Can financing your venture be done when your kids are your top priority?
Let’s face it – being a parent is not exactly the most financially rewarding profession in the world. In fact, the complete opposite could be said. No matter how much you budget, kids will always need something more than you had planned for financially. So when the time comes towards financing your business venture, you have to figure out how to plan this into your accounts. But where will the money come from? And how hard is it to stick to budget when you have children who take top priority?
Keep Family & Finance Separate
As long as you ensure that you are putting a big break between your family and your business finances, this will mean that you’re not dipping into one or the other to top up – a breakdown can be found at http://www.thesimpledollar.com/a-big-difference-between-personal-finance-and-business-finance/ . This, if done, can get incredibly confusing, and often leave you short. It doesn’t mean that it’s not an option altogether, it’s just something that should be avoided as much as it can. It creates problems in the long run. If you aren’t able to afford luxuries that you were before in your home life, taking money from your business to go out and buy them will have a detrimental effect if you’re not financially sound and stable.
Consider Outside Finance
Using a financier for a business loan such as www.octet.com isn’t such a bad idea. It enables you to get ahead, crack on with what you need to do and also get fully set up (as much as the loan will allow you to). When you have children it can often feel like there’s no way that you will be able to get anything done, not least start a new business, but this couldn’t be farther from the truth. Once you have the backing behind you to be able to get everything sorted, you’ll begin to manage other things such as your timings and schedules – important to get into order when you have the needs of your children to consider.
Only Do What You Know You Can
If something seems un-achievable, don’t do it. There’s too much to put at risk. This isn’t to say that certain risks shouldn’t be taken along the way, but when it comes to the well-being of your family, there are some things that you have to put first. Financing your venture isn’t hard to do in this day and age when you have children, it’s just about knowing what you can and cannot put your money towards. A lot of people learn by their own mistakes, often at a cost. Whether this is financially or emotionally, or a bit of both, it’s something that definitely needs more attention paying to it. Unless you have full faith in what you’re doing and know that there will be a good return on investment, save yourself the stress and think about putting it to one side to pick up a few years down the line – that way you can eventually put a sound financial plan into action.