Business or Family: What Should Come First for Small Business Owners?

Recently I was talking to a fellow member of my Rotary club about priorities and made the statement that as far as I was concerned the priorities should be family, business and then Rotary.  This led me to think about the small business owner and their priorities.

We know that running a small business can be all-consuming. For many entrepreneurs, the line between work and life quickly blurs, as they devote endless hours to their passion. But when it comes down to it, should business or family come first? This question touches the heart of every small business owner at one point or another. Balancing personal priorities with professional ambitions is tough, and it’s essential to navigate this carefully to ensure both thrive. Here, we’ll delve into the considerations, advantages, and strategies for balancing family and business to make the decision that best suits your unique circumstances.

1. Understand the Nature of Your Business

Photo by Anastasia Shuraeva: https://www.pexels.com/photo/woman-carrying-her-baby-and-working-on-a-laptop-4079281/

To decide whether family or business should come first, it’s important to consider the nature and demands of your business. For example, if you’re running a retail store or restaurant, the daily operations may require long hours and physical presence. In contrast, a consultancy or a freelance creative business might offer more flexibility, allowing for time with family during the day. Certain types of businesses are more demanding than others, and understanding your own business’s requirements is crucial.

Additionally, think about your business’s current phase. Are you in the start-up phase, where everything is about getting off the ground? Or are you in a more stable phase, where things are running smoothly? Start-up phases often demand more time and attention, which may mean some sacrifices with family time. However, once the business matures, you can start making room for family without compromising the quality of your work.

2. Set Clear Boundaries Between Work and Home Life

One of the biggest mistakes entrepreneurs make is failing to establish clear boundaries. Running a business can be deeply personal, but without drawing lines between work and family, burnout becomes likely. It’s easy to fall into the trap of “just one more email” or “just one more meeting,” only to realise you’ve missed an important family event. Setting specific times to “clock out” from work, just as employees would, can keep work from overtaking family life.

If you go on holiday make sure that either there is someone to answer your emails or just set an out of office reply – don’t be tempted to keep checking emails while you are away with family for example.

Creating a dedicated workspace, especially if you work from home, can also be helpful. Having a physical separation from family during work hours allows you to focus on business without distractions, while also allowing you to “leave work” at the end of the day and be present for family.

3. Determine Your Core Values and Priorities

Before deciding whether business or family should come first, take time to evaluate your core values and priorities. Think about what matters most to you personally. If family is the foundation of your life, then your business decisions should reflect that. If your business growth is more important in the short term, then it’s fair to focus on that as well, with the understanding that you may adjust priorities later, but make sure that your family know and are happy with that (the old saying of “a happy wife makes for a happy life” is still true in this situation).

Many small business owners find that when they’re able to balance both, they feel a stronger sense of fulfilment and satisfaction. Prioritising family does not mean sacrificing success. By establishing clear values and letting those values guide decisions, you can achieve success in both your family and business life.

4. Assess the Needs of Your Family

Different families have different needs, and no two family dynamics are exactly alike. A young family with children may require more hands-on attention as may an older family where one partner needs more care or support, while adult family members may be more understanding and supportive of your business needs. Discuss your business commitments with your family, and make an effort to understand their expectations.

This doesn’t just apply to your immediate family, either. Extended family responsibilities, such as supporting elderly parents or being present in a wider family event, may influence your availability. By considering these needs in advance, you’ll be better equipped to create a balance that works.

5. Recognise the Value of Work-Life Integration, Not Just Balance

Work-life balance is an ideal, but in reality, it’s often difficult to achieve a strict 50-50 split between work and family time. For small business owners, a more realistic approach is work-life integration. This means allowing your personal and professional lives to work together, rather than treating them as opposing forces.

For instance, if you’re able to include family in some aspects of your work, you may find that it strengthens both spheres. Whether it’s bringing a family member to a networking event, getting help from your partner with administrative tasks, or sharing business achievements with your children, work-life integration can allow you to prioritise family without sacrificing your business.

6. Set a Long-Term Vision That Includes Both Family and Business Goals

As a small business owner, you likely have long-term goals for your business, whether it’s reaching a certain revenue milestone, expanding into new markets, or eventually selling the business. But have you also thought about long-term family goals? By setting a vision that includes both business and family, you can create a roadmap that aligns both areas of life.

For example, if your goal is to retire early and spend more time with your family, then your business should be structured to allow that, perhaps by building a team to take on more responsibilities as the business grows. Aligning your business and family goals helps ensure that you’re moving toward a life that satisfies both.

7. Know When to Seek Help

Whether it’s help from family members, business partners, or hired support, accepting help can lighten the load and allow you to dedicate more time to what matters. This might mean hiring a virtual assistant to handle emails or bringing in a manager to oversee day-to-day operations. If you’re shouldering every task on your own, it’s difficult to find time for family without letting your business suffer.

Some small business owners hesitate to ask for help, fearing they’re losing control. However, asking for support is often the best way to avoid burnout and ensure your business can keep running smoothly while you prioritise family when needed.

8. Accept that Sometimes One Will Come Before the Other

As much as we strive for balance, there will be times when one will have to come before the other. Life doesn’t always go according to plan. Some weeks, your business may need your undivided attention, while during other times, family events or crises may need to take precedence. The key is to remain flexible and communicate openly with both your family and business partners.

Accepting that perfection isn’t possible can relieve some of the pressure to always achieve a perfect balance. Instead, aim for a sustainable integration of business and family, allowing yourself the flexibility to adapt to changes in both areas.

Conclusion: Aim for Balance, But Follow Your Values

In the end, whether family or business should come first depends on your unique situation. For some, family may be the guiding force, while for others, business ambitions may temporarily take precedence. There’s no universal answer, but by setting boundaries, clarifying values, and creating a vision that incorporates both family and business goals, you can navigate this journey more confidently. Ultimately, by honouring your core values, you can find a balance that sustains both your family life and business success.