Written by: Sarah Bull
It doesn’t matter whether your relationship is new or if you’ve been a couple for many years; starting a business can be stressful on the strongest of unions. But, starting your own business does not have to take a toll on romance. With common sense, compassion, and cooperation, you and your significant other can have a fruitful business in a successful relationship.
Here are some tips.
1. Know that You Are on the Same Page
Relationships have troubles for many reasons, and one of these is that couples often don’t take the time to actually discuss important matters. Ayandola’s Pen has touched on important questions to ask your partner before and suggests discussing topics from children to how to handle conflict and disagreement.
2. Understand Your Strengths and Weaknesses
In relationships as well as business, everyone involved has strengths and weaknesses. Evaluate these, and make sure to take on responsibilities that capitalize on your strongest qualities. For example, if one of you has more business sense, this individual might handle paperwork, LLC formation, and hiring.
3. Manage Your Money
When you’re first stepping out of the world of entrepreneurship, you are likely to have set your sight high. While wealth can certainly be in your future, you must also keep your feet firmly planted today. Look over your family budget, which the N26 blog says should account for set and variable expenses, to confirm that you have enough money in the bank to cover at least six months’ worth of living expenses. If not, one of you may need to continue to work while you get your collective business off the ground.
4. Design Together
Your small business should incorporate elements of both of your personalities. This should extend throughout the entire organization, from logo design to operating procedures. Sit down together to come up with marketing and operational materials that you both agree on and that allow you to each continue to take on and maintain a role in the company where you are most valuable.
5. Spend Time Together Outside of the Office
If you haven’t figured it out by now, you will soon learn that running a business takes time and lots of it. While much of your waking hours will be focused on running your business, never lose sight of the fact that your business partner is also your life partner. Make a conscious effort to spend time together, even if it’s just having a picnic with a plate of appetizers.
6. Evaluate Your Personalities
More than just having a unique skill set, we all have different personalities. Some of us are more serious and formal while others are lighthearted, full of energy, or unconditionally giving. Take the time to get to know your personality (Personality Perfect offers more insight into personality types) so that you can better understand each other and how you react to different situations.
7. Enjoy the Rewards
Having a sustainable income source is an obvious desired outcome of owning a business. But, money isn’t the only aspect of your organization you should celebrate. Talk with each other about the daily victories, such as having more customers than expected or winning a local “best of” contest. Then, look for budget-friendly ways to acknowledge these accomplishments together. This doesn’t mean that you can’t indulge in a fine wine and dining experience to celebrate big achievements, just don’t forget to recognize everyday victories.
Starting a business with someone you love is an exciting and tumultuous time. But, if you maintain respect and keep sight of your differences, you can make it through the ups and downs with your relationship intact. Have more suggestions? Post a comment below to share your wisdom with our readers.