Connect with us

Entrepreneurs

How an Entrepreneur Can Create a Truly Balanced Life

Published

on

how to have a balanced life
Image Credit: Unsplash

It was late as we arrived home. I was exhausted from a twelve hour drive back from my parents’ house. The garage door got stuck, didn’t open, and I broke. I began beating on the door in every way possible. My mind was set on one thing and one thing only, I was going to prove to the door that I was smarter, stronger and more determined.

Between the punching, elbows, and kicking, a warning sound was signaling me from deep inside. I was doing something that I knew better than to do. Slowly, the realization of the fact that my wife and kids were all still sitting in the van watching me act like a raging animal, beating on an inanimate object and acting the part of the fool. This is the lesson of how to journey back from a break down.

Living Life with Balance

The challenge of understanding how to live your life in balance is a popular topic for those that have experienced any type of success. Many experts talk about how to spend time equally, or how to balance priorities or how to keep your life in line with your goals. All of this sounds like solid wisdom but often this wisdom doesn’t always come with practical application. The idea that you’ll be able to spend time equally on all fronts is physically impossible.

Every business has a busy quarter. The pressure and demands are intense and the stress seems to just pile on in endless truckloads. On top of that, add the multiple requests from family wanting more time and demanding well deserved attention. It was at this point I realized I needed to find out what real life balance looked like.

A balanced life is determined by a razor thin line. That razor thin line separates the path to success from the path to a nervous breakdown! How does this apply to living a life in balance? How do we keep our lives from breaking down both emotionally and physically?

Most of us look at keeping balance as two sides of a balance beam. On one side you have family and friends, while on the other side there’s business and networking. We get all the pieces arranged so that we can walk that beam, keeping everything perfectly balanced… But what happens when there is a disruption? When we encounter one of life’s storms? A sickness? A death? A business partner’s betrayal?

These are the impossible situations that will never allow you to keep your time and energy perfectly balanced. By attempting to keep them balanced, you sacrifice your own energy, eventually getting to empty, unable to serve or help any of those that surround you.

Instead of the balance beam illustration, think of keeping your life on a balanced scale. Think of those older scales, the ones that used a fulcrum to balance the weight of items on the scales. 

On each of the sides of the fulcrum, there will be loads of responsibility. As we walk on our adventure, we balance the scales of life. We know the events and the demands of time for each. So we create balance and live in that balance.

“We think, mistakenly, that success is the result of the amount of time we put in at work, instead of the quality of time we put in.” – Arianna Huffington

Life changes! Our journey has a switchback or storm that interrupts our steady pace. We experience an incredible amount of success in business. All of these create the disruption of our patterns, and increase demands on our time and energy.

It is at this time that we look at our balanced life, and move the fulcrum to adjust for the heavier load and greater demand. By moving the fulcrum, it allows us to keep our life in balance, and not feel guilty that we’re dedicating more time and energy to where the demand is greatest during that season of life.

Are you paying attention to the signs in your own life? If you do, you will find that there are times when you’re just about ready to breakdown. For all the success you’ve had, you’re still miserable because you know that something is missing. You don’t have the strength to handle some of the minor challenges, and so you ignore them. Those minor challenges add up into major life changing challenges. Take the time to analyze what you spend your time on, not just within your business, but in your personal and family life. 

Here is the lesson that I learned. Make sure that you are taking time to do the following activities:

1. Personal time

Each twenty-four hours has 1,440 minutes. Are you willing to spend .01% of that time on your personal life? Here is a plan for fifteen minutes you can take to help restore your energy. 

  1. Five minutes reading something inspirational. 
  2. Five minutes finding three things that you are grateful for. 
  3. Five minutes reflecting on the previous day. The good, bad, and ugly along with the lessons you can learn from it.

2. Family

Make sure you prioritize spending time with your family and putting it on your schedule. Go on a date with your wife or significant other. Spend time with your kids.

“The most important thing in the world is family and love.” – John Wooden

3. Community

One of the most common points of frustration for every entrepreneur is the feeling that they are alone. One of my mentors encouraged me to look for tribes. What tribes am I developing to stay connected? The only way to break that lonely feeling is to purposely seek out those who are like minded and do this in two ways. 

  1. Find a group of like-minded individuals. With social media and events, it is easier now than ever before to find and connect with these individuals. 
  2. Look for a coach and mentor. While there is a difference in mentors and coaches, the point of this is to find someone that you respect, and allow them to speak into your life. If they are talented at coaching, they will be able to point out blind spots. Once you identify the blind spots, you now have the ability to adjust and correct.

Business will always be there for those that have this entrepreneurial spirit. There will always be more demands and time commitments. The principle of balance will give you the ability to walk the path of success, rather than the path to your nervous breakdown. 

How do you find balance in your life? Share your advice or thoughts below!

Tim Croll is an experience Ecom business owner and entrepreneur. His experience spans from owning a service based company to building multi-million dollar Ecom businesses. But what sets him apart is his ability to communicate a complex business strategy into a step-by-step action plan. It is the connection and sharing on a personal level that creates relevance to his message for marketing and strategy. He has been certified as a coach for AGS, Kidlead and holds master degrees in leadership development. He teaches weekly for several groups and writes for publications. Head over to his website https://www.timcroll.com/ to find out more about Tim.

Advertisement
1 Comment

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

Published

on

why you should set up an LLC

In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

Continue Reading

Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

Published

on

Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

Continue Reading

Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

Published

on

legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

Continue Reading

Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

Published

on

productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

Continue Reading

Trending