Written by: Iria Talladay, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Entrepreneurs can endure the hard work that comes with building a business. What sets a successful entrepreneur apart is overcoming challenges and remaining focused on the big picture through the tough times. Mindset is an essential part of building a successful business.
When you silence the voices in your head that try to convince you that you are not good enough or that you do not have what it takes to build the company of your dreams, you can listen to the voices that encourage you to keep going no matter what!
Starting your own business will require patience; the process is similar to waiting for a seed to turn into a sapling and then a tree that bears fruit. Doing this will require care and nurturing.
The pressure is on!
When you add a spouse to the mix, things get more interesting! Spoiler alert: creating a new business while being life partners will be difficult. However, there are many benefits to co-owing a company with the person you love versus having a sole proprietorship. Extra love and attention are needed to ensure that the lines between professional and personal life are not dangerously blurred. There will be times when you will both be stressed and lose your patience. You might even ask yourselves, "why did I ever get into this?" (especially during the first year). However, suppose you are willing to put in the work, the love, and the persistence. In that case, you will reap excellent results and create a long-lasting joint business venture (while creating a peaceful home life).
Whether you set up a food truck, a coffee shop, or 7 figure out e-commerce, working with your significant other means you both get to be your bosses and do things your way! Managing your schedule and building a life that fits your idea of success is a luxury. Doing so will give you the time to decide how each of your days is spent and to create something that you are proud of and can eventually become a family legacy to improve the lives of future generations.
Being romantic partners and business partners is not for the faint of heart. You will have to become a master of time management, balance, and patience.
Effective communication is essential if you want to make it work. The following questions will help you decide if building a business with your spouse is a good idea.
What is the vision you have for your business?
Both you and your partner need to discuss what the goals of your business will be. What kind of business do you want to build? Do you feel more comfortable with small businesses? Will you create something from scratch or buy an existing business or franchise?
The first step is to lay out the basic business ideas. Develop a business structure, and stick to it! Doing this will offer you guidance and enable you to channel your talents into making your joint venture succeed.
Having similar long-term goals is crucial when it comes to partnerships in general. Please make sure you are on the same page when it comes to the things that matter. A shared vision will guide you and motivate you to keep going when things go uphill.
It is always a good idea to set aside some time to discuss the most critical aspects of your business.
Here are some examples:
Target Audience. Who is your ideal customer? The more familiar you are with your target, the easier it will be to create a product or service they will consider valuable.
Market Research. Study consumer behavior, economic trends, and market size.
Business Plan. Having a business plan will guide you through the stages of planning and managing your future venture.
Branding. Your brand will be your business' DNA and is crucial to standing out. Creating a great brand is the best way to set yourself apart from the competition.
Marketing Strategies. Focus on creating a good mix between paid advertising and organic traffic. A great way to do this is to focus on SEO by starting a blog, building an affiliate army, and creating quality social media content.
If you consider yourself an amateur in any of the abovementioned areas, do not worry! The important part is being willing to learn instead of feeling intimidated by the new information. Many online courses will help you understand the basics to feel empowered and knowledgeable.
How will you make it work financially?
Money issues are among the most common causes of divorce. So, you are planning on starting a business as a married couple. In that case, setting up an emergency fund before you start is highly advisable. Doing so will take some of the stress off the table. An emergency fund will give you the peace of mind of knowing that if a period of financial distress presents itself, your family can handle it without going into debt. An emergency fund turns potential disasters into inconveniences that will be more manageable. Your family's needs determine how much money is set apart for this fund.
Some finance experts recommend starting small with at least one thousand dollars and working your way up to save 3-6 months' worth of expenses. Make sure you look into a savings account with attractive interest rates to increase your money in the bank over time.
Develop a strategy to fund your business. Will this new venture be self-funded? Will you apply for a credit to start? Who can help you set up a partnership agreement? These essential questions need to be covered to have a greater chance of building something long-lasting.
Most businesses take time to generate revenue. Make sure you have at least one steady monthly income to allow your future business to grow without having to depend entirely on it to cover basic household expenses (more here).
Once your business starts generating enough to cover the monthly basics, consider quitting your full-time job and focusing solely on your new venture.
Does your business need an office?
Yes! Having a place designated for work means setting clear boundaries and separating time spent as business owners and as a couple. Creating an office space will improve your focus and your mood. Work with what you have if you lack a spare bedroom or the budget to rent an office from the get-go! Solving problems creatively is something entrepreneurs need to master. You are good to go if you have a table, comfortable chairs, and storage space for your documents and tools!
Adding things that make you feel happy and calm to your designated office space will make your work shifts more enjoyable.
This question will also open the door to visualizing your ideal office and starting to work towards building it. Having your perfect office in mind will give you something to look forward to and can become a fun couples activity. You can start by looking at ideal locations and creating a vision board of everything you want for your own space in the future.
