You are quite aware that you should focus a significant amount of your attention on your family while you proceed but somehow it doesn’t always happen that way as you become bogged down with trying to work out financial budgets, examine the potential of your business or even your own deep seated need to succeed in your field becomes a focal point.
It’s important to realize that your family is an essential ingredient to your success and if they are displeased with how things are working out, it can negatively affect you, your business and your whole family life.
Your new business is bound to put constraints on your time as you work diligently to develop it and make it the success that you feel it can be. This can mean quality time spent with the family dwindles and family members can feel alone and unappreciated unless the family members are themselves involved as with a ‘family business’.
It is important to realize that some of the family members may have different goals or priorities when it comes to business. They just may not have the same drive or inspiration and may not view a business success as paramount to their happiness.
If you want to make sure that they do not feel excluded or unhappy, it is a wise idea to have a family discussion with all the member affected and talk over the following topics:
- Will there be less time for shared family activities and attention for the members due to the new business venture? How great a time loss would the members be willing to accept?
- Is there going to be a need for the family finances to be rearranged to accommodate the new business or will it be financed by the family’s income? Will it have a negative impact on the family budget as a whole?
- Are all the family members ready and eager to launch this business and believe it will be a success? Are the family members aware that the new business might not reach its financial goal or even fail which is a frequent occurrence with new businesses?
- How long a time span does the family think should be allowed for the business to remain a going concern if it is not living up to expectations and not generating enough or any revenue? If that happens, should it simply be shuttered or should there be an attempt to sell it off?
- Is there a contingency plan in the event that the new business goes under? Not all of these questions will yield immediate and thoroughly thought out answers before the business goes into operation or until it has been operating for a while. Many things can change that will impact the new business so it is helpful to go back over this list with the family members roughly twice a year to see if there are new opinions or additional input from the members.
Your family needs to feel connected and supportive of your new business plan or there can come a day when the family unit can break down. Most people do not want to lose their family to divorce or alienation because they allowed themselves to become obsessed with an idea or business plan.
The odds of your business succeeding are far more favorable if your family stands behind you cheerfully and optimistically. Be sure to give your family a chance to speak their minds and respect their opinions before taking those first steps on your new business path.
Just because you have a work at home business it doesn’t mean it’s not important and it’s not a real job. Whether you work at home for an employer or have your own home business, getting the family support you need is important to your success.
You tend to get more family support and cooperation when you work for an employer, but on the other hand it seems to be more complicated when you have a work at home business. Why? It could very well be they don’t understand what you’re doing and what your home business is about.
You know a work at home business will always take time to grow, build and flourish. It won’t happen overnight and you know you won’t get a direct deposit after two weeks of work. You know that, but do your family?
They may not be ready to accept the changes so it’s important to sit down and discuss it openly with the family.
You may or may not have discussed with your family the reason you decided on a work at home business. Now it’s the time to explain why. Don’t be surprise if at first they don’t approve because it may seem like you’re abandoning them, you won’t have time for them etc. Stand your ground and let them know their support for you is important.
It’s also important for them to understand you have to work your home business like a job. You have to let them know when you’re on the phone all day, it’s not for personal reasons and when you network online, you’re not just chatting, but you’re connecting and building business relationships that are vital to your home business. Even though your hard work won’t pay off now, assure them it will in the long run.
No one wants to be left out and if you’re consumed in your own business, the family unit will feel neglected and possibly resentful. Involve them in your business. Share your goals and give updates on how your business is growing, ask for feedback or have them help you brainstorm a marketing strategy. This will give them the chance to learn more about your work at home business and appreciate what you do.
Don’t be afraid to ask for help around the house. Everyone pitches in because a family is not held together by one person wearing many hats. Be thankful to your family and let them know how much their support means to you.
A family that works together also works to support each other.
It seems as if there are a million things to consider when developing a new business venture. But does your family have the right to be considered in the process? Of course they do, but rarely do they receive equal consideration to finances, business potential, or our own personal desire to achieve success. If your family (spouse, children, parents) arenât on board with you one hundred percent, at some point you, your business, and/or your family will bear the consequences.
New businesses require a tremendous amount of time and nurturing to develop and become successful; time that is taken from elsewhere, often from the family. Unless youâre starting a âfamilyâ business where all members are participants, someone will inevitably feel left out, or neglected.
Our family members donât always share the same dream as we do. Their priorities may be something far from business success. To make sure our families donât suffer due to our own ambitions, before you pursue your dream business, sit down with them and discuss the following:
⢠Will the business venture take away from quality time spent with family members? If so, how much is acceptable to all involved?
⢠Will the new business be initially funded or supported using family monies? If so, will this put a financial strain on the family?
⢠Do all family members agree this is a potentially successful business idea?
⢠Do all family members realize that most new businesses do not succeed?
⢠If the business is not showing signs of becoming successful, what operational time period will the family tolerate before the business is considered a failure and should be sold or closed down?
⢠If the new business fails, what is the alternative plan for income?
Some of the questions listed above may not have obvious answers until the business has started up and operated for some period of time. Since circumstances may vary regularly with new business, plan to review this list with the family about every six months to see what situations may have changed.
Your family needs to be in total support of your new business idea, or somewhere and at some point, somebody will suffer. Consider whether your âbig ideaâ is worth the possibility of distancing yourself from your loved ones, or even the finality of a possible divorce.
Business owners with complete family support stand a much greater chance of success. Talk to your family and trust in their opinion before you start a new business.
Carol Denbow is the author of three books, including Are You Ready to Be Your Own Boss? available through www.BooksByDenbow.Weebly.com .
The pros and cons of having a family business