Succeeding as a ‘parentpreneur’: Top tips

Managing Work-Life Balance as a ‘Parentpreneur’

For many individuals juggling a career and raising children is a daunting task, even more so for those who are also running their own business. Research has shown that a significant number of British parents aspire to start their own businesses primarily for the flexibility it offers. However, finding the right balance between work and family life, especially during school holidays, can be challenging. ‘Parentpreneurs’ need to become adept at managing their time and commitments effectively.

Five Brutal Truths Every ‘Parentpreneur’ Needs to Know

Serial entrepreneur Peter Tuvey, a father of five and the founder of Fleximize, an alternative lending company, shares valuable insights for balancing the demands of entrepreneurship and parenting.

1. Sacrifices are Inevitable

As a parentpreneur, there will be times when you have to make tough choices between family obligations and business commitments. Missing important family events for work or vice versa is a reality. It’s essential to understand that these sacrifices are part of the journey. While it may feel like letting someone down, remember that both raising a family and growing a business require time and effort. Your children and your team will eventually appreciate the sacrifices you make to provide for them.

2. Nurturing Relationships

Managing a business and family often leaves little time for maintaining relationships with friends and partners. It’s crucial to carve out dedicated time to communicate and connect with loved ones. Effective communication can prevent unnecessary stress and conflicts. Remember, quality time spent with your partner can strengthen your bond and alleviate tensions.

3. Embrace Your Autonomy

As a business owner, you enjoy the freedom of organizing your day according to your priorities. Unlike a traditional 9-5 job, you have the autonomy to structure your work around your family commitments. However, this freedom comes with the responsibility of being available and engaged even outside regular office hours. Being an entrepreneur means your mind is always on the business, and you must be prepared to handle unexpected challenges at any time.

4. No Preparation is Enough

There is no manual or course that can fully prepare you for the dual role of an entrepreneur and a parent. The life-altering changes that come with starting a business or becoming a parent require adaptability and resilience. Learning on the job and accepting the inevitable sacrifices are essential aspects of navigating this unique journey.

5. Collaboration is Key

‘Parentpreneurs’ cannot succeed in isolation. Seeking support from family, friends, and colleagues is crucial in managing the demands of entrepreneurship and parenting. Delegating tasks and empowering your team can help you maintain a healthy work-life balance. Acknowledging that you can’t do it all alone and fostering a supportive network are vital for sustainable success.

Building Resilience

As a ‘parentpreneur,’ maintaining confidence in your decisions and staying resilient in the face of challenges are paramount. It’s essential to manage expectations, prioritize effectively, and allocate time wisely. By striking a balance between your business and family life, you can create a fulfilling and harmonious existence where both aspects complement each other.

Sharon Dhillon’s Journey as a Managing Director and Parent

Sharon Dhillon, the managing director of Caremark Bromley, shares her experience of balancing business leadership and family responsibilities. Launching an in-home care company in 2010, Sharon and her husband ventured into the care sector to make a positive impact on their community. Despite the demanding nature of the business, they successfully managed to grow the company while raising three children.

Establishing strict routines and effective communication within the family enabled Sharon to juggle her roles efficiently. With the support of her husband and extended family, she navigated the challenges of running a business while being a hands-on parent. Delegating tasks, maintaining a proactive approach, and setting clear boundaries allowed Sharon to excel in her career without compromising on her family life.

Sharon’s determination, ambition, and dedication to providing the best for her children serve as an inspiration to other parentpreneurs. By prioritizing work-life balance, effective communication, and strategic planning, Sharon exemplifies how success in both business and family life is achievable with dedication and resilience.