Business Plans

The Trade-offs – Owning Your Own Business Vs Spending Quality Time With Family

Running a successful business is hard work, raising a family can at times be just as hard. Put these things together and it can often seem like you don’t have time to catch a breath.

If starting your own business started with the goal of being able to work the hours that suit your schedule and spend more time with you family, ensure you keep that goal as a priority.

It is the Australian dream: Owning your own business during the day and then going home to spend quality time with your family at night. However, things don’t always run that smoothly.

Regardless of the success of your business, if your home life is suffering due to a crazy work schedule, you will never be content. It can be difficult to spend time with family, manage your own business and stay sane.

Starting your own business is often fuelled by the motivation of wanting to provide for your family. It is important to remember this when you are swamped with work and have to choose between attending your kids school cross country or spending a few more hours with the tool kit at work.

If your business is causing you to spend excessive hours working and missing out on family time, it is time to reassess. Often people start their own business with the goal in mind to work when it is convenient for them. But more often than not, they end up spending more time at work then when they were working full-time for someone else.

Tips for an effective work/life balance:

  • Take not of all the mundane tasks you are doing and figure out which ones you DON’T need to be doing, or a professional can do 10 times faster. Hire a bookkeeper, hire an extra staff member. Find the right balance of cost and value to the business. If it means more time for money/value adding tasks to get done for the business, the cost of bringing on a new hire is often worth it.
  • Prioritise tasks/ideas/plans for the business and spend your time accordingly.
  • Have set work hours, AND stick to them.

These are just some tips for managing your time effectively. If you want detailed business advise, financial planning or to engage an accountant to take off some of the work load (at an affordable cost) call us today.
Click here and let Power2, help you stop the trade-off today.