One BIG question for you is:how to orchestrate“Maternity Leave” from my very own Business? That is,to carve out the time for you to enjoy newly arrived Baby and to look forward to going back to already established Business when the time is right.
“Why would I want to do that?”, I hear you cry!
“I’ve structured my Business so that I can do both.”
“I’ll be OK, I can work around Baby”
“How hard can it be, I’ll just take Baby with me”
Granted, there seems to be this unwritten, unspoken rule that goes along the lines of, if you are a Business Owner then how dare you think about taking time off for any reason, let alone for a Baby. Some would argue that isn’t it because of Baby that many a business startsin the first place?
Seriously, whatever plans you put in place at the time of pre and post parenting will generally work out in the end, for the most part. Were they ideal is the question explored after the fact, but then it’s too late. Instead, why not consider consciously locking out time to spend with Baby, knowing you do not have to worry about the day to day mechanics of the Business for a set period of time?
Here’s what I know for sure, leaving what you want to happen to chance is quite often the worst way to think about how you want the months following Birth to play out. Hasty decisions made tardily in a stressful period may not be in your and your families best interest. If difficulties arise, sometimes the issues can trigger a throw-in-the-towel moment, resulting in walking away and just “shutting up shop”.
Let this not be you!
Appreciating that if this is Baby #1, then you don’t know what you don’t know…yet.And even if it is Baby #2, #3 or more, no one pregnancy and/or Birth can be relied upon to be the same as the last, so newly formed considerations should apply each and every time.
From one who has been there, done that… via taking overa business when pregnant, managing to build it to 7-figuresand selling it after a 15 year reignwhilst as a single mother…facilitating a structured way to have a chunk of time off and being paid regularly is critical.
Spending time seriously thinking through what proper measures to put in place to be able to enjoy both Motherhood and Business Ownership is a crucial step in being able to handle both. I guaranteee the plotting and scheming you invest now will serve You, Baby, Partner, Business, Clients, Suppliers and the greater community so much better than if you do not…
So, firstly (given that Baby is not here yet), lets take a moment to get clear on the current state your Businessby running it through (what I affectionately call) the “So You Think You’re In Business” Scorecard.
The final score not only gives you a snapshot of how you rate your Business today
but going through the process also reveals the opportunities and the reworks needed to Finish your Unfinished Business in readiness for this next big step in your Life… if you’re up for the challenge that is?
Do so by circling the number for each question that best represents your Business at this point in time, attributing the range; 1 = Shocking! Needs a lot of work done through to 5 = Absolutely! Couldn’t be better as your guide.
| Business Name: | Score | ||||||
| financials… | Total | ||||||
| 1. | Is your Business making money? | 1 | 2 | 3 | 4 | 5 | |
| 2. | Is your Business profitable? | 1 | 2 | 3 | 4 | 5 | |
| 3. | Is your Business paying you a wage? | 1 | 2 | 3 | 4 | 5 | |
| 4. | Is your family reliant on the money it makes? | 1 | 2 | 3 | 4 | 5 | |
| recurring… | |||||||
| 5. | Does your Business have a “subscription” model? | 1 | 2 | 3 | 4 | 5 | |
| 6. | Do you know of model examples in your industry? | 1 | 2 | 3 | 4 | 5 | |
| structure… | |||||||
| 7. | Can you take 6 mths leave, Business continues? | 1 | 2 | 3 | 4 | 5 | |
| 8. | Are you clear about what you will and won’t do? | 1 | 2 | 3 | 4 | 5 | |
| growth… | |||||||
| 9. | Is your industry trending up or down? | 1 | 2 | 3 | 4 | 5 | |
| 10. | Is the future looking rosy? | 1 | 2 | 3 | 4 | 5 | |
| value… | |||||||
| 11. | Do you know what the Business “breakeven” is? | 1 | 2 | 3 | 4 | 5 | |
| 12. | Does the Business make more than it spends? | 1 | 2 | 3 | 4 | 5 | |
| barrier to entry… | |||||||
| 13. | What’s the Business “moat” ie how is it special? | 1 | 2 | 3 | 4 | 5 | |
| 14. | Are you recognised as an industry leader? | 1 | 2 | 3 | 4 | 5 | |
| reliance… | |||||||
| 15. | Is the Business reliant on any one customer? | 1 | 2 | 3 | 4 | 5 | |
| 16. | Is the Business reliant on any one supplier? | 1 | 2 | 3 | 4 | 5 | |
| 17. | Is the Business reliant on any one employee? | 1 | 2 | 3 | 4 | 5 | |
| satisfaction… | |||||||
| 18. | Does the Business measure customer satisfaction? | 1 | 2 | 3 | 4 | 5 | |
| 19. | Does the Business have a referral program? | 1 | 2 | 3 | 4 | 5 | |
| YOU! | |||||||
| 20. | Have you started with the end in mind? | 1 | 2 | 3 | 4 | 5 | |
| 21. | Do you know have grand plans for Business? | 1 | 2 | 3 | 4 | 5 | |
| 22. | Are you ready to make this happen? | 1 | 2 | 3 | 4 | 5 | |
| Total Score | |||||||
|
Happy with your score? Add up your circled numbers. If the total is 80 or less…we’ve got some work to do! |
|||||||
Guide: 1 = Shocking! Needs a lot of work done to 5 = Absolutely! Couldn’t be better
The point about doing this is to highlight, with a tactical focus:
- What needs to get done
- By when
- Whatnecessary adjustments need to be made
- Who can help
- How to roll out
Think of it as finding that special someone(s) who will love Business as much as you do to take over the reins (or parts of it) for a period of time.
So, why is this important?
When starting out in business, it is often touted that you should “start with the end in mind”. I for one talk about it all the time! However, whiIst Icompletely understand that by bringing a Baby into the mixit is not THE End your Business, but it is AN End of sorts. Post Baby, Life will never look like it did in yourpre-parent days, ever.
Giving this a good hard think and deciding what to do may be influenced by the much-debated notion of why can’t I “have it all”? As we know, just because you can (potentially) doesn’t mean it’s the best thing to do, for you, at this particular time in your life.
What you choose to do with your Business has to work for all concerned.
My intent for you, by going through this starting point exercise, as a line-in-the-sand eye opener, is to be able to acknowledge the gaps within your Business and therefore investigate the ways and means to set Life up whereby you can have as much of the “all” as makes sense for you.
Let’s face it, the most precious commodity a human hasis that of TIME.
It cannot be banked, withdrawn and used at a later date. It is not refundable, no matter how hard you wish it to be. And you also know how long it has taken you to grow your Business to where it is today. Taking all this into account, by being guided through with your pre-parent hat on enables you to comes to terms with how to combine Baby and Business post arrival. These stepswill be some of the most confronting and most rewarding you make.
If worse comes to worse and you just can’t see how it can all piece together, we can always talk about taking the Business to market and selling it… but lets not be rush into anything just yet.
Wishing you all the best in whatever you decide to do….
Denise Hall
the entrepreneurial mother®of one
www.theentrepreneurialmother.com.au
0417 599 550
info@theentrepreneurialmother.com.au
dhall@businessbrokers.com.au
BTD CPBB(AIBB) CAR(REIV) MIMC
“Saleability” and Business Broker of Online Businesses
Specialising in:
a) Business Planning “in Reverse” = How to Start with the End in Mind (exit strategy)
b) If you got a tap on the shoulder, who do you turn to, to help you sell your business and get the best deal possible? (business broker)
c) How to Successfully Buy a Business (workshop and programs)
d) the Buying and Selling of Websites| Online Businesses (portfolio)
e) How I built and sold a 7-figure business, all in school hours
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