Guidelines for starting a business with your spouse

Guidelines for starting a business with your spouseMany couples have dreams of starting and running a business together, however, there are many rules and tips you should consider before embarking on such a journey.

According to a recent article published by Forbes, there are eight major rules you should make sure to follow if you and your significant other are dreaming of starting a business.

  • The first rule is to be sure you have a set emergency fund. As most of us know, money is one of the major causes of divorces as well as one of the main challenges for new businesses. Having an emergency fund can save you from a lot of stress that you may experience in the beginning stages of starting your business.
  • The second rule is to get an office as soon as possible. It is important to start budgeting for an office or co-working membership as soon as you can. It is important to get out of the house, meet new people, and even keep your sanity.
  • Third, know your personality types. It is important to understand your strengths and figure out who works best with which aspects of starting the business. For example, one of you may be more focused on the big picture while the other is better with details. You need to figure out how you work best together.
  • Fourth, be sure to define each of your roles. It goes along with knowing your personality types; it is much easier to get things done efficiently if you both set clear expectations about who will be responsible for certain tasks.
  • The fifth rule is to engage in your own separate hobbies. When starting a business, the two of you will be spending a lot of time together getting things organized and set up. Because of all the togetherness, it is important to get involved in your own hobbies in order to add some balance to your lives.
  • The sixth rule is that you must discuss your tolerance for risk. It is important that the two of you discuss your views on tolerance for risk. You may find that you want to take a slow and steady growth path with no debt.
  • Seventh, be sure to balance praise and constructive criticism. Since you are in a close relationship, it is important to remember that constructive criticism will help propel your business but that kindness and praise is also necessary for your relationship.
  • And last but not least, have a sense of humor. In order not to get too overwhelmed with stress, you should take the time to find humor and joy in the little things.

Starting a business in general is a very stressful and rewarding process. Starting one with your spouse is an entirely different story. If you and your life partner are considering starting your own business, be sure to consult with a dedicated Illinois business attorney to assist you in the process.