Why Starting a Business is Like Starting a Family
Starting a business is like a lot like starting a family. A lot of planning has to go into it, it can be challenging but also highly rewarding, if done right.
Don’t Rush In
While you do not want to constantly put off starting a business, there should also be a gestation period that allows time for the idea to grow into a viable, realistic plan.
No one can go from deciding they would like to start a family one day, to immediately giving birth the next day.
That would be too hectic with simply too many implications to consider.
Besides the overwhelming amount of information that you would need to absorb being new to the process (babies or business – same thing) there is also the lack of practical experience if you are a first time parent, or a first time business owner.
Things to consider:
Is there going to be a supportive structure, environment, and financial aid available?
Are your finances sustainable until the baby is out of diapers and the practical learning curves accomplished?
Plans Are Great But…
The next problem, with both children and business, is that even the best laid plans change because… well, they have to.
No matter how good your plans are, you simply cannot anticipate and plan for everything. And as your family or business grows, you learn new things that you never thought of before.
Parent math is a real thing!
Eg. If we have somewhere to be by 3pm, at what time should I start asking the toddler to put their shoes on?
The ability to build in additional “contingency time” will save you a lot of apologies for being late! In that same sense, when thinking about a new business practice, it is vital to try anticipate the possible and probable pitfalls, then build processes that will help you avoid them in the first place. Of course, not everything can be anticipated, but it is a good idea to at least have some variables locked in.
This is why doing your homework or having someone with a little more experience (like a mom or a business mentor) can really help. They will know some of the challenges you will face that you have not even thought of.
These foundational framework questions need to be envisioned as problems to be solved, before the registration papers are to be filed. A business takes as much time, effort, dedication, and focused attention as an actual child. A business takes on a “life of its own” and your ability to adapt and pivot to the unexpected will become a vital asset.
What if Debt Review is Your Baby?
All of those things apply to any normal business and it gets even more complex when it comes to Debt Review. Debt review can be even more challenging because it is very specialized and heavily regulated.
It is also very rewarding.
Debt Review is like deciding to open a pre-school and being responsible for the care and education of other people’s children. Realistically, there is a limit to how many clients you can reasonably take on by yourself, and then the expansion questions arise. So, who will help you and will they be suitable and qualified? Where will you find them? How much can you pay them?
It's Totally Worth The Challenge
Being able to help people get out of debt and set their financial futures on the right track is very rewarding, just like parenting.
Running a new business or starting a family will always keep you on your toes, presenting you with fascinating challenges.
As with children, the job is never done, and each business “age” comes with its own set of new and fun problems to solve.
So just remember friends: the toddlers of today are the teenagers of tomorrow. Raise your babies and your businesses well, so that they can contribute something positive to the community, it’s worth the challenge.
Special Thanks To Nadia De Weerdt of Sandton DC who helped craft this article