Being a business owner is already difficult by nature, but for parents with less free time and higher personal outgoings, it can be even more challenging.
To help, the experts at money.co.uk business loans have offered their insights on how to be successful as a parent and entrepreneur, as well as tips on how to get financial support for your business.
Tips on how to be successful as an entrepreneurial parent:
Set Boundaries
Establishing and sharing clear boundaries with your family and clients is crucial. Determine your own set of working and family hours and stick to them. Setting these parameters allows you to avoid the guilt and stress that come with feeling like you’re not committing enough time to either.
Embrace Flexibility
One of the benefits of being an entrepreneur is the flexibility it provides. You have the freedom to choose your own schedule and adjust it as needed, unlike typical jobs. Embracing this flexibility and striking a balance that works for you, your business and your family can lead to a happier and more successful experience as a business owner and parent.
Build a Support Network
Having a strong support network is critical for entrepreneurs to stay motivated and positive through difficult times. Lean on family, friends, and other entrepreneurs who understand the challenges of balancing the two roles to provide support – be it emotional, offering advice or helping out with childcare.
Delegate
You don’t have to handle everything by yourself as an entrepreneur. Learning to assign and outsource certain parts of the business can reduce your workload and allow you to focus on necessary tasks and valuable family time. For example, you could hire someone to run the business’ social media pages to take something off your plate.
Review Finance Options
Securing funding is often crucial for the growth of any business. Look into the different finance options available to you. Business loans can be a good option, as they can be used for many, typically unrestricted business purposes. This gives company owners spending flexibility and takes away the pressure of delving into personal, and family finances.
Kyle Eaton, money.co.uk business loans expert, comments on how parents starting a business can get financial support, should they need it:
“Navigating the financial challenges of launching a business as a parent can be overwhelming at times. You may have additional financial responsibilities, such as childcare expenses, that need to be factored into the budget for your start-up.
“To support the expansion and stability of your business – as well as your family life – it’s wise to consider finance options designed especially for small enterprises, such as business loans.
“Being a parent can present challenges when applying for a business loan due to the perceived higher financial risk of having dependents. It’s crucial to have a carefully considered business plan, including a financial roadmap of investment and profits, for the best chance of your application being accepted.
“You may also be asked to submit financial records for the business and yourself, such as bank accounts and revenue statements. It’s important to be able to demonstrate your financial stability and the ability to fund both your existing outgoings and any loan repayments to secure funding.
“Ensure any other outstanding debts are paid off or manageable, taking interest into account, and that all business expenses and financial details are properly logged and accounted for.
“To take the stress out of the application process, you could also consider consulting with a financial advisor that specialises in funding for start-ups and SMEs. Their skill and experience could help you create a strong application and identify and address any possible issues.”
