Business partnerships are a wonderful opportunity to pool resources and skills together with someone else. If your business partner is also your significant other, it’s icing on the cake–you already have a strong relationship going and you know they have your back.
Magazine Training International offers this mini-guide on how to go into business with your SO:
What do you need to start a business?
You need seed money, a business idea, and (ideally) a business plan to start a business. The amount of money you need depends on your business idea. You could borrow money, raise funds, apply for grants, or use your own savings. The SBA covers 10 important steps for starting a business.
Writing a business plan can give you clarity on the practical aspects involved with running a business, including market research, business goals, financial planning, marketing, and much more. A good business plan can also help you reduce risk and improve your chances of success. Entrepreneur shows you how to write a business plan.
Types of businesses you could start as a couple
While you could do anything, it’s a good idea to do something that aligns with your existing experience and skill set. We cover a few promising options below:
- Publishing: If you choose to get into Christian publishing and spread the word of God, you could help your community and support a cause close to your heart. Magazine Training International can show you how.
- Real estate investing: The pros of real estate investing include a steady income, few barriers to entry, potentially big profits, and it could net you the most reliable returns. There are cons too – properties are expensive to buy and maintain, markets aren’t always reliable, and renters (if applicable) can cause you problems.
- Miscellaneous: If you’re interested in low hassle and low investment options, here are some suggestions: babysitting, coffee shop, food truck, courier service, catering, party planning, online tutoring, rentals, and travel service.
Considerations to make when starting a partnership
Starting a business with your significant other is significantly different than going it alone. Knowing what you’re getting into is key to navigating challenges successfully. Below are some critical considerations to make:
- Shared values and goals: Does your partner share your vision and business goals? Disagreements will hurt your business in the long run.
- Expectations: How much will each person contribute to the business? What responsibilities and roles will you take on, now and in the future? Have clear expectations from the start.
- Risks: Running a business is always risky. Are both you and your partner prepared? In the worst case, you could lose your savings and other assets.
- Finances: You need to decide how you’ll manage day-to-day finances, debts, and income. Also, will both partners contribute money equally?
- Legal partnership: Setting up a partnership structure can reduce liability for one or both partners and bring other benefits.
- Dissolution: What will happen if the company dissolves in the future? It’s a good idea to address this beforehand.
- Contracts: Drawing up a written legal contract with an attorney’s assistance, instead of relying on a verbal agreement, could be a good idea.
How to maintain your romantic relationship
Running a business with a romantic partner can be tricky. You could end up spending too much time together, prioritize the business over all else, butt heads on minor things, take work home, and more. Many couples navigate these challenges successfully, though–and so could you.
Some suggestions are drawing clear boundaries, spending time alone, communicating in a healthy way, managing conflicts proactively, prioritizing the relationship, leaving work at work, and spending quality time together. The key is to constantly work on your relationship.
Running a business with your partner will require commitment, dedication, and hard work. For the best results, make it a long-term project and keep working on your entrepreneurial skills. You can get help from business coaches and other professionals if you get stuck. Also, you can draw inspiration from couples who have gone into business together successfully.
by Poppy Williams, Tech Biz Guide
Photo by Ryan Holloway on Unsplash