What Every Parent Entrepreneur Must Know About Business Protection

Balancing parenthood with starting a successful business is an exceptionally difficult task. Juggling the needs of your family, your own self-care, and the tasks you know you need to complete to maintain your business’ success keeps your plate full. Plus, your dedication to carrying each equally makes it difficult to have capacity for anything else. 
Risk comes in many forms for would-be entrepreneurs, and if your business has spent any time on the market at all, you’re likely aware of some of the shapes it can take. But as a first-time entrepreneur, you might not be fully aware of the many ways your operations, personal health, and business continuity can be impacted.
In this article, we’ll break down strategies for risk management and business continuity for working parents, showing you how to better balance the stresses of entrepreneurship and family life to be successful in both realms.

Self-Care: Yes, It’s Essential

You read that right. The old adage of “you can’t pour from an empty glass” is very, very much applicable, not only for your family life but for your business’s health as well. Entrepreneurial burnout affects even the most successful business owners out there, those with multiple years of success on the market; and if you’re just getting started, your skills regarding knowing when to take a step back might need some development. 
If you’re struggling with balancing self-care with your responsibilities, both as a parent and a business owner, try any of the following: 

• Learn when to take a step back;
• Note the methods and activities that allow you to recharge;
• Set small goals daily, and take steps to meet, not exceed, those goals;
• Spend some quality time outside;
• Put time aside to connect with your support group
• Invest both time and capital into hobbies;
• Look into meditation or journaling techniques.

Our culture emphasizes constantly being on-the-go and grinding away toward success no matter how we’re feeling. This attitude is often so ingrained in us that it can be hard to force ourselves to take a step back, to focus on the things that make us both happier and healthier. If you’re struggling with this mental block against relaxing, allow yourself time to practice: dipping your toes further into relaxation day by day.
Taking a moment for yourself doesn’t make you lazy, and you aren’t wasting time by investing in self-care. You’re investing in a healthier, more productive future. 

Managing Operational Risks

When it comes to the day-to-day running of your business, there are a variety of risk factors related to regulatory compliance that can negatively impact operations. Entrepreneurs and individual-run LLCs are held to different business standards than their big-box competitors, and not conducting research on those standards or adhering to state and federal requirements can really impact your bottom line. Worse, lack of knowledge is rarely an excuse, and regulatory institutions can impose all manner of penalties that will negatively impact your profits, your reputation, and your ability to continue selling even after paying. 
If this is an area of concern for you, look into:

• Protecting your personal assets: If personal assets like your car are involved in the daily workings of your business, you know the pros and cons of using a personal vehicle for business. Regulations for business vehicles are typically a little different from personal vehicles, and damage to those assets impacts you on two fronts: personally and organizationally. Take a look at the laws in your state or territory, and make sure you have adequate protection in place for any personal assets you use for your business.

• Making sure your business is structured advantageously: The structure you choose for your business will have repercussions on your liability, your taxes, and how your company is managed. Filing your business as a structure that doesn’t suit it could negatively impact your business for years. If you’re not yet at the filing stage, conduct research on which structure works best for you; and if you’ve filed incorrectly, look into options for correction as quickly as possible.
• Accurately reporting taxes during tax season: Small businesses like yours typically get a ton of tax breaks, but they also have special forms and processes for actually filing as well. Enlisting a consultant who can walk you through the process of filing taxes as a small business could be helpful, allowing you to avoid costly accidental oversights. 

Regulations for small businesses often differ on local and federal levels and change as often as administrations do. Ongoing research into regulatory shifts may be necessary, and even best practice, as you’ll want to ensure your efforts at compliance stay relevant. 

Conclusion

Trying to balance parenthood with entrepreneurship is no small task; and the last thing you want is unforeseen financial responsibility or employee burnout causing everything to crash. Take the steps above to mitigate risk, and you’ll be able to continue seamlessly balancing both aspects of your life, achieving success and fulfillment in everything. 
By Indiana Lee, BOSS contributor