How starting a Business can affect your Family

Episode Summary

In this episode we talk about the how starting a business can impact on those around you.

It is an essential thing to consider when you’re thinking about becoming a business owner for the first time.

Unfortunately, many people simply do not give this element of owning a business enough thought.

Family is nowhere to be seen in the business plan

In your business plan you’ll work through important things such as identifying the problem you solve, determining your target market and the commercial elements of operating the business.

starting a business affects family

What you won’t see is anything to do with how you will manage the impact your new venture will have on your family and friends.

Experience has taught us that it should…in chapter 1!

A business life cycle has four stages.

As we know, businesses evolve through several stages throughout their life cycles.

They are;

  • Start
  • Grow
  • Plateau
  • Decline

Each of them create their own stresses and demands on the time of the owner.

With proper planning, a family unit can prevail through these stages.

Whether you have a young family or you are a grey entrepreneur with grand children being aware of the impact is important.

In the absence of that thought and planning, however, the people around the business owner can feel the impacts of those stresses.

In the episode, we discuss some of the common ways that families can be impacted throughout the various stages of the business life cycle.

Try our our Entrepreneur Personality Quiz for more ways on preparing yourself to be a successful business owner.

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