It’s the golden rule in starting a business and staying married to always let your spouse know what you’re up to. If you want to be a good entrepreneur and an even better life partner, you’ll have to open up about sacrifices, risks, and especially finances concerning the business. Now, it’s a totally different story when you want to start a business with your spouse. In fact, there are lots of golden rules to follow to make both your marriage and entrepreneurial endeavor work. If you want to reach the peak of success, while holding your spouse’ hand at the top, here’s what you should do:
Arrange your finances
Money is the root of many evils in marriage and business. Thus, it’s important to secure finances right from the beginning. You have a lot of options for funding: bank loans, credit cards, investor pitches, crowdfunding, and more. What’s important here is that you’re well aware of your financial status and goals as a couple so that you can choose the best for your situation. You should also be clear about your individual roles. Little things, such as preparing the pitch deck or organizing documents for a loan, when not discussed, can result in missed expectations. This could add so much stress in an already tension-filled task of securing funds and at the same time trigger nasty fights down the road. Hence, divide and conquer labor, and be accountable to each other. You may want to consider going into the franchising route as well as this can significantly lower financial risks, given their proven business models.
Acknowledge your personality types
You and your spouse have a lot of differences. You may work better in the morning; your spouse may be more productive in the evening. You probably find the best ideas when engaging with other people; your spouse may get their eureka moment in their alone times. Don’t try to change those differences. Work around them instead so that you can complement each other. Of course, don’t disregard your similarities, too, most especially your shared passion. That matters, mainly because it would be your source of inspiration in coming up with a business idea or considering opportunities. For instance, if you’re both passionate about healthy eating, then perhaps a vegan restaurant or a meal delivery service is worth exploring. If you’re both interested in the retail industry, then a clothing store franchise might be a good starting idea. The principle is that recognize your differences, but don’t overlook your similarities, too.
Accomplish something outside of the business
The first few months (or years) of your business will be very tough. It will require long hours of working and intense focus as you lay down the foundations of your endeavor. It will be so ingrained in your personal lives that even your dinner dates will be about work. You may even begin to see your spouse as just a business partner. Or you may just be fed up with the fact that you’re always with your spouse. Don’t let that happen. Find interests outside work and beyond your spouse. It will give you a sense of balance in life. It will also add some variety and allow self-growth that is crucial in finding fulfillment.
It’s not easy to start a business. It’s even harder to start it with your spouse. Your relationship and entrepreneurial endeavor are both at risk. Remember these golden rules to emerge successful in trudging this shaky terrain.