There are many benefits to building your online platform and being an entrepreneur parent. You gain knowledge, experience, and maybe even some extra money if you’re lucky. But there is a unique set of pitfalls to avoid for those entrepreneurs that just so happen to be parents too.
1. Don’t completely pour yourself into your work
Most parents trying to start an online business or make money online typically have a day job too. This day job could be a traditional job or could be your daily responsibilities as a stay-at-home mom or dad. Bottom line, you have existing responsibilities. Building a business in your off hours requires a significant amount of work. Don’t let it consume you. Don’t burn yourself out and affect the other parts of your life driving relentlessly at the hand of your blossoming business. Take the time to enjoy the journey. Pace yourself. It’s a marathon, not a sprint.
2. Don’t forget your family
As your business starts to take root, don’t lose perspective on the big picture. Don’t let your business drive your schedule to the point that you start missing other, more important, events. Make sure you still help your kids with homework at night. Make sure you attend their concerts, practices, games, and appointments. Drop in to their school from time to time for a surprise lunch. Make sure you still find time to have dinner or go to a movie with your spouse. Fulfill your obligations to your family before even thinking about a side business.
3. Don’t hog the knowledge
If you are building an online business, there is no doubt you are learning an insane amount of information. You probably feel like you are drinking from a fire hose. Don’t forget to share your knowledge. When your kids ask you what you are doing, don’t say “nothing” without looking away from your computer screen. Tell them to come over and see. Explain to them what you are doing, why it is important, and how you are doing it. Kids eat this stuff up. By opening the kimono you are actually fostering their curious and creative spirit. They learn to think outside the box. They can then question the status quo and can start to grasp the possibilities.
4. Don’t shut down ideas from others
Just as you shouldn’t spurn your kids when they inquire about your business, you also shouldn’t close your ears to their ideas. Kids bring an unfiltered and unbiased perspective on things. Their innocence allows them to simply throw things out there without the cumbersome baggage most adults operate with. Listen to their ideas. Encourage them to help. Try some of their techniques. Whether it works or not it still validates their opinion and allows them to see how trial and error may provide benefits in the long run.
5. Don’t be impatient
Being an entrepreneur is a journey. It may take years to see fruits of your labor. As parents, our timeline is extended. Many successful entrepreneurs are young adults with limited responsibility other than feeding themselves each day. They operate with impunity and general freedom. Parents can’t do that. As a result, it is imperative that you go into your journey understanding your timeline will be longer than others. It just is. You can’t dedicate the same number of hours others might. If you go into it with your eyes wide open, you’ll be less likely to snap at your kids or generally be a pain in the ass to be around.
6. Don’t compromise your integrity in pursuit of the mighty dollar
As you engage online and as your platform grows, opportunities will present themselves. When you do receive these offers, make sure you take a good look at them and give them the grandma test. If you did what was proposed, would your grandma approve? Make sure you maintain your integrity throughout your journey. If you do experience some level of fame or fortune, don’t forget who you are. Remember your kids are always watching. They are picking up on how you act. Don’t embarrass your family or your grandma. She will NOT tolerate it.
7. Don’t expose yourself or your family to too much risk
Obviously this is a subjective one. Each person will have to analyze their particular set of circumstances to know what is healthy risk and what is dangerous risk. The important thing to note here is that you should not expose your family to too much risk. Don’t shell out thousands of dollars for a training session or conference if you are struggling paycheck to paycheck. Prioritize your life and determine what is most important. Your family should always come first. It is priority. Your side business is just that, a side business. Remember, this is a marathon and not a sprint. Exposing your family to significant risk for a short term questionable gain is foolish and the consequences could be severe.
What are your thoughts? What do you feel is being done wrong by today’s parents trying to work a side hustle?
As I am considering a job change, number 7 is on my mind. How much risk is too much is the question I have to answer
You are right Larry. I’m a pretty risk adverse kind of guy. I’m willing to expose myself and my family to some risk, but it has to be measured and taken with some level of analysis. At the end of the day, I guess we have to ask ourselves will our family be provided for if I make this particular move. That is the key to me. I need to make sure I can provide the same level of living we currently have while still reaching for something new or different. Does that make sense?
