Any mamas here who own their own B&M store/business?

[ctdoula]

My dh & I recently opened our own business. We opened the doors on Sept 1 (after working for 2 months non-stop to get ready), and things are going well so far. I love being there, dh enjoys it too, the days fly by, are fun, etc. The business itself is off to a good start.

I'm just looking to chat/discuss the challenges with other parents who also own their own businesses. How do you balance life (meaning house, chores, kids, shopping) and work?

Also, there are those other tricky things like insurance, retirement, etc.

[kriket]

Wishing I was in New England so I could visit!

[Caneel]

Another business owner here, construction not retail. I was also an business analyst/financial underwriter for 7 years prior to joining my DH.

Educate me, what is B & M?

Oh, the stories I could tell! We have 25+ employees so that adds sooo much drama and excitement.

I don't know, at this point in our lives, if I have any business even using the word balance

We just started formulating a schedule to take care of the chores. I am modelling it of the what a close friend, who also works in a business with her husband, does which is set aside a certain time of the week to get the home things done.

As far as retirement and finances in general, we pay ourselves first. Obviously, you need to get up and running but once you stabilize, pay yourselves a fair wage and don't ever stop.

[JessieBird]

Congratulations!!! That is so exciting and you must be thrilled. I'm curious too - what is B&M?

My DH has his own business and I was self-employed for 10 years (took a government job when I need a change and also to give us a steady paycheque when it was DH's turn to give self-employment a try).

The biggest challenge for us is inconsistent income. We've managed to make it work by dramatically cutting back on our expenses so that we are never stressed about money - we even sold our pricey downtown house for a less expensive (but much nicer) house on the outskirts of town to reduce our mortgage payments. The second biggest and really the only other challenge is the long hours DH sometimes has to work. He is building a software company but until the product is ready to launch (any day now!!!), he generates income by consulting in a related field. Sometimes he has to produce reports in just a few days while at the same time he needs to keep working on the software to get it out the door. He has 7 employees working on the software development and they need direction/management so it is tough when his attention is diverted by the consulting gigs. Basically, being pulled in different directions doesn't leave much time for family. We cosleep (bedshare) and many days that is DH's quality time with our 11 mo son. I can't complain though, DH is absolutely passionate about his work and he is having so much fun - this makes any stress much easier to deal with.

Other than those two aspects, having your own business is absolutely wonderful; so liberating and creative if you are entrepreneurial and like the rush of being your own boss.

My only caution is that you take steps to ensure that your business doesn't become just like any other job. Running a store especially can become repetitive and dull if you don't find ways to remain passionate about your products and clients. When I had my business, I was a textile designer creating big area rugs in my own studio for commission clients. Sounds amazing and it was but even that got dull after some years! Next time I am self employed, the business side will be easier because I will have experience under my belt so I will focus on making sure I keep it exciting and fresh. When you love what you do, you don't even notice the sacrifices along the way. I think it also sets a great example for kids - work/life balance, following your dreams, believing in yourself, having it all, etc.

[JessieBird]

I think I just got it! You mean bricks & mortar, right? As opposed to on-line store.

So what do you sell?

[ctdoula]

Thank you for the replies. Sorry it took so long for me to get back here.... the days seem to fly by. Yes, it's a brick & morter retail store. We're a children's resale/consignment store. We've been open just over 3 months. It's still a challenge to balance things. DH has had some side stuff going on for the past month, so I've been running the store most days alone. But that's going to end soon, so we'll be more able to switch off. That will be a huge help!

JessieBird, it's very interesting, your story. We did exactly what you did - sold our bigger house (bigger mortgage) and put our equity into a smaller property, and our mortgage is like a car payment now. That is a HUGE HUGE help. it's really the only way we were even able to make this jump. Now that we're getting our feet on the ground, i really do want to set up a retirement fund. That needs to be on top of my list.

I think one of the hardest parts of owning a store/business is knowing how/where/when to do all the things that need to be done. If that makes any sense. Things like advertising, policies, retirement, etc. We've never done this before, and it's not like there is a step by step manual out there, LOL. It's more like try and see what hapens method. So far it's working out, and dh & I are so happy. We can't believe it still. I just hope things continue to along this way (and better). (fingers crossed).