CONSIDERING running your own business may not be something you wish to take lightly. This might involve investing a significant amount of time and money into getting your ideas off the ground. However, if you prepare accordingly, this business could really benefit your children. You might want to take some of those benefits into consideration to really help motivate you to do your best within your new trade.
Running your own company can give you more money at your disposal. Rather than working to make someone else’s bank balance grow, your business could work directly for you. This may mean that you are able to give more thought to both the present and the future.
Subscribe to our daily newsletter
Why? Free to subscribe, no paywall, daily business news digest.
Being able to afford your children’s needs and wants now can be incredibly freeing, especially if you found you were often strapped for cash in your previous role. At the same time, it may also allow you to open a junior ISA from Wealthify that can be used to save money over a longer period of time.
Having your own company can also help you to be that much more of a role model to your children. Not only can this show them the importance of gaining money, and being able to afford certain whims in life, but it can also show how much of a reward hard work can bring. You might want to explain some of the processes of your business to them so that they understand that more went into it than simply the work you do each day. This can include the financial aspects, such as being able to budget for tools or resources, as well as additional training you, or employees, may take to further your skills.
Your children might also want to get involved with the running of your business as they get older. Should this be the case, you might want to start preparing them as soon as possible, especially if they may end up owning the company when you retire or pass away. While it can be nice to have a means of income that passes down the line, you might want to check they are equipped to manage it appropriately. This might involve encouraging them to pursue certain qualifications once they finish school, or even getting experience within the field.
Alternatively, they may take over the daily running or administrative tasks, but outsource some of the main work. Either way, discussing this when they are young, and as they grow up, can give you some insight as to whether this is something they would like to do.
When running your own business, you may want to make sure that you have a proper work/life balance in place so that you don’t miss out on some of the key aspects of your children’s lives. At the same time, you could also really support their futures through your actions in the present. Having your own business can be a lot of work, yet you may very well find that this effort is worth it.
