If you own a business, then you’re immediately taking on the world’s biggest juggling act. On one hand, you have this company you’ve created. On the other, you have your children and your family. While they often stay separate from one another, you do have some concerns when combining both your worlds.
With that in mind, here are a few things all parents in business should do:
Make time for your kids
It sounds pretty obvious, but you need to make time for your kids. A lot of parents in business focus so much on the business side of their life, they neglect the family side. You need to spend time with your children, so you don’t lose your bond with them. They shouldn’t have to grow up with an absent parent – it’s not fair on them. Create a flexible work schedule that allows you to set aside family time every day. At the very least, keep your weekends strictly business-free. Make time for your kids, and your relationship with them will stay strong as the years go by.
Create a will
Wills make people think of death, which is only natural. I’m not saying you’re at risk of dying because you own a business, or that you should even think it’s on the horizon. Instead, making a will is more about securing the fate of your business – and any assets – when you eventually pass away. This obviously concerns your kids as they should be the ones that get access to everything – which will hopefully be many decades in the future! Not only do you ensure that your business doesn’t get left in the wrong hands, but you ensure your children have something to keep them financially afloat when they’re older. So, if you don’t already have one, then start creating your will today.
Invest in your children
Hopefully, business is booming and you’re making money. It’s a smart idea to invest some of your profits back into your business – so it can grow – but you should also invest some in your kids. What does this mean? I’m talking about investing in their future. Set aside money for university tuition fees, or even just create a savings account that they can access when they’re older. Let’s face it, we all know how hard it is when you first become an adult. Money is tough to come by, and student debt makes it even harder. So, if you invest in them from a young age, then they’ll be well set up in the future. Also, this is an added incentive to work extra hard on your business!
As a parent with a business, you have lots to do. But, your life should be about creating the perfect balance between work and your family. So, I think all parents in business should do the three things listed above. They ensure that you run a successful business without forgetting about your family. Plus, you also plan ahead to try and create a better future for your kids too.