Episode 48: Successfully Balance Your Family Life and Business
May 12, 2022

Build a routine for yourself. Okay. But be flexible. I think that’s the part of this. When you’re balancing, you want to build a routine, but be flexible. So if you don’t have a plan, if you don’t have any structure, it’s going to be really difficult to have that flexibility and have the role of a business owner and family member.

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Hi, I'm Dr. Melva you're board certified radiation oncologist, and serial entrepreneur and investor. Welcome to the 1% code podcast. I help top income earners create multiple streams of income to support the career they love or the one they want to love. Again, learn more on the 1% code podcast.

Hello? Hello. Hello, and welcome back to another episode of the 1% code podcast. I'm your host, Dr. Melva Pinn-Bingham. I am a board certified radiation, oncologist, wife, serial entrepreneur, and investor. And I help top income earning professionals create a passive stream of income while working their career. So we talking about seven ways to successfully balance family life and run a business.

All right. So starting businesses much like. I don't know, having a baby, right? So those of you who are mothers or fathers on the line can relate to that. You start with a seed of an idea and you work to bring it into a reality, and then you commit yourself to nurture your creativity and help it grow and prosper.

And the energy and commitment needed to be a successful entrepreneur can be extraordinary. Okay. But what happens when you're trying to run a business and you're balancing your family, so. Parents of young kids that are in the group, you know, mothers, fathers, how you really balanced that. Right. And even if you don't have children, how do you balance that relationship?

That marriage. Okay. A partnership. So as a physician, an entrepreneur, a wife and mom, I've found a lot of times. I really don't use the word balance. To be honest, I kind of look at pockets. I'm really, really good at compartmentalizing my life and activities. I'm not sure if anybody else also uses that as a technique, but what you really need to do is.

Maintain your sanity along the way. Okay. So whether you say you're balancing or, you know, you're time blocking whatever it is at the end of the day, your mental health is the most important. So let's get into some ways that you could do this. All right. So number one, Delegate delegating things that need to be done.

One of the first things you have to rid yourself of as an entrepreneur and a parent or some of balancing family, is the idea that you do everything yourself. And I was listening to a mentor talk, you know, she said, either you can control or you can grow, but you can't. Right. So sometimes you have to let up some control to see that growth.

And when we talk about growth, we mean personal and in business and in profit. Okay. When I'm talking about growth, I mean, personal and monetary for profits. Okay. So delegating getting used to delegating, growing a team. A lot of people start with an executive assistant. So you want to outsource, you want to get a talented team around you.

You need an extended support network. Okay. We're not doing everything as multi franchise owners, as real estate investors. We're not doing everything to create those first passive income streams that we did. We had to do some delegation. Okay. Second is build a routine for yourself. Okay. But be flexible. I think that's the part of this.

When you're balancing, you want to build a routine, but be flexible. If we don't have a plan, we don't have any structure. It's going to be really difficult to have that flexibility and having the role of business owner and family member. It can be overwhelming if you don't have a routine so much. Like I run my clinic as a radiation oncologist, I have a weekly routine set up for business, and many of those routines are around income producing activities, which regardless of the type of business you have, that's generating leads for your business.

That's you know, in generating leads that could continue in networks, whether it's customers, past customers, people who are interested in your business, prospecting, generating sales, that's like profit producing. Right. So networking lead generation sales. Okay. So when you're building a routine for yourself, you're also including a routine for your business, so you should have KPIs.

Okay. So those are key performance indicators. And in any business that you get into, whether it's you decided to go to the real estate investing. Franchise ownership, whichever coaching, whatever you get into, you need to have key performance indicators because what you don't track, you don't grow. Okay. So build a routine and it should be daily, weekly, monthly tasks that you're doing and you're measuring that.

Okay. That's how you tell a return on your investment if it's worth it. So in establishing a weekly routine, The flexibility is that it can change, right? So like for us, we are in softball season for the girls. I have two daughters, 13 and 10 and baseball season for my son. Who's seven on a travel team. So our routines are very different.

So we're planning and shifting out some other educational activities that they have to do. And we're working in advance. And then business type things are set up on certain days and in certain time blocks. Okay. So when you have a routine, but it's flexible, for example, the beginning of the school year, it's almost like seasons in quarters, right?

