Tiny Details for Your Big Day: Starting a Business With Your Partner: 3 Considerations
Getting married is an exciting life milestone, but you may be looking forward to an added bonus with your fiancé. If you’re starting a business with your partner after getting married, don’t forget to consider these factors before it begins.
1. Agree on Your Financial Plan
You’ll need money to launch your startup and pay its monthly expenses. How will you split those expenses equally? Make a financial plan before committing to any loans or business ventures. You’ll need an arrangement that works long-term with your current income, given that startups take three to four years to make a profit and stay in the green.
Remember that you’ll also have personal expenses to cover as well, like your mortgage and utility bills. You both could agree to work full-time and set aside specific amounts of your paychecks to pay for the business equally until it makes enough for you to become self-employed.
2. Set Strict Boundaries
It’s essential to set firm boundaries between your work and personal lives. Otherwise, your business might overshadow your marriage during meals, dates, and other romantic moments.
Agree to common boundaries before your business begins so you start in the same place. That might mean not talking business after dinner or refraining from work on the weekends. It’s ultimately important to make time for yourself.
Maintaining boundaries is also much easier after organizing your schedules together on a shared calendar. You’ll always have time set aside for yourselves or your family, which makes operating a business much more fulfilling.
Your calendar will also include time for your personal interests. Many people lose sight of themselves when swamped with business and family responsibilities. Calendar or schedule boundaries allow people to find ways to stay fit if they love working out or develop their creative skills if they’re artists.
3. Establish Job Responsibilities
Businesses come with many responsibilities. One partner might naturally handle more than the other, but the uneven workload could turn into resentment.
Sit down together and list your job responsibilities before your business begins. You can also schedule recurring check-in meetings to revise those lists as needed. When you both know what you’re in charge of, your professional relationship will be a solid foundation for your business.
Launch Your Business Successfully
There are many steps to take when starting a business with your partner, but don’t forget these essential considerations. You’ll thrive in your personal and professional relationships when you have clear roles and financial responsibilities and you set time aside for each other.