How Do You Protect Your Family From Your Business Decisions?
Welcome to our Mommy Mogul column where we cover issues of importance for moms who are launching a new business, working a side gig, or managing work life and home life. Is there a topic you’d like us to address? Send your thoughts to editors@ . And, as always, take to the comments with your feedback.Shutterstock
Most who pursue running a small business typically have one goal in common: To provide for their family. It might sound simple but can be the difference between calling it quits and pushing yourself a little more in efforts to see the results you want. As good as your intentions might be, it’s only right to ask yourself whether or not your endeavors will negatively impact your household.
Someone asked me this question recently to which my first response (in my head) was “Duh!” Do people honestly think self-employed folks — especially those of us with kids — take off with a cockamamie get-rich-quick scheme and not think about our families?
While it did stir up a nice laugh, I had to stop and give it some thought. Do I really have things in place should my endeavors take a turn for the worse? Honestly speaking, every professional needs to have a few lifelines, or at the very least, a backup plan, if your goals turn into a nightmare. You never know what curve ball life will throw at you and how it can affect your finances. This is one of the biggest reasons why we all need to pad our emergency savings. Heck, an additional savings to pad the emergency savings isn’t a bad idea either.
It’s always better to be safe than sorry.
Every day that I work for myself, I know there’s a risk things go south. When you have no safety net, there are certain realities you’re faced with that can make you go crazy (if you allow them). Thankfully things have been very steady these last few years and getting better and better with time. That doesn’t mean I don’t try my hardest to plan for the “what if” in efforts to keep both myself and my household afloat until I’m able to readjust.
In addition to savings, I’m always looking for the next opportunity and finding ways to connect with people who can possibly open doors to new projects. LinkedIn has quickly become my “it” social media platform as you can learn so much from the information people list. If you don’t have your stuff together on LinkedIn, you really need to get with the program. It’s one of the best ways to introduce yourself to other business owners and executives without too much hassle. I also get an occasional email from Indeed.com on job opportunities in my field in the event I need to pay my bills. Even if you’re good right now (it’s awesome if you are!), it doesn’t hurt to scroll through job requirements you can use to gauge whether or not your current skill set is on par.
It’s hard to really plan for negative events that might occur — and who the heck wants to think about them? Regardless, having some course of action to help supplement your income and other resources your family might need is important. Do you know what to do if your income falls below your monthly average? How would you handle a business deal that went awry? Before it gets to the point of selling everything you own, do your best to set up financial buffers so you and yours can remain strong.