We let you in on the secrets to transform yourself from being in a relationship to entrepreneurship and successfully turn couples into co-founders.
Communication is the Keyword
When life partners turn into business partners, they should be able to communicate effectively between themselves. Sit down and plan before you are ready to startup. Clearly communicating what each one expects out of their personal and professional life helps in having a successful relationship at work and life.
Compartmentalize Your Life
To be successful as an entrepreneur, you have to Compartmentalize Your Life. It becomes relevant even more if your starting up with your better half. Often the lines between personal and business life gets blurred. If you learn to compartmentalize your work and personal life you will understand that problems and differences from one-part need not cross into the other.
Prioritize Personal and Business Goals
When couples turn into co-founders, they should prioritize their preferences in life. Don’t tie-up your personal goals with your professional life. Treat them both as separate entities. The timeline in meeting your business goals can vary hugely due