Ep 13 | Change These Three Things in Your Business to Get More Time with Your Family
We recently saw a post on social media and it was so relatable to hundreds of boutique owners in the thread - a mother made a tweet about how she doesn't want to be the "girl boss” because her family matters more than her business. It fit right into this episode we were planning and our conversation that we have every week, to help boutique owners run their business in a way that not only provides for their families and gives them more time to be with their families, but also builds a legacy. Being firmly rooted in what really matters is the key to having a truly successful boutique business. At the end of the day, it's not about fame or fortune - but how well you served and loved your family and then your customers and larger community.
In this episode, we share three things to change now in your boutique business that will reprioritize your family AND grow your business.
1) Right thinking.
We must have right thinking. And the thinking of the world is not the way - it's full of lies. Whether it's "girl boss" mentality or "hot mess" mentality - these two mentalities are even contradictory to each other. But rather than giving a false dichotomy as option - how about saying no to both. The truth is you can run a real business and build a legacy WHILE being a mother and wife who is present for her family, living an orderly life, has her books in order, managing her time well, not aiming for perfection or trying to rule the world, but staying in her personal sphere that she's been called to and showing up as her capable self and fulfilling her duties as a wife, mother and entrepreneur.
More than anything just have your priorities right. Know what really matters and ditch the world's thinking because it's not telling you that your husband matters more than your business and it's not telling you that being a mother to your children matters more than your business. When you have your priorities in order you're able to make your business truly support your family not harm your family - it really can go two ways and it all depends on having right thinking here and right priorities.
2) Get the whole family involved.
We are able to homeschool our children and I have joked with people before that people are born into our homeschool. It's funny but also kind of true. From baby to adult our children are watching, learning, constantly absorbing everything around them. Teaching valuable like skills, getting them involved at a young age helps them feel valuable, important, and teaches a team player mindset from the start. Being intentional in involving our children in a family business starts young but can continue in giving more responsibility as they get older.
Their "free internship" days as a younger child can actually turn into a real paid position even before they're 18. Yes, you heard me right - you can legally pay your children to work for your small business. And the best part is, it is tax free. Think of the foundation you are setting for your children when you are able to teach them these life skills in the family business at a young age, show them immediate results of their work (by being able to pay them) and then continue to build your business to pass on to them, basically dropping this money making machine into their laps.
Start with easy things, like breaking down boxes; steaming clothes; helping you count inventory; filing receipts. As long as you're not an S-corp you can pay your children as a W2 employee and do not have to pay any employer taxes. If you become or already are an SCORP, you can still pay your children but you have to pay employer taxes. With the current tax code, your child could earn up to $12,000 in an year without having to file a tax return. Of course, you'll need to consult your CPA but there is a lot of opportunity here. Also, don't forget to document everything so nothing is unclear or vague at the end of each year.
This is a way we prepare an inheritance for our children in a biblical way. It is not just heaping up cash for them to collect when you die, it is investing in their future. Giving them a sustainable income that can provide for them and their own family one day and can continue to be passed down generationally.
3) Productivity
Use morning hours. Get as much done as you can in the morning. Get dressed first thing to help your productivity. Morning will be when you have the most energy. If you homeschool, you can get schoolwork done in the morning. If your child is having a hard time, get to them in the morning - sit down undistracted and play with them and it will make the rest of your day much easier.
Eliminate time-wasters. Limit TV time. Limit phone time. Use the phone strategically. No mindless scrolling during the day. Use the screens wisely. Limiting TV time and screen time, especially in the mornings will exponentially improve time-management and productivity.
Consider Outsourcing. Weigh the costs. Yes, it will cost you to pay someone to do your bookkeeping but how much time is spent away from your business or family doing your books? Even a couple hours a week adds up. And of course having a team of boutique bookkeepers managing your books will always prevent over paying or under paying in taxes, and just give you a peace of mind overall.
If you want to invest in really affordable education on how to run a business and be a part of a community of likeminded boutique owners - join Boutique School today, our membership program that gives you the road map to take your boutique from hobby to legacy. Whether you're an aspiring, new, or established boutique owner, this online resource + community is for you.