Although it sounds cliché, it’s not wrong that having a baby changes everything. You know what else changes everything? Starting a business. Both of these game-changing life events are exciting and exasperating all at once. But, you can get through it, and the quick tips offered below can get you on the right track.
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You already know that starting a business and welcoming a baby are both expensive endeavors. But, there may be expenses that you haven’t considered. These might include:
● LLC startup cost. This will include everything from business formation services (an online formation service is less expensive than an attorney) to the equipment you’ll need to get up and running. Fortunately, the LLC is one of the least pricey of your costs, and it’s one that can save you money on taxes throughout the years. Keep in mind, however, that Colorado has its own unique set of business incorporation regulations, so you will need to take the time to understand these before moving forward. Your other expenses can add up quickly. For example, your payroll can eat up to 50% of your budget.
● Non-business expenses. You also have to look at the costs associated with bringing a new family member into the fold. While we typically don’t consider children business expenses, when you’re an entrepreneur, everything affects your bottom line. If you have to hire a babysitter to take care of your bouncing bundle during business hours, you can plan to spend up to $27 per hour. Keep in mind here that you may be eligible for discounts when you prepay for six months of service. A daycare facility may be less expensive, but you will have less control over your little one’s schedule.
The Time Crunch
Even if you hire childcare services to help, there are still other factors that may limit the amount of time you have to grow your business. A few ways to sneak in a couple of extra hours of work time in each day are to:
● Establish a nap routine. Learn to watch your baby’s patterns. Nested Bean, an infant sleepwear company, explains that newborns may take up to five naps each day of as little as 15 minutes or as much as three hours at once. They typically go to bed before 11PM and sleep an average of up to 20 hours in a 24-hour day.
● Automate some business tasks. Your baby’s sleep schedule might make it difficult to prioritize every task. This means you’ll need to focus your efforts where they are most impactful. Fortunately, you can automate many things, including emails, payroll, and calendar sharing.
● Set up a home office with your baby in mind. Make sure that your home office is equipped for business and family. Keep all of your baby’s supplies, including diapers, wipes, and extra clothes, close at hand. You also want a bassinet, crib, or cradle in your office. Importantly, avoid using extra pillows and blankets in any sleeping area as these pose a suffocation risk.
● Ask friends and family for additional assistance. When your friends and family tell you that they would enjoy taking the baby for a day, they are not just saying that to be nice. Don’t be shy about taking them up on their offer, because they will enjoy their time with the newest member of their crew.
Starting a business and having a baby are two major milestones. When they coincide, you’ll have your work cut out for you on all fronts. However, there are things you can do to prepare. From knowing how much you can expect to spend from letting grandma have an occasional afternoon, what you do with your baby and your business will be a major part of your life and will set the tone for how you develop your professional and parenting skills moving forward.