Running a small business and bringing up a child on your own is one of the toughest challenges you’ll ever have to undergo. But there are a few scenarios that will challenge you more than most. Here’s how to balance business and personal life in five key situations.
- Dealing with Vacations
Vacations are always tough because when your child is at home you have to keep them entertained. The best option is to make sure that you have a sitter so you can spend some time on your work. Otherwise, you’ll have to put your business on hold when your offspring is pestering you at all hours of the day. On the other hand, remember that grandma is always available!
- Managing Medical Visits
Running a small business means you don’t have the benefit of an employer healthcare policy. This is why you have to shop around on everything from medical insurance to Cigna dental insurance. When you have your policy ready you should try to rearrange your business around your appointment.
Keep in mind that managing that first dental visit requires a bit more time before and after. This is a stressful situation for your child and you need to give them the time they need to cope.
- Balancing the Budget
You have to manage both the household budget and your business’s budget. Keep these separate at all times. Either have a separate personal account or a separate business account to manage your business. Never mix them or it won’t take long until you start to have problems. Balancing your budget should take place via a formal spreadsheet. Keep track of every expense to ensure you know where your money is at all times.
- Always Plan for Life’s Emergencies
Money is tight for single parents running a small business. That’s no excuse for not being prepared for life’s little emergencies. If the car breaks down or you need a new sink, it’s going to cost. Make sure you have that money saved somewhere so you can access it when you need it. Create a savings plan, even if it’s just a few dollars per week. It’s going to add up fast and before you know it you’ll have a few thousand dollars at your disposal.
- Don’t be Afraid to Ask for Help
Sometimes you need to be able to ask for help. It can be tough running your business and bringing up a child alone at the same time. Ask for help from the rest of your family. Bring in a business consultant to help take your business to the next level. You might find that this is a defining moment in your life.
You’ll Work It Out
The only way to manage life as a single parent and a business owner is to jump right in. You’ll get better with experience and you’ll soon find your groove.
What do you think is the best way to make sure that you’re ready and prepared for life’s emergencies?