Helping Couples Start a Family Business: The Guide to Ensuring Success
Starting a family business is a great way to bring your loved ones closer together while also providing a stable income. But as with any venture, there are certain steps you need to take to make sure your family business is successful. In this article, we’ll outline those steps and provide some tips for keeping the love alive in your relationship when one of you is working long hours.
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Discuss your goals and dreams with each other
Discussing what you both envision for your future is an excellent first step to take when thinking about starting a business together. You can start this conversation at any point in your relationship, but the earlier you begin talking, the better prepared you’ll be later on.
When you and your partner discuss your goals and dreams, you’re creating a foundation of understanding and support that will help you through the challenges of running a family business. By sharing your hopes and fears openly with each other, you’ll be able to build a stronger relationship that can withstand the stress of owning a business. You’ll also have a better idea of what each of you is capable of, which will come in handy when it’s time to make tough decisions.
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Set expectations with your partner
Now that you’ve discussed your goals, it’s time to set expectations. What can each of you contribute? How much effort is required? What does success look like and how long will it take to achieve that success?
As you map out what your family business will look like, make sure there’s a clear understanding of the roles and responsibilities you both will take on. You want to make sure you’re not stepping on each other’s toes but are working together cohesively in every aspect of the business.
To avoid conflicts, couples should work together to meet each other halfway. And one way for couples to strengthen their partnership is by attending a relationship coaching program. A stronger relationship allows the couple to achieve more in life and help their business to expand in the market.
Create personal boundaries between business and family life
We’ve all heard the phrase, “Keep your business and personal lives separate.” What that means in a family business is that while you’re working with your significant other, you should try to maintain boundaries between work life and home life.
For example, avoid using endearing terms of endearment when you’re at work, talking shop with your partner, or discussing your relationship. Decide on certain days of the week when you won’t talk about work at all so you can focus more on family time.
Also, it’s important to avoid bringing business insecurities into your personal life and letting them take priority over your loved ones. Working in a family business is often stressful, but there’s no need to let that stress invade your personal life.
Working in a family business can bring extreme joy to your loved ones, but it can also cause tension. So make sure you set clear boundaries between work and personal life so neither of them infringes on the other.
Prioritize spending time with one another
When there’s a family business in the picture, couples need to prioritize spending time with each other. You and your partner shouldn’t be working in the same place every day and night; at least make sure you take some nights off from work-related activities so you can spend time together as a couple.
One way to ensure you’re spending quality time together is to set aside certain nights as date nights. These dates don’t need to be elaborate. They could be as simple as going for a walk around your neighborhood and enjoying each other’s company.
It’s also important to take vacations together and enjoy recreational activities, like hiking and biking, at least once every few months. These activities will strengthen your relationship and will help you be more productive at work when it’s time to get back to business.
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Be honest about the support you can offer
Let your partner know the sacrifices you’re willing to make, but also be open about how much work you have to do for yourself. It’s not selfish to focus on building your career or side business while they are building their family business. If anything, it will help keep them motivated because they’ll know you have their back in the long run.
To create a successful family business, you must set expectations and work together as a team. It can be difficult for couples who are working in the same place all day long, so make sure there is time spent away from each other where both of you have your interests. This will allow one person to avoid feeling neglected by their partner when they’re spending too much time at work.
In addition, make sure you prioritize quality date nights with each other every few months and take some vacations together on occasion. And finally, don’t forget about how to maintain boundaries between home life and professional life!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies