A great marriage shares many similarities with a successful business partnership. The same can be said of an unsuccessful business or marriage. When spouses decide to start a business, they risk more than non-couple business partners. Since troubles in a spouse owned business can spill over into the couple's marriage, it is important to get started out on the right foot. If you and your spouse are considering starting a business together, here are seven tips to put you on the path towards success:
- Have money in the bank: Most businesses lose money before they ever make money. Prior to deciding to start a business, make sure that you have money set aside. Since you and your spouse will most likely be dedicating the majority of your time and energy to the business and neither of you will be receiving a paycheck, you will need a way to pay the bills in the interim.
- Be equal partners: If you and your spouse are going to be business partners, you need to be equal partners, regardless of your formal title. Problems can arise if one spouse feels like the other spouse is the boss.
- Create a business plan: A business plan is a great way for both spouses to define their roles within the business. When creating a business plan, you should also consider your goals and expectations for the business. How much time, money and energy is each spouse willing to expend? What risks is each spouse willing to take? Make sure that you share a similar vision.
- Capitalize on each other's strengths: Spouses, like any business partners, each bring something different to the table. Discuss each person's strengths and determine how to utilize each other's strengths for the benefit of the business.
- Remain on the same page: It is difficult to make business decisions if each partner or spouse does not know what the other spouses knows. The best way for each spouse to be on the same page is to hold regular business meetings.
- Learn to keep work at the office: Realize that you and your spouse will be spending a lot more time together. Do not bring problems from home to the office and vice versa. It is not good for your relationship and it is even worse for business. Employees will soon become irritated and lose respect if they have to listen to spouses squabble.
- Strive to find balance: Much like a marriage, a business takes hard work and dedication to prosper. Criticism, even if it is constructive, can be a difficult pill to swallow if it is not balanced with praise. It is important for each spouse to take time on a regular basis to acknowledge each other's efforts.
If you are considering starting a business with your spouse or if your business has encountered legal problems, you need an experienced business litigation attorney. I invite you to contact my office today at 913-498-1911 to schedule a free and completely confidential consultation. The key to avoiding costly litigation is to consult with an attorney early in the process. An experienced business attorney can not only help you establish a successful business but also defend your business in the event of a lawsuit.
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This entry was posted on Monday, May 20th, 2013 at 12:38 pm and is filed under Business Law. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
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