Starting A Business With A New Baby
It’s no secret that starting a business is hard. But it’s even harder when you’re welcoming a newborn. It will take some time to figure out how to balance your business with your new life, but you can do it. Here are some tips for starting a business in your baby’s first year.
Explore Your Financing Options
Before you even begin thinking about registering your company, take some time to explore your financing options. Talk to your friends and ask whether they can lend you some cash and the loan terms. You may also want to use your home, car, or any other asset as collateral for a bank loan. But if you already have some savings, this is the perfect time to use them.
Agencies like the Small Business Administration connect new mums like you with lenders. Sign up on their website and see if you qualify for their program funding or micro-loans.
Come Up With A Business Plan
A good business plan will help you think through all aspects of starting your business. The blueprint comprises what products or services to sell, source of capital, resource availability, and business objectives.
According to this ZenBusiness starting a new business guide, your plan should also include the business’s financial projections for at least three years into the future and both recurrent and development expenditures. You can use this information to decide if starting a business is right for you and your family. If it doesn’t seem like it will be profitable enough, then maybe you may have to postpone the idea.
Create a Schedule
Start thinking about how much time you will need to spend with your baby versus working on your business. Know your child’s schedule to ensure your business doesn’t interfere with it too much. Your newborn needs plenty of sleep and should be fed on schedule every few hours. This may affect your schedule significantly, especially if you plan to work from home. Ensure your new business doesn’t disrupt your baby’s routine too much or take away from family time. If possible, hire a nanny to care for your baby whenever you’re at your workplace.
Does the business idea comprise jobs that don’t require your attention? If yes, plan on how best you can outsource them to have some extra time with your baby. Tasks to outsource include accounting, bookkeeping, marketing, and some repetitive jobs. If things go wrong or if you need help, have a backup plan in place or someone who can help keep your business afloat. For instance, if you get sick and cannot work on certain days, have someone in the position who can step in.
Design a Quiet Space for Your Baby
Find a quiet area of the house or office where there’s enough room, and set up a soothing room for your baby. You might want to purchase noise-canceling headphones for your baby to wear while you’re on calls. If possible, invest in a comfortable crib to hold your baby safe when asleep.
Starting a Business With a Baby Is Not as Hard as You Think
Kick off your entrepreneurial journey by putting these tips into play and start building something unique. Follow Help for Busy Mums to learn more about juggling between caring for your baby and attending to your business.