So when you set aside that time, you don't feel guilty that you're missing out on one because it's flexible, but you know, you have it scheduled. And the other thing I'll say with that is that I've been okay with allowing more time. So I used to be a little bit more focused on, okay, when's the turnaround?

24 48 hours. So for example, today for the subway franchise, we got into the subway ownership in December, 2020. And our real goal was to turn the store around. It was a business acquisition, and I don't know if I've told the whole story here or not, but it was like gifted store. So we paid essentially.

Franchise fees and inventory. And so the store had a lot of cleaning up to do some things with employees, the reputation it's kind of like a fix and flip, so we still have it. So maybe it's like a fixing hole of real estate. So it had a lot of work to do. And we finally got it to the point where we're pretty much break, even close to getting that profit.

And we've had some super profitable months, but others have it. So it's, it's not this steady stream of income. It's kind of an upcoming. And so what really needs to happen is a local marketing campaign. So even as much as my expertise is in digital marketing around service industries, you know, I, I even have a certificate I've been doing digital marketing online for a very long time when it comes to the local market for a brick and mortar, that's not my expertise.

So where I'm going with this, and the flexibility in scheduling is that I was going that I've allowed myself to stretch out my expectations of results. So when you're working with an expert, when you're working with a coach. You really don't want everything overnight. So I allow space. So let's say I talk to someone and they're going to bring me back something, instead of saying a 48 hour response.

I'm okay. With coming back to the situation at hand in a week, I just spread it out. Like it's okay. You know, obviously you have to plan far enough advance where you stop urgent things. Right. I don't know if you guys are familiar with that for, I think Eisenhower Einstein, the four blocks where it's urgent important urgent non-important and where you put your time.

I've gotten really, really good at that. So stretch things out. All right. So allow some time and deadlines. And then the next one is to be okay to fall short of your goals. And I know this is hard for a lot of us because we're perfectionist, but it's kind of funny. I started out, I had like the 90 10 rule and I used to have a science enroll and I didn't tell anybody about it because if my 90% is higher than your a hundred percent, you wouldn't even notice that I was only giving you 10% less.

Right. So I don't know if any of the others of you do this. You have to get in this place that it's okay. Like for example, my husband was picking up my daughter. I was picking up the other daughter. We had the son somewhere else. One of the kids got forgotten. Okay. Well that's okay. Because we have a network that we got, you know, someone's grandmother was like, Hey, your kid's still here.

Do you want her to come to my house or drop her off at yours? Like, it's okay. You know, like there used to be this point where I'd feel guilty. Like, oh my God, one of us did get the coordination of picking the kids up. Right. But like release yourself of that. You'll pay when you fall short and it's easier to balance.

because It's a lot harder to balance when you're walking around with this weight on your shoulder of guilt of not getting everything. Right. Okay. The next one is practice being mindful. So being in the moment when you're doing something, not having your phone, not multitasking, it'll save you time in the long run because having to repeat things, going back and forth over things, you lose time and it's not the same quality.

So. Work on being mindful, like being in the moment, even if it's just five minutes at a time, that's all you have to do. Okay. And then the next one is, you know, some type of family togetherness is important. I don't know if I'd say a family meal was important. I know there's a lot of data and information on that.

We don't really always get that. We kind of try to recreate that at special times, but doing something together as a family unit, it really helps to get that sense of balance from you kind of being on the computer, out in your business versus being with your family. But I can't say that we always do that mill together, but I'm pretty sure I'm pretty much sure that many of you on the line probably do.

That's just not an area that we've gotten, just because of the schedules. We recreate that with different events. So maybe we're all like outside exercising together or something, or we go and like get snow cones. Cause it's a shorter line than our ice cream shop. So, you know, just like be creative. Okay.

And the last one is don't forget to take time for your. Like that should absolutely be scheduled to take time for yourself because when you take time for yourself and you do self care, You're going to just be able to pour so much more in your business so much more effectively. Thank you so much for listening to this episode of the 1% code podcast.

I'm your host, Dr. Melba until next time. Thanks for listening. And for any of my fellow physicians listening today, I have a free gift for you. Nine business ideas for busy physicians to get your hands on. Just go to Melvin free offer.com again, that's Melvin's free offer.com. M E L V A S F R E O F F E R.com

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Are you a busy physician looking to build additional income streams?
Get my 9 Business Ideas for Busy Physicians here —> www.melvasfreeoffer.com

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