As a small business owner, you probably wear multiple hats. Sometimes, though, you have to take all of these hats off and spend time focusing on your family life. I strongly recommend that small business owners strike a balance between their business lives and their personal family lives.
A large percentage of small business owners work out of a home office. A simple way to separate your work from getting in the way of your personal life is to have a room or area of your residence specifically designated for business-related activities. This way, you can keep everything in one spot. When you walk into this room, you can turn on work mode. When you leave the room, you should turn it off and shut the door. Another benefit to doing this is that you can claim the home office deduction. This tax deduction can reduce your tax bill by deducting expenses associated with operating your business in a particular part of your home. If it’s too difficult for you to get away from work when running a home-based business, it may be worth it to spend the money to rent office space outside your home. This will put up a more distinct wall between professional and personal duties.
One piece of advice that I often give is that you should treat your family members like your most valuable client. This doesn’t necessarily mean putting your family way above your business on your priority list, but it does infer that making each of these as equal as possible is ideal. By working full-time as a business owner, your schedule may consist of 60-hour work weeks or more. This makes it nearly impossible to give the same weight on a scale to business and family priorities. However, if you recognize the importance of giving attention to your spouse or kids much like you’d give to a long-term client who is loyal to your business, you’ll likely enjoy a more fulfilling life.
Creating a balance between work and family life can make you a better business owner. When you take time away from your business, it’s easier to recharge your battery and help sustain your motivation for the company. If you spend too much time working on it, you may begin to tire of the responsibilities. In addition, giving your family more attention will make them happier. They may be more supportive of you, especially during the stressful startup phase and during any bumps in the road you endure