Tips for running a business as a new parent

April 20, 2024
7
minutes to read
by
Michael Nuciforo
Table of Contents

As a small business owner, the entrepreneurship journey is rewarding and challenging. Now, imagine adding the responsibilities of parenthood to the mix. Balancing the demands of running a business while nurturing a newborn or young child can be daunting. However, with careful planning and the right tools, thriving in both roles is possible. In this blog, we'll explore practical tips for navigating the waters of entrepreneurship as a new parent, with a focus on leveraging innovative tools like Thriday to streamline operations.

How to prepare for having kids

Preparing for parenthood is akin to preparing for a significant business venture. It requires foresight, planning, and adaptability. In Australia, where the small business landscape is vibrant and diverse, many entrepreneurs navigate parenthood challenges while managing their enterprises. According to the Australian Bureau of Statistics (ABS), there were over 2.5 million actively trading businesses in Australia as of June 2023, indicating a thriving entrepreneurial ecosystem. Given that the most popular age at which to start a business is between 30 and 40, it's clear that many business owners are also balancing being a parent at the same time.

When preparing for the arrival of a child, small business owners can benefit from implementing the following strategies.

  • Time management strategies: Allocate time for both business and family responsibilities by creating a structured schedule.
  • Delegating tasks: Identify tasks that can be outsourced or delegated to employees or contractors to free up time for parental duties.
  • Building a support network: Surround yourself with a support network of family, friends, and fellow entrepreneurs who can assist and guide you during this transition.

What impacts kids can have on your business

While the joys of parenthood are undeniable, it's essential to acknowledge the potential impacts children can have on your business. According to an Australian Institute of Family Studies survey, over 60% of employed mothers and 75% of employed fathers reported experiencing work-family conflict. This conflict often arises from childcare demands and the need to fulfil work obligations simultaneously. 

As a small business owner, disruptions to workflow and productivity may occur due to lack of quality sleep, childcare responsibilities and the transition to full-time carer. Some other challenges include:

  • Time Management: Juggling meetings, deadlines, and school pickups or extracurricular activities.
  • Interruptions: Constant interruptions from children needing attention or assistance.
  • Guilt: Feeling guilty for not spending enough time with family when focused on business.
  • Flexibility: Adjusting business plans or strategies due to unexpected family events or emergencies.
  • Boundaries: Struggling to separate personal and professional time, leading to burnout or stress.

However, with proper planning and support systems in place, these impacts can be mitigated. Flexibility is critical, allowing entrepreneurs to adapt their schedules and workflows to accommodate business and family needs. 

The benefits of having kids when running a business

Despite the challenges, there are numerous benefits to being a parent and a small business owner concurrently. In Australia, where entrepreneurship is celebrated and innovation is encouraged, the experiences gained from parenthood can complement entrepreneurial endeavours.

Research from the University of Melbourne suggests that parenthood enhances skills such as multitasking, problem-solving, and time management - precious traits in the business world. Additionally, the emotional fulfilment derived from parenthood can be a powerful motivator, driving entrepreneurs to succeed in their ventures.

How to balance being a parent and running a business 

A solid balance between parenthood and entrepreneurship requires intentional effort and effective strategies. In Australia, where work-life balance is increasingly prioritised, small business owners can implement the following tips to navigate this delicate equilibrium:

  1. Establishing boundaries: Set boundaries between work and family time to prevent burnout and maintain personal well-being. 
  2. Prioritising tasks: Identify high-priority tasks and focus on completing them during dedicated work hours, allowing for more quality time with family. 
  3. Outsourcing non-essential activities: Delegate administrative tasks, such as bookkeeping and accounting, to automation tools like Thriday to streamline operations and free up valuable time. 

Tips you can implement to keep your business running

In the fast-paced world of entrepreneurship, efficiency is critical to success. As a new parent managing a small business in Australia, consider implementing the following tips to keep your enterprise running smoothly: 

  • Utilising technology and automation tools: Embrace innovative solutions like Thriday to automate banking, accounting, and tax processes, saving time and reducing manual errors. 
  • Streamlining administrative tasks: Simplify administrative processes by digitising paperwork, implementing cloud-based storage solutions, and utilising project management software to collaborate with remote team members. 
  • Setting achievable goals and deadlines: Break down larger tasks into smaller, manageable goals with realistic deadlines, allowing for incremental progress while balancing parental responsibilities. 

How Thriday can automate your banking, accounting, and tax 

As a small business owner in Australia, managing finances can be time-consuming. Thriday offers a comprehensive solution to streamline banking, accounting, and tax processes, allowing entrepreneurs to focus on growing their businesses and spending quality time with their families. 

With Thriday's automated accounting features, small business owners can: 

  • Automated categorisation: Enjoy the power of 'Luca', an AI bookkeeping bot that categorises expenses and tracks deductions.
  • Track cash flow: Easily monitor cash flow and financial transactions in real-time, gaining valuable insights into business performance. 
  • Lodge BAS and tax: Take advantage of expert agents who can review your books and lodge your taxes to the ATO on time.
  • Generate financial reports: Generate custom financial reports and statements with the click of a button, simplifying tax preparation and compliance. 

Key takeaways

Navigating the waters of entrepreneurship as a new parent is undoubtedly challenging, but with the right strategies and tools, it's entirely achievable. By embracing innovation and leveraging solutions like Thriday, small business owners in Australia can streamline operations, achieve work-life balance, and thrive professionally and personally. Remember, parenthood is a journey filled with joy and fulfilment, and with the right support systems in place, you can succeed as both a parent and an entrepreneur. 

Ready to streamline your business operations and achieve work-life balance? Join Thriday for free today and see how you can automate your banking, accounting, and tax processes, allowing you to focus on what matters most—your family and your business.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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