The balancing act: managing a business and a family

By: Jay Parks

A flower shop employee holding a clipboard and a rose.

Two of the most rewarding things I have ever done? Parenting, and running a business.

Both are difficult but worth it! As entrepreneurs, we recognize that time is our most precious asset. Here's how you can make the most of it, teaching valuable lessons to your children along the way.

Show, don't tell

Exposing your children to your business activities at an early age demystifies what you do and instills a strong work ethic and business acumen. Simple activities like organizing files or observing meetings can provide practical learning experiences. Passing on knowledge is one of the best things you can do for your kids.

You can also use this to teach a rare skill in our society: financial literacy! Use everyday activities related to your business to teach important lessons about money management, investment, and economic responsibility. These lessons are invaluable, whether explaining the basics of budgeting or discussing the importance of saving.

Spend time wisely

You must also be a good steward of your own time. Balancing work and family life requires clear boundaries. Dedicated work hours and "family time" help manage expectations for all involved, ensuring that neither area suffers from neglect.

You need to separate this time very well. Leave work at work, but when you're there, focus and work hard. Also, think about your partner in this situation and their needs! For example, you have meetings at work about goals and expectations, and you talk to your partner at home about their goals and hopes for the future.

Build in redundancy

This isn't easy as a solopreneur, but as you build a team, try to create independence in them. The ideal situation is that they don't need you to run the business daily! Sometimes, outsourcing certain business functions or household chores can keep your schedule manageable and free up time for family activities.

You also have to consider your health and take meticulous care of it. A healthy entrepreneur is more productive and can more positively engage with their family and work team. Regular exercise, a proper diet, and adequate rest are all essential.

Balancing entrepreneurship with parenting isn't just possible; it's an opportunity to lead by example and show your children the value of hard work and dedication while also cherishing family time. It won't be easy, but it is worth it!