What will be your role in the company?
One of the essential parts of putting together a work team is clearly defining each member's role and responsibilities within the company. Taking the time to designate positions will help you stay motivated and accountable. This practice will also give each of you a clear idea of what to do. Being a good partner (in relationships and business) means honoring your commitments. Learn how to effectively manage your time to avoid one of you becoming the micro-managing nagging partner (no one enjoys playing this part!).
Once you have defined what each person will be in charge of, it will be easier to continue having good communication and avoid the bad times that might arise due to unforeseen complications. Clearly defined roles and responsibilities will be excellent for your relationship and daily work routine.
Can you balance constructive criticism and praise?
Focus on finding the sweet spot between praising your partner and providing them with constructive criticism. If you are tilting excessively toward either side of this equation, consciously find ways to avoid falling into this trap. Your partner needs to feel appreciated, loved, and understood for the relationship and the business to work. Be honest and thoughtful when providing feedback. Try to be specific. Doing so will help your significant other take concrete actions to improve.
When you notice something positive in your partner, let them know! Notice the little things and be vocal about what you love. They will be delighted to see that you admire them and appreciate their daily effort. The balance between praise and constructive criticism will create a positive environment allowing creative ideas to flow. Being able to build a business with someone you love is a blessing! Please don't take it for granted.
Motivate each other to be the best version of yourselves. Both your family and your business will significantly benefit from this practice.
Is it possible to achieve a work-life balance?
Yes, Your family life and your business life can happily coexist! However, you will have to work intentionally on making this happen. Creating a work-life balance has more benefits in the long run than solely focusing on a high-paying salary. Working with your spouse makes it harder to mentally detach from work and be entirely present for personal activities. Focus on logging out from your work computer and spending time away from your phones to connect intimately. Avoiding long hours at work will help you be present for important family activities.
If you build a company with your spouse, your marriage and business partnership will be intertwined. The best thing you can do is to remind yourself that they are separate entities and treat them as such. Spend quality time together, play, plan fun dates and remind yourselves that you should strive to be lovers and best friends above all. Prioritize your personal lives by spending time doing things that bring you joy. Making time for you as a couple will ensure you increase your love, connection, and, hopefully, your sales!
There is more to life than business and money. Constantly reminding yourselves of this will help keep the mood light and enjoyable. Laugh at yourselves and find humor in tense situations to reduce stress and add a much-needed dose of good vibes to your life and company. Your family members will be thrilled if you prioritize finding balance. Your mental health will benefit from doing so, as will your professional and personal performance.
Celebrate reaching milestones by having ice cream, going to the movies, or treating each other to a massage on a regular basis. This way, you will both show up motivated and ready to tackle tasks ahead when it is time to focus on business. Find creative ways to find happiness amid the routine. Take a break from the hustle mentality and genuinely enjoy every step of the way.
How will you fill your cup?
Personal time highly benefits individuals. Discover what makes you happy and what you enjoy doing. Finding things you like will allow you to unwind and might also help you connect with your strengths and weaknesses (which will be great for your business as well)
Even if it seems counterintuitive, spending time apart benefits your relationship. Alone time will give you a chance to miss each other. Having separate hobbies will remind you that although you are a part of a marriage (and a business partnership), you are also a unique individual with personal interests and dreams. So make sure you prioritize filling your cup!
Remind yourself that you can do it!
Starting a business with your spouse is a good idea as long you are ready to do the work. Relationships are a lot like entrepreneurial ventures. They both need care, attention, and devotion. If you take proper care of them, you will be surprised by the joy and independence that might result! If you get it right, you can build something that withstands the test of time (and strengthens your relationship while doing so).
Nowadays, some business models require small start-up capital (drop shipping with U.S. Suppliers is one of them) and act as great first-time business ventures. These businesses come with the added benefit of being able to function while you work remotely. This means you can pack your bags and spend some time working from a paradise like Costa Rica (which now offers entrepreneurs a digital nomad visa for up to a year!)
Check out our article for 12 tips for running a business with your spouse to have more tools to build this dream together and grow through the ups and downs of running a business. It is possible to create the life you dream of, and it is possible to build a successful business with your spouse. Sure, it will require some work, but so does everything else worth having!
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Iria Talladay, Executive Contributor Brainz Magazine
Iria is an innovative industry thinker and serial entrepreneur with a strong acumen for e-commerce. She is a Latina, a mother, and the founder of a 7-figure business. Her passion is to empower like-minded individuals to grow incredible brands and business models. This led her to get an MBA, become a coach and create The Bean Online, a business blog and tool kit designed for entrepreneurs. It provides information and resources, allowing them to save time, money, and energy to create new businesses and expand existing ones.
