear on WHY you want to go down the entrepreneurial route. Why would you choose this instead of being an employee. What are the key advantages you see you will attain by establishing your own business? What will it mean for you when you achieve business profit alongside parenthood?Being clear on your motivation will provide you with the commitment you'll require to work through the tough challenges that are all part of business success.

2.     WHAT will it look like? This may sound pedantic, but there is huge value in writing down exactly what you see this looking like. How would you ideally like to balance your time between business and family? How much time are you prepared to put into your business and when will you spend time with family? How will you respond when challenges arise (in business or with family) – pre-empt these challenges because they will arise. So what does your ideal balance actually look like and how will you know when you are there?

3.     HOW will you bring about the profitable business part? Having clearly established the WHY and the WHAT, next is the HOW and here it's crucial to think very strategically about how you will structure your business so that you can be profitable without having to compromise on your family, relationships and health. Business planning is an essential element to your success here and you must consciously think about business models you will use to bring in the profit you desire while still having the time and space to be a good parent. If you don't plan out how you are going to balance profit with parenting, it simply will not happen on it's own. Particularly with developments in the online world it IS possible to make this happen but it requires conscious thought and planning.

4.     HOW will you prioritise your parenting? For many, the challenges of balancing business with parenthood come from getting so caught up in the immediate pressures of small business start up that you lose sight of your family commitments and your relationships start to suffer – so you must plan carefully how you will nurture your relationships with your partner, family, and friends. Will you have certain days or times that are for work and the rest of your time is for everything else? How will you manage the pressures and stressors of your work so that they don't impact on your family? What can you proactively put into place to help you switch off from work so you can be present when you are in your parent role?

5.     HOW will you combine work with family? This one is very specific but worth mentioning...... another key challenge faced by many mumpreneurs lies in working from home and not having any separation between “working” time and space, and “home and family” time and space. There are no right answers here, but being aware of the potential challenges is a step in the right direction. It certainly pays to think carefully about your work space and to plan ahead and ensure that when you are at “work” you are effective and focused, and similarly that when you leave work, you are fully present with your family, even if the two occupy the same physical space.

Tying it all together

There is no denying that being an entrepreneur is both hugely rewarding and hugely challenging. The same goes for parenthood. So when you combine the two you are in for some massive rewards IF you plan consciously and strategically.  This combo will not happen on it's own.

It most definitely IS possible to run a profitable business and be a parent at the same time, so think carefully about why, what and how you are going to make it happen. Ensure you remain connected with your values and key motivations so that when the going gets tough (and oh yes, it will) you can remind yourself why you are trailblazing the way as a parent and a profitable business owner.

Keen to find out more about how to combine parenting with a profitable business?

Jo Foster is the co-founder of Love Your Small Business and specialises in helping women entrepreneurs consciously develop businesses that allow them to work less, earn more and make a difference.  For more information about Jo and her work please visit www.loveyoursmallbusiness.com