Deciding to embark on a new venture is similar to deciding to have a child. Both require you to make sacrifices and will lead to sleepless nights, especially in the early years. While starting a business should entirely be our own decision, having your parents back you up and support your goals and dreams will go a long way and make a huge difference – emotionally, practically and even financially. So, here are five ways to convince your parents to support your new venture.
1) Understand, Be Understood
Ever since you were young, your parents told you to study hard, stay in school and get good grades to graduate from a top university with the highest honors you can possibly attain. So, you have to explain to your parents that the times have changed and any route will come with risks. And, would they not rather let you take a risk on something that will make you happy than on something that won’t.
2) Clarify Your Why
Start with the why. Having a clear purpose and informing your parents about it will assure them that you are not just being rebellious or impulsive. Think them as your consumers who won’t won’t buy your idea to start a business unless you start with your what and how. They need to hear why you want to do what you plan on doing.
Having considered the possible problems for your planned venture and having foreseen solutions for the difficulties will ensure your folks that you know what you’re doing and you’re ready for whatever will come your way.
Let them know that you’re passionate about your plan and that this passion will make sure that you will continue loving your business, even though it will have its bad aspects.
3) Prepare, Plan and Act
Always prepare for success. Parents mainly do not support startups because their children don’t have a great action plan, a unique and doable business and marketing plan, a Plan B to fall back on if all else fails, and a solid financial plan.
They just want the best for you and would not want to see you fail. And, they know that having concrete plans will save you from failure as much as possible. Keep this in mind to increase your chances of persuading your parents.
So, before approaching them with your business idea, you should already have done enough research on where to get funds and investors. For them to back up your startup, you should also be able to back up your decision with data and facts.
Besides the preparations and plans, the best indicator of your business’s future success for your parents is seeing that you have taken concrete steps to attain your dreams. Such steps include:
- Having a business plan and a viable product,
- Having attended seminars or workshops related to your undertaking, and
- Possibly having a list of the people who already expressed interest in your product.
Having done such actions would help you convince your parents to support your business idea.
4) Just Ask for Support
Your parents are used to you asking them for things; you asked them for your milk bottle, increases in your allowance, and permission to go on dates.
So, asking them for support wouldn’t be so different, even though it may be daunting. Tell them how much it would mean to you if they could help you or support you with your startup dreams.
Do you only need moral support or do you also want financial support? Will you need them to give constructive criticism when they see that you might be messing up or do you want them to stay out of it? Sometimes you have to be ridiculously clear, direct, and honest in order to get what you want.
5) Express Your Gratitude
Lastly, thank them for raising you to be the out-of-the-box thinker that you are today by involving them. Also, show them that you are firm in your decision to push through with the business, but that you are still open to their suggestions and opinions in other aspects of your life.
Moreover, tell them that their efforts have not gone in vain and you’ll still apply what you learned at school to your business. The only difference is that you won’t apply it as an employee, but as a leader of your own business.
Startup is a tough journey with many unpredictable things that can happen over the night and cause your empire to fall. Parents are the best persons who can support you through every hurdle. Sometimes, it’s not just the financial support—but rather the emotional support you need from them in order to succeed.
Do you already have a business idea and want to persuade your parents to support you? Have you already started your startup with your parents’ support? If yes, how did you convince them to support you? Share your tips with us below!
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