The Personal Challenges In Building A Family Legacy

Today’s families are under increasing financial pressures: higher taxes, inflation, declining wages and an economic recession (or worse). The increasing number of two-income families has accelerated these trends and put additional financial pressure on homeschool families or any family that desires the wife and mother to stay home to raise the children. The father left the home to work during the industrial revolution and now the mother may be forced to work outside the home to survive economically. However, the mother working outside the home is incompatible with homeschooling or raising young children. Many homeschoolers have decided, sacrificially, to live on only one income. Can they prepare their children to do the same when they have families? The pressure will be even greater on their children to abandon homeschooling in favor of increased earning power.

A home-based business is an obvious answer to the above problem. Here the family would have a second income without the wife leaving the home. In addition, it could provide some educational business training and opportunities for the children. Now, if the father could also work in this home-based business, the ideal of a family business would be approached. But how can this be anymore than wishful thinking? Businesses don’t grow on trees. They are not just there for the taking. They are lots of work and even then over 85% fail according to the Small Business Administration.

Besides the risk of failure in starting a home business there are other problems to overcome that are present even with successful businesses.

1. Money Investments. Most businesses require an investment in supplies and materials to get started. Can the business start on a shoestring or are significant funds required just to “open the doors”?
2. Learning Curve. lf a person has no business experience, more mistakes are made while learning and it takes longer to reach profitability.
3. Time. Most homeschooling parents struggle to meet already abnormal demands for their time. Dads, involved in their breadwinning, have little time to help in homeschooling and none for a home business. Is it realistic to expect Mom to do it? Her time is already filled with home education, housekeeping, grocery shopping, chauffeuring, etc.
4. Continuity. As children grow up and leave the nest, can the family business be sustained without them? Can the business afford to hire outside help? Can the children take the business with them or has its value as a learning experience and source of income ceased? Can the business be shut down without abandoning customers?
5. Success. Even success can be a problem. Success may require increased commitments in time and money to meet the increased demands. These are the problems if you succeed! And they can be challenging. Yet the benefits are so great and appealing that many homeschoolers not only greatly desire, but feel they ought to have, a home business.

But how do you start a home business? What if you don’t even have an idea for a home business?