2017-03-29 00:00:00 Self Employed English Invite your family into the decision-making process to keep the peace and improve communications about your home-based business. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Woman-making-jewelry-at-work-bench-operating-home-based-business.jpg https://quickbooks.intuit.com/ca/resources/self-employed/establish-family-support-before-starting-home-based-business/ Establish Family Support Before Starting a Home-Based Business

Establish Family Support Before Starting a Home-Based Business

1 min read

You can’t beat the convenience of a home-based business. You cut the long commute and save money on lunches, and you can even work in your pajamas if you want. Before you dive head first into a home-based business, get the stamp of approval from your family. Getting that support makes the transition to home entrepreneurship much easier and cuts down on the potential for disagreements, tension, or resentment. Getting family support doesn’t mean your kids and spouse get official roles in the company. If you can work well with your spouse and want to make a family business out of it, by all means join forces. For those who want to keep work and family life separate, simply talking about the business and getting input from the rest of the family is enough. That conversation can put fears to rest if your family is unsure about your business plans. Sit down with your spouse to talk about your plans for the business, from the startup to your goals for growth. Don’t forget to discuss how the business impacts your family. How do you plan to keep work separate from family life? How do the physical space requirements of the business balance with your family’s need to live in the space? What concerns does your spouse have about the business? Working through those issues early on helps get your partner on board. Support from your family members is a big help when things get tough with your business. When you value their opinions and get them involved in decision-making, your family feels invested in the business. They become your biggest cheerleaders, and they’re happy to celebrate the business wins with you. A supportive family clears some of the obstacles that come with owning a home-based business, opening the way for you to sail to entrepreneurial success.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

What Is Income Splitting and How Can It Help Lower Your Taxes?

If you own a small business, you may be able to reduce…

Read more

Canadian small business grants: Tools and tips to get funding

The best resources for small business grants in 2019 Canada GrantWatch A…

Read more

Tax Guide to Paying Your Family Members

In Canada, your income tax bracket increases with your income. The tax…

Read more