“By opening the kimono you are actually fostering their curious and creative spirit.”
Interesting visual (and choice of words)……
Thanks Jeff- Good Article.. I agree with everything, would suggest that the same concepts can be used for ALL types of business startups, not just on-line.
Thanks Jeff! You are absolutely right. Any entrepreneur and any business can struggle with the same issues. Now you have me second guessing my choice of words on that one. lol
Oh the stories I could tell. My wife joined up with a network marketing company a few years ago and I told her I was ok with it if she could make $500 to $600 a month with it. Well, she went gangbusters and within a couple of years was bringing in a six figure income. This also meant she was out mostly nights and weekends. We had two kids when she started and during that time we added two more kids to the mix. Then we got caught up in wanting the big house, etc. All of that brought more stress than it brought happiness. When we tried to sell the place the market crashed and what we thought was “all that and a bag of chips” became a noose around our neck and we eventually lost the place when her income took a nose dive. So, the lessons we learned were, 1. If you’re not good with the money you have you won’t be good with it when you have a lot, 2. The time spent away from the kids while you pursue something to this degree is so not worth it and can never be regained, 3. You do become a pain in the butt to be around such as trying to get everyone you meet to “do the business”. These are just some of the lessons. I’m not knocking network marketing but they typically dangle a big carrot which is easy to get caught up in. Having a side business like you’re talking about where you can do it on-line and maybe while the kids are asleep, and doing it as a marathon is good advice. Being content with your income and just trying to make things a little better is a noble pursuit. Getting caught up in chasing after money at the expense of the family is an empty pursuit for sure. We’re content now with a small house with three kids still at home and enjoying life a lot more.
Great post Jeff – love these points. I’m definitely a turtle in this race of a side business. A little here and there. I’ve learned so much and feel bad sometimes when I can’t invest more time – but I can’t, and accepting that is just something we all have to do. I’m more than happy with the connections I’m making with others and love meeting new bloggers/podcasters/entrepreneurs and learning from them. Glad to have met you along the way too! I always look forward to your posts and podcast!
Great post Jeff! I have been saving this one in my inbox to read. (:
My wife and I have just put ourselves in a somewhat “risky” situation by quitting my job and moving to another state. We needed a chance to regroup, and a fresh new place to get our business platform built. We understood that we would have to get part time jobs eventually in order to keep things afloat while we continue to develop and act on our business ideas.
The post resonates with me mostly because it contains some of the key elements of a functional relationship. Whether we understand it this way or not, our family has an integral role in our work. This is true for employees and entrepreneurs alike. Our work affects and is a part of our relationship with our family. It is more difficult to accept this as employees because most employers expect us to leave our family life “at the door” for those 8 – 12 hrs a day we are at work, and understandably so. It is nearly impossible to bring your family through the office doors and still compete in this corporate world. It is a difficult tightrope to walk, balancing family and work. I think that the more you can bring them together, the stronger and and more stabile your relationship with both become. I love #3 and #4, they are a good example of blending work and family.
Thanks for this thoughtful and encouraging post Jeff!
Thanks so much Patrick! I agree with everything you said. Wishing you the best as your and your wife move forward with your journey. It can be scary, especially when moving to a new city and starting fresh. I applaud your courage. Most people wouldn’t do it. So, the mere fact you took the initiative and went for it speaks volumes. I love how you talked about the conflict with work wanting us to separate family from the job and how we actually need to reject that construct. It’s imperative for success if the family works together. I think you’ve figured that out.
What are you struggling with when building your online platform?
Great article! I’ll be bookmarking and sharing it.
Thanks so much Heather! Love the name of your site!
Jeff, I just stumbled across your blog. This is really great. I”m a parent and entrepreneur and just started a lifestyle blog for parent entrepreneurs. I’m gonna share this post on the blog facebook page later today. I’d love to continue to engage with you, as I’m sure there is much we can learn from each other.
I’m subscribing now.
My email address is attached.
Cheers!
Hey James! Thanks so much! Glad we could connect and I’m looking forward to collaborating moving forward.