Starting a new business with your partner can be both challenging and rewarding. In the end, though, there is nothing quite like the payoffs and rewards that you will reap together. However, before you get too far into starting a business, it is important that you consider a few things that will help make the process a bit smoother for the both of you while minimizing the potential damage to your relationship:
Have an Emergency Fund Beforehand.
Money is one of the primary reasons that couples have difficulties and get divorced, and it also tends to be the primary challenge for new businesses. With that being said, it is wise to get an emergency fund together before you both leave your 9-to-5 jobs and start your business venture together. It can take time to establish a cash flow in a new business, and a personal emergency fund can help alleviate some of the stress that is associated with waiting to get paid.
Divide and Conquer the Business Turf.
One of the first steps that you must do is to determine the roles of each spouse. You can't go in on everything together or it will cause too much conflict. You each need your separate space in the business that you can run individually. It should be clearly defined upfront what tasks each partner will take on. The best way to determine these roles and tasks is by examining each of your strengths and weaknesses. If neither of you are good in a particular area, such as accounting, consider hiring an in-house accountant or working with an off-site accounting firm.
Don't Overlook the Importance of Setting Aside Personal Time.
While you may run a business together, which means that you are in each other's company a large portion of the day, it is still important carve out time for yourselves away from the business. This also means that you shouldn't talk about business 24/7. Reserve certain times of the week to talk strategically about your business and make sure to schedule a date night every once in a while. Also, try to avoid business talk when at the dinner table, bathing the children, and relaxing in bed – use these times for more personal and intimate conversations.
Consult with a Lawyer Before, During and After.
The best thing that you can do to protect yourself, your spouse and the business that you are going to start is to consult with a business lawyer. An attorney will be able to guide you in the right direction, help you acquire all the necessary documentation and permits, and ensure that all of your t's are crossed and i's are dotted.Share