Thinking of starting a new Home based business?
I am sure you have a great idea and have been spending the last number of months researching all the potential risks to ensure you are safeguarded against all the potential roadblocks.
All the smart authors and experts on the topic of entrepreneurial launches will have told you, in no uncertain terms, that over and above your passion for your idea you need to:
- Be financially prepared
- Have a detailed plan for your business
- Thoroughly investigate your potential markets
- Know who your customer is
- Have a saleable product or service
…….. and much more.
However what they may not have emphasised are the other factors which are equally important but don’t have a direct bearing on your new business.
Don’t forget your loved ones
It goes without saying that you intend to throw everything you have at your new venture; your time, expertise and all the finances you can afford.
You envisage long hours and burning the midnight oil and using every free minute on the weekends to launch your baby.
Nothing wrong with that but take a minute to think about those that are closest to you – your loved ones, be they family, friends or a partner.
Your excitement could well be their trepidation.Your entrepreneurial success will in part, be attributable to the direct support of your loved… Click To Tweet
Your partner will be stressing about finances, no matter how well you have planned, particularly if you were the major breadwinner. The older the children the more susceptible they will be to the added stress in the home and this worry could be manifest in their schoolwork.
There is no magic solution other than to involve them from the get go. Make sure everyone understands what it is you intend to undertake, how it will affect the financial situation in the home and what each member of the family can do to support your endeavours.
Your entrepreneurial success will in part, be attributable to the direct support of your loved ones.
Don’t leave them guessing about what you are doing and what they should expect during the transition.
Learn to take a break
100% of your effort and time is going to be focused on the new business, and that’s good but you also need to pay attention to your health, without which no dreams are going to be fulfilled.
I know from my own launch experiences that the temptation to push everything else aside while pursuing your goals consumes your every fibre.
Stop, step back and think this one through.
Lack of sleep, eating on the go and no exercise is a sure recipe for disaster. Trust me, been there, done that and own several T-shirts to support my pigheadedness.
The early months after launching your business are going to be the most hectic and therefore it is important that you develop a routine as quickly as possible. Plan your days and if possible each week.
Make sure you factor in some “me time” into your schedule. And no, taking a walk around the garden while worrying about your next task is not taking a break. You have to find something that is going to take your mind off the business each day, even if it is only for 30 minutes.
Physical exercise is a good start, it not only helps clear the mind but will contribute to physical tiredness at night, hopefully helping you get some decent sleep.Remember, without your health, no amount of success will have a meaningful impact on your life or… Click To Tweet
And talking about sleep, try and avoid breaking your regular sleep patterns. This does not mean you can’t push an extra couple of hours in the evening or on the weekend but it is essential not to mess with your body’s clock. Get a consistent number of hours sleep each night – some folks find 5 hours enough, others need 8. Stick with what works for you.
Try and dedicate time for the loved ones on at least one day of the weekend. Don’t suddenly stop attending the kid’s school events or giving up on the regular Saturday morning family breakfast. Be sure NOT to talk business when with the loved ones.
Remember, without your health, no amount of success will have a meaningful impact on your life or those close to you.
Plan, plan and plan some more
And I am not talking about the business plan.
I am referring to your plans for your personal life and those dependent on you.
Be sure that your personal finances are in shape. You should be able to fund at least 6 months of private expenses without having to draw a salary from the business. In other words, if you assume that it will take 6 months to turn the company into profit you should have a “stash of cash” somewhere that will cover home expenses such as living costs, bonds, rent, insurances, school fees, etc. to tide you over this period.
Don’t use nest egg money, insurance policies or savings to fund the business. These financial resources may be your go to if the business goes south.
Try and avoid borrowing money from friends and relatives for the business, these arrangements have a way of ending badly. However, if you do then ensure the agreement is legally drawn up in writing and is signed by all parties.
Do not get confused between private money and business funds. Simply put, don’t borrow from the one to fund the other.
Don’t use company money to fund private purchases. If needs be have separate credit or debit cards and most certainly a business-only bank account.