A stay-at-home Mom or Dad may decide at some point they want to start a home based business. There's more opportunities than ever before to undertake a new business or side hustle. Before your family takes this step, there's some important conversations that should take place. Be proactive with these talks to make sure this new venture adds instead of detracting from your family's harmony and success for years to come.
"Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you." Matthew 7:7 ESV
What’s the reason for starting a business?
This may seem rudimentary, but it’s an important step. Businesses are started for all sorts of reasons by parents who primarily watch kids at home. Some may do it purely to help financially in the family. Others may simply have an interest in the business or need a new creative outlet. Talk with your spouse about the reasons specific to your family. Make an effort to achieve shared understanding of the motivations so that you’ll both be on the same page.
What are the upfront costs to start this business?
It’s crucial to have a realistic understanding of what resources the family will contribute. In other words, will there be upfront costs or costs while the business gets up and running. It’s important to be realistic on this front. Don’t automatically assume the business will be a smash hit. Discuss the likely financial impact with your spouse to head off any disagreement or resentment down the road. You’ll also get to leverage your spouse’s wisdom as you plan for launch.
How long will the business exist?
No one expects you to predict the future. You should talk with your spouse about how long you both expect the new venture to go on. Is the goal to do this until the kids are “older” or grown? Will it be just for 1-2 years or 10-20? The goal with this conversation is not to lock in a date. The goal is to understand and be on the same page about the role this side business will take in your family life.
What’s our plan for balancing this business with other commitments?
Talk about how the business will be balanced with other parts of family life. Many stay at home Moms are the primary child care provider. Will the business affect that role or create new demands for your spouse? There will be some impact. The goal is to come up with a plan to balance time and prevent a stressful situation down the road.
What conditions would cause us to stop this business?
This discussion might seem pessimistic. It’s not. Talk honestly about what event or condition would cause you to stop the business. It could be another child, health changes, the outlook for the business, or other reasons. You’ll want to talk about this upfront because once you get started emotion starts to get involved. Be clear about these conditions so that if they ever materialize you’ll be about to recognize the situation with a clear head.
Best wishes to you and your family on this business journey.
We help Christian families on their journey to financial freedom. If you would like more posts from us on how to balance what's truly important with your finances, please sign up for our free newsletter. If you’d like to hear more about how Intrepid Eagle Finance helps families manage their financial lives, click here to learn more and schedule a free consultation.