Self-employed, should I close my businesses?
I’ll try to keep it brief! I’ve been self-employed for 8 years—I own two restaurants and one retail food business. I had my first baby 3 years ago, and since then I’ve had to promote someone to director of operations because I just can’t do everything I used to—having a kid made me realize I truly used to work 7AM to 10PM every day, and that’s why we were so successful.
I just found out I’m pregnant again, and I’m feeling like there’s just no way to make it work. Business has been down the past 2 years, and the money I take home will likely be going directly to childcare and zeroing us out with two kids. I know plenty of parents quit their jobs for exactly this reason, but my industry is tough to drop out of and back into in a few years—once you’re out, you’re kind of out.
I already feel like I’m at capacity, and I can’t imagine what it’ll be like with two.
Do any other parents have experience with the self-employment dance? Would it be worth it to just break even for a few years until they’re both in school? I’m worried about having nothing left on the other side of this once they’re bigger, but I don’t know how we’ll make it through til then.
General advice and specific tips welcome!! Help!