30 Apr 5 Things To Know Before Starting A Business With #BAE
On the surface, it may sound like the PERFECT idea to go into business with your significant other. After all, what could be better than working closely with #bae, the one person you love most in the world?
Whelp, as someone who has been there and done that, I’m about to give you a few things to think about to help you succeed if you go this route.
#1. Know Your Partner’s Qualities.
Would you choose your partner if he/she wasn’t your partner?
Specifically, can you name which assets they bring to the business that would help grow the business? You have to take some time to really think about this and even jot down a few notes as well. Are they resourceful, great at time management, excellent at delegating or problem solving? You gotta know this before you do anything else.
#2. Know Your Roles.
It is a proven fact that many businesses are started without a solid business plan. I would venture that this is even MORE true for businesses started with a significant other. People innately think they don’t have to “worry about all that stuff” because it’s their boo. But you had better spend some time getting real clear on who’s going to do what. Then decide how each person will be evaluated on how they are performing their respective roles.
#3. Don’t Merge Business And Personal Lives.
You have to be be aware that whatever issues you have in your personal lives will show up in the business. If you and your spouse have communication issues, you will have those same communication issues in the business. I would suggest putting an agreement in place to discuss business only during certain hours and then leave it alone until the next business day. Don’t make the mistake of merging the lines between the two.
#4. Have A Plan If It Doesn’t Work.
In the event that your partnership doesn’t work out, what will be the process of severing the agreement? Who will be responsible for finding a replacement? How will you even know that the business arrangement is failing?
#5. Always Be Forgiving.
In the event that #4 comes to pass, each party has to agree to forgive and forget any and all issues that arose during the partnership. Don’t hold grudges or harbor ill will. Don’t play the victim or the blame game. Take it as a learning experience and continue to enjoy life with your partner.
I would love to hear your thoughts if you have ever worked with a significant other! Until next time.