Ask
any would-be entrepreneur why he or she wants to start a home based
business and you'll get a wide variety of replies. Regardless of the
reason, there's one thing for certain: starting a home business doesn't
just affect you, the entrepreneur; it also affects your family.
The change in lifestyle that comes with a home business requires adaptation
from the entrepreneur as well as his or her spouse and children. So
before you jump into the world of home business, have a frank discussion
with your family about issues such as:
__How Will You Separate Business and Family? Home businesses are particularly difficult to manage
because they're just steps away from family life. You need to be able
to concentrate fully on your business, yet when you spend time with
the family you shouldn't be distracted by business matters -- or worse,
tempted to go do 'just a little work.' Some things you can do to help
keep business and family separate include: * Set 'office hours'. This is the time where you focus
on your business without having to worry about the family. * Take time out for yourself. No one can work all the
time, and you'll burn out if you try. Set aside some 'personal time'
to exercise, read, or do something else you love. * Take a guilt-free day off with the family. Yes, an
entire day away from the business! You'll feel more refreshed and better
able to concentrate on the business afterwards. * Get organized and stay focused! The less time you
have to spend searching for email, papers, etc., the more time you'll
have to actually perform productive work. This will free up time so
that you can do other things. __Will Family Members Contribute to the Business? Come to a clear understanding about what your spouse
will or will not do. For example, you may ask for help during unexpected
busy periods but not on a regular basis. Or you might agree that it's
okay for your spouse to send or read business mail, but that you are
the only one who answers the phone. It's best to set this straight from the beginning.
Don't assume that your spouse is willing to help out. Likewise, don't
assume that you'll have complete independence because "it's YOUR
business". Come to an agreement -- it will help to lessen the stress
for everyone. __How Will You Handle the Financing of Your Business?
Money is almost always a big issue with families. A
home business, particularly in the startup phase, is going to require
funding. Your family may have become accustomed to a certain level of
'comfort' when it comes to luxuries such as dining out, recreation,
spending money, and so on. Will any of this need to change, and if so,
what? There are many ways to finance a home business, including:
* Use income earned from your 'day job'. Many people
continue to work their regular jobs in order to fund their home businesses.
It is only until their home businesses are producing a reasonable income
that they have the option to quit their jobs. * Finance your business with savings. If your savings
were to be used for another purpose (for example, a family vacation
or buying a home), how much of it are you willing to 'sacrifice' for
your business, even if it's meant to be a 'temporary' loan? * Help from family and friends. Consider the possible
impact on your personal relationships. Borrowing money from loved ones
can lead to significant stress... for example, what do you do if someone
suddenly needs or wants their money back and you aren't in the position
to provide it? What happens if your business fails and you are unable
to pay back loans? * Other
sources such as loans, grants, lines of credit, and more. You can find
a good list of options at the US Small Business Administration web site:
http://www.sba.gov/financing/
Discuss the options with your family to find something
acceptable. You may also want to discuss it with a certified financial
planner, who can also help you to develop a contingency plan for emergencies.
__What Is the Impact on Normal Household Activity?
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Angela Wu
is the editor of Online Business Basics, a practical guide to building
an Internet business on a shoestring budget. If you're tired of hype
and just want solid, down-to-earth information, then visit us now --
and in moments you can have access to loads of instantly useable tips,
specifically chosen for beginners! http://onlinebusinessbasics.com/article.html
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