Updated: Jun 26, 2022
Guest Post by Amos Faulkner.
Amos Faulkner wants to help people “do money well.” Money is a constant in our lives. Yet, as a bank teller, Amos realized that many people don’t pay enough attention to how much they have or how much they need, now and in the future. Well, now, the buck stops with his site, domoneywell.com. From teaching your children how to manage their money to saving for your golden years, Amos will cover it all.
Starting a new business can be challenging in any circumstances. Add a new baby into the mix, and it can really throw you for a loop. It can be managed, however, and with the right steps, both your new baby and your new business can thrive. Check out this list of tips from Millenial Mom on how you can effectively balance the needs of both.
1. Set a Schedule
Both babies and adults thrive under a schedule, and with demands on your time coming from both motherhood and business, you need to have a structure in place to ensure you get everything done. Healthline recommends trying to implement a schedule at around three months when the baby starts to be able to really embrace a schedule.
Download a time management app to help you determine how you can best divide your time between your business and baby. If you prefer tangible calendars, invest in a quality planner to keep you organized.
2. Prepare for the Unexpected
Parenting and business management both can throw the unexpected your way. Knowing how you’ll handle it when they do will give you confidence and get you through the tough times. For your baby, this can mean having a backup babysitter and extra milk or batteries on hand for when their favorite toy inevitably dies.
For your business, this can look like ensuring you keep a cache of emergency money on hand, preferably small bills in a secure safe, and having an emergency plan in place that your employees are trained to follow. It’s also important to have quality insurance plans that you can count on to have your back when disaster strikes.
3. Know When to Outsource
As a business owner, it's tempting to try and manage every single task yourself, and it's easy to convince yourself to attempt it because you may think by doing it yourself, you'll be saving money. The truth is, though, it would be a better use of your time and resources to hire someone else to take care of some tasks so that you can give your full attention to the areas where you really shine.
Unless you have a background in accounting, for example, money management and payroll are easy areas in which to utilize freelancers that give a huge return on investment. Good money management is key to a successful business, and you don't need to employ an accountant full-time to receive that. Hire a qualified freelancer for a certain set of hours a week and save yourself the costs of a full-time employee while reaping the benefits of an experienced professional.
If you have invoicing software for your SMB, especially if it’s cloud-based, your freelancer can log in from anywhere to handle their billing duties. This kind of flexibility benefits all parties—your invoices go out faster through paperless billing, and your customers can pay them immediately online. You can even provide customers with progress invoices to avoid surprises. And your software can grow as your business grows.
You don’t have to outsource everything. Especially when you’re first starting out, making use of free tools can give you acceptable results without having to spend. For example, you can use a free online logo creator tool to generate a functional logo without hiring a graphic designer. Just choose a template, then you can customize the graphics, color, and text until you settle on something you like. Then download it for use!
4. Protect Yourself and Your Assets
Launching any business is a gamble, so it’s important to do everything you can to ensure that even if the business has difficulties, you and your assets are separate from it. A limited liability company or LCC is a smart choice for small business owners because, as the name implies, the formation offers you protection by minimizing the liability that you personally have if the business goes south.
That isn’t the only benefit of forming an LLC, though. The status also comes with tax advantages including easier-to-file paperwork and more flexibility than other business formations. You can even skip the lawyer’s office and file yourself online using a formation service. Regulations on LLCs vary between states, so research LLC regulations before proceeding to make sure it’s right for you.
Don't let this special period in your life overwhelm you. With the right moves, you, your business, and your baby will be thriving in no time. For more motherhood tips, visit Millenial Mom today!