Impact of business on personal life

When we are encouraged to start a business many emotions come into play, we begin to consider different aspects related to finances, the market, our ability to face the upcoming challenges, among others.

However, there is a factor that is not usually taken into account until we have to deal with it, this factor is the impact that our business will have on our personal life. For those who have previous experience creating their own business, it will be much easier to predict what will happen once they start their new business, but it is precisely the first-timers who usually suffer the greatest consequences of poor preparation in this regard.

In this guide we will address some of the key points regarding the impact that the creation of a new business tends to have on our personal lives. To do so, we will be discussing three of the main aspects that you should prepare for in advance.

No working hours?

The difference between being your own boss and working for someone else, in terms of schedules, is that there will no longer be working hours. This may be a good thing in principle, but in a few weeks it can work against you if you don't have the necessary discipline. Most people who start their business for the first time, have to face the challenge of self-demanding, there will no longer be a boss to mark the time of entry and exit, therefore our productivity will depend on our ability to regulate and impose discipline.

It is common that when we start to organize ourselves, things happen such as finding ourselves working on weekends, working unconventional hours, at night or in the early hours of the morning. It usually takes time to adjust the pace of work to properly balance our work and our rest. You must understand that not working for someone else should not be an excuse to work off the clock. Having a work schedule and respecting it is a sign of respect and discipline towards your work.

What is your salary?

If you know some basics about finances you will know that not everything you earn in your business counts as salary. Handling the numbers with skill or getting help from people who do this job well will be fundamental to generate a cash flow that allows you to take your share without affecting the growth of the business. Every business, no matter how small, requires investment. Obviously you must have a future projection and you must be consistent with this projection. Your salary in principle should be the lowest you can afford so that your new business has the necessary capital to grow.

Is the family your best workforce?

When your business begins to grow you will need to hire new workers, it is possible that the fact of having to do interviews, or give the confidence to handle responsibilities within your business to strangers, is a situation that generates a certain level of stress. That's why many turn to family to fill the new jobs that are being created.

This is not as simple as saying that it is good or bad, having your family in your business can be positive if they are qualified to fill the positions. The problem is usually generated when for the sake of helping a family member we end up hiring a person who is not qualified or who is not ideal. In the same way, your working relationship with them could be affected by existing family ties. The recommendation is that you should evaluate very well before giving a job to someone in your family, always marking the differences between work and personal life.