Is it possible to be an entrepreneur, small business owner and a parent at the same time? The answer is yes, although many people don't fully understand the ins and outs that make this goal a reality.

Thankfully, there are a number of ways to successfully balance parenthood and a small business, but it does take some work. In fact, many entrepreneurial parents find that others in their profession are amazed at how they do it, but the real secret isn't that surprising. 

In order to ensure a financial plan – and a family – stays on track, here are a few pieces of advice to balance these two incredibly important elements.

Have a conversation
It seems for many that the biggest problem with juggling a home life and a professional one is a lack of conversation. Being a parent and an entrepreneur is possible, but those involved have to understand the demands of each side of the coin.

According to Inc. magazine, family members possess too many misconceptions about owning a small business. This can lead to misunderstandings, hard feelings and other problems that can ruin everything there is about parenthood and entrepreneurship. So, to avoid this, those involved must sit down and talk about what really goes on at work. For example, small business owners often feel pressed for time, and that can carry over into one's personal life. As a result, the family may feel pressured to move at a pace they aren't comfortable with. A clear dialog can dodge this problem.

Commit fully to both tasks
A small business owner and a parent can't try to juggle everything at once. This will only lead to additional problems and headaches, and can make a family upset as well as ruin production at the office.

Instead, Brock Blake, CEO of and contributor to, wrote that entrepreneurs have to be all-in. Essentially, this means 100 percent focused while on the job and the same while at home. So, no work calls late at night, and no multi-tasking during business hours. Nothing will ruin a family atmosphere faster than a parent trying to answer emails on their iPad while they are supposed to playing with their kids. Dedicated time at home can be the best way to ensure that a spouse and children are happy, and that total focus can be achieved back at the office.