How do you run a successful business and have a family

[Rapunzel91]

Hello,

I've searched for this subject but can't find much that are relevant.
I'm wanting to set up my own business and (obviously) want to to be successful. I want to do as much research and prep that I can to make sure I'm not going in to this head first without knowing what I do and just making a failure out of it. I also have a 9 month old and will be going back to my full-time job when she's a year old so that does limit my time a lot. Goal is to grow the business to the point where I can quit my full-time job.

The aim of this post is ultimately to reach out and ask those of you are (or used to) run a successful and profitable business what makes it successful in your opinion? And how are you combining it with family life? Any tips?

[delilahbucket]

You are going to need every spare minute you have and a very supportive partner. I built my business while working, although when I started it I was actually on sick leave and had a lot of time on my hands to research as I was stuck in bed. It took me three years to get to something that resembled a full time wage at just above minimum wage, plus I was working 14 hours a week in my regular job. I used a childminder for those three years and dp picked ds up after he finished work. He had a 9-5 job which helped enormously.
When ds was six we moved house and I went solely self employed. I had no childcare and it took me another year to build the business to the point it was worth doing and I was reaping the financial rewards of my hard work. I couldn't do that while still being an employee. DS used to come and play and chat in my work room after school and I had a sofa he could curl up on and watch TV on the laptop while I cracked on. Some jobs cannot be done with a child sat next to you though, and some children aren't happy to sit and occupy themselves.
DS is nearly 12 now. I still work some funny hours in order to fit stuff in. I often find myself working late and weekends so I can fit things in during week daytime's. I make sacrifices for family time when I'm very busy.
I can expand my business, but have made the decision not to until ds is older as it would mean going out to work, and I like the flexibility of working from home, and while I'm still working, I'm here for DS if he needs me.
Do not underestimate how lonely self employment is if you work from home. I joined a choir to get out of the house!

[Rapunzel91]

Thank you so much for your input @delilahbucket

Can I ask how much you enjoy it? Obviously it's long hours and a lot of work and I know I could never do that for my current job as I find it dull but imagine that it's different when it's something you enjoy. I could be delusional though and it's still just hard!

[delilahbucket]

Most days I really enjoy it. Of course I have days when it's stressful and just think how easy it would be to go get a job and work regular hours. The benefits far outweigh the negatives though, and besides which, I would struggle to earn enough to match my current salary as I would have to factor in childcare and travel. It is by far the hardest job I've ever done, I didn't have a single day off for eight weeks in the run up to Christmas because I was just so busy (I'm a retailer), but I rolled with it and took the money while it was there, because you never know when it might not be.
Depending on your sector, it's worth thinking about always pushing your business forward. Don't become stagnant, as the competition will edge in front. I never stop, and that's why my business is thriving. I do have to have a holiday every year. Two weeks where I do nothing business related at all and we go away. Having a separate work room in the house does mean I don't feel like I'm stuck at home all day looking at the same four walls, but a change of scenery is nice!

[JontyDoggle37]

Ruthless planning, calendar management and family organisation. Not enough sleep, too many thoughts in my head to sleep week often, constantly pushing myself through stretch zone and into downright freaked out. BUT it’s 100% better than employment, and I’ve only realised the full extent of my worth since I started my company.

[delilahbucket]

Forgot to say earlier, routine is key. If it's a work day, get dressed, do your hair or whatever you would normally do for work to get into work mode. I've lost count of how many people have said to me "how do you not sit in your PJ's all day and watch TV?". Erm, I don't get paid if I don't work! I'm have a structure every day which is mostly the same, and I have a physical diary (I prefer to handwrite for some reason) with my work for the day in it.

[user1497207191]

You need to be prepared to be thinking about the business 24:7. It will take over your life if you're hoping for something to replace your day job rather than a "hobby/lifestyle" business. Don't underestimate the amount of time, money and stress it will take. Trying to start a business alongside a new baby and job will be very challenging. I hope you have a supportive partner/family etc to share the burden.