As a small business owner who may be working from home with a spouse and family — either part-time or full-time — you may find it increasingly difficult to find a balance between your home life and business or home office life.
It can be even harder to manage the budgets for both.
As a bookkeeper, I’ve seen plenty of situations where small business owners struggle in the area of balance.
Here are some tips that may help you achieve a better balance between your home and business life as well as manage the two budgets effectively
1. Create a Daily Schedule:
Creating a schedule is key when balancing work and family time. Establish specific times for work and then make sure you stick to them. You may also want to set aside regular times for bonding activities with your family, such as dinner or game night, so you can connect and make memories with them.
2. Set Clear Boundaries:
It’s important to set boundaries for business and family time so that one doesn’t interfere with the other. That means setting work hours and not working when your family is present or during designated family times, such as meals, etc. Don’t take that phone call, answer that text message, or respond to that email — unless you’re on-call or legally obligated to do so, (Ex: firefighters, doctors, security managers, etc.).
3. Prioritize Tasks and Projects:
As a small business owner, it’s easy to get overwhelmed by all the tasks you need to do both at home and in the office. Prioritizing tasks helps ensure that you complete the most important ones first and don’t leave any undone because you ran out of time.
4. Take Time for Yourself:
Your mental health should be a priority, so make sure you take some time out of the day to do something for yourself, such as reading a book or taking a walk. This will help you stay focused and energized when tackling your business projects.
5. Get Help Early On:
Don’t be afraid to enlist help from family members or even hire professionals if needed. It can be difficult for one person to manage both business and home life, so asking for assistance may make it easier for you to keep up with tasks on both fronts.
6. Divide and Conquer:
When it comes to your finances, it’s vital to keep your personal banking accounts and your business banking accounts separate. If you are an independent entrepreneur/owner or just getting started, you can make draws from your business account as needed, or better yet, get in the habit of paying yourself a monthly stipend (or salary). But keeping income and expenses for each camp separate is important. Separating your accounts not only protects you in case of an IRS or financial audit it also helps you better manage allocated funds between your household budget and your business budget.
Balancing small business ownership while working from home with a spouse and family is no easy feat.
But if you plan ahead, set clear boundaries, prioritize tasks, take time for yourself, and get help when needed, it can be achieved without too much difficulty.
By following these tips, you can ensure that both home and business life are better managed and everyone will feel a better sense of balance — less stress and more happiness.
If you need help with managing your small business finances or setting up a budget for both work and home life, get in touch with a bookkeeper today. I can’t stress this enough.
With our expertise at Carefree Bookkeeping, our team can provide you with advice on the best ways to manage your finances and budgets and ensure a solid and more sustainable sense of balance between the two areas of your life.
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