How to Start Your Own Business and Have a Life
Striking a Work Life Balance When Starting a Small Business
Aug 25, 2009
Keeping the work-life balance from toppling head first into a work-work scenario is a challenge faced by a number of new small business owners. When it’s their own money and livelihood on the line, many throw themselves into working long hours, promising themselves that when they have earned a certain amount, or built the business to a particular level, they will take a well deserved break.
Unfortunately for many this is simply not sustainable, as without some much-needed down time, they are unable to give their business the energy and focus it truly needs.
Time Management is Vital for Work Life Balance When Starting a Small Business
One way for entrepreneurs to keep their work life balance in some kind of order is to decide on how many hours they should work a week, and then track the number of hours they actually put in. Phil Schwenke is a business consultant and trainer who has helped with the development of over 5,000 Small to Medium Enterprises. He told Suite 101 there will be times when it is necessary to put in long days, and work through a weekend, but when that is the case, people should ‘buy time’ from themselves, and use those hours towards a long weekend or a holiday.
By keeping track of the hours they ‘owe’ to themselves, they are able to keep some balance in life and avoid possibly resenting the business and the sacrifices they are making.
Successful Small Businesses May Develop into Larger Companies
Small business owners are often faced with statistics such as “around 75% of businesses fail in the first three to five years.” While there is no denying some small businesses do fail, for a myriad of reasons, these figures may not be as bad as they seem. Phil Schwenke says there are a number of factors at play with such figures.
“If a sole trader converts his business into a company, or if a business merges with another business, then the original business disappears. But it hasn’t failed.”
So while potential entrepreneurs should make sure they do their homework, prepare a solid business plan and not take on too much debt, it may not be the best course of action to be scared into working seven days a week by such figures.
Prepare for the Challenges Ahead with Small Business Courses
One way to reduce the many stresses that come with starting a small business is to understand exactly what lies ahead. There are a long list of free business plans on offer on the internet, and seemingly endless books on the subject – a lot of which can be found at the local library to save a few extra dollars along the way.
Some Business Advice Centres offer free pointers and ideas for people who are looking to start up their own small to medium sized business. Another valuable resource is a small business course, which can take participants through some of the common pitfalls, and teach them how to properly research the business they are entering into and work out the financial feasibility.
One example is the Starting and Managing Your Own Small Business Course taught by Phil Schwenke at Sydney University’s Centre for Continuing Education, which gives participants the tools they need before taking what could be one of the most important steps of their life.
Small Business Entrepreneurs Last Longer With a Work Life Balance
To avoid burnout and fatigue when starting a business, entrepreneurs are encouraged to set aside regular time to do the things they love. Whether it's playing sport, going for long walks, taking in a movie, or even curling up with a good book, taking time out from the business will provide a much needed opportunity to recharge the batteries.
By making sure they have at least some time to themselves to do the things that make them happy in life, small business owners will discover that they are able to work harder and smarter. With the added bonus of being able to actually enjoy their lives on more than one level.
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