Small Business and Family

Starting a New Business

It is a dream come true. At last you have decided to start your own business venture. Either you have decided to focus on your core  area, or partnering with friends or relatives by employing combined knowledge, resources and experience. 

It is great to be your own boss, able to execute your visions. 

You have done a thorough study of the proposal and have concluded that it is the right time to plunge in. 

Excellent. Congrats.

Family

You have decided to call for a party back home for the new venture. The entire family either too small only with wife or medium to big with child or children are too excited about the new venture and offer you whole hearted support. 

Very ideal situation. Can't ask for better.

How many of us have thought about the family when the meticulously planned business takes a beating and the cash flow suffers. The priority at this point of time to will be to save the shaky business.

Any compromise on the family interests and the minimum needs will lead to lot of anxiety and tension back home, which will the only place to recharge our energy(both physical and mental). When pressure builds back home, one's efficiency drops drastically in business.

Building reserve for the business will happen only over a period of time, but creating reserve for the family before the start of a new business venture will eventually help us to focus on the business even during the hard times.