Know the numbers - Starting a family is expensive, with an extra person to house, feed and clothe! Setting up a business also usually means taking a cut in your earnings and having a less stable income. Find time to do the math, and be comfortable that you can afford to take the jump before starting your business. There will inevitably be financial sacrifices at the start, but understanding what they mean for your family will put you more in control of what you’re about to embark upon.
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Build a team you can trust - Much like parenting, building a company is a team effort. The media love to mythologise the sole genius steering a company to greatness. In reality, running a business is a huge team effort and surrounding yourself with smart people you trust and can have fun with along the way will increase your chances of success x100.
Prioritise sleep - Sleep gives you superpowers, and with a baby and a business you’re going to need all the superpowers you can get! Better concentration, more energy, happier mood - all for free if you go to bed an hour earlier! I made the mistake with my first daughter of thinking that I could still go to bed at my pre-child time, and that waking multiple times through the night would be fine! Skip the extra Netflix episode or pulling an all nighter to catch up on work and take the extra sleep.
Learn to say ‘no’ - Particularly when you’re starting out, you’re going to feel that your time is constantly under siege. One of the hardest things first time entrepreneurs struggle with is knowing when to say ‘no’. Every conversation, meeting or initiative you begin that deviates ever so slightly from your company’s goals takes you a step backward from where you want to get to.
Have a plan - It sounds very simple, but a lot of founders are often too busy to ever take time out and properly find time to plan the best use of their time, map out team goals or really take stock of where they want to take the business, as the daily deadlines stack up. Taking time each week to properly review what’s working (and not) and map out the next steps to move the business forward enables you to ensure everyone is focussed on the most impactful things.
Find a working schedule that fits with your partner - Assuming that you’ll be working early or late whenever you need to, because the business needs your time, isn’t going to work out well in the long term. Discuss your working schedule with your partner and find a rhythm that suits how you want to raise your child is essential to build some semblance of a work-life balance. Employers are notoriously poor at accommodating the demands of family life, this is your chance to make a change. The rules you put in place for your family should apply to your employees too, offering the flexibility they need to fit their own family schedules. This could be offering more flexible working hours, or letting people work from home occasionally.
Have fun - What’s the point if you’re not going to enjoy it! Building a business is tough, so remember to have a sense of humour and perspective when things get bad and celebrate the victories along the way. Starting a business is a marathon not a sprint, so settle in for a long fun journey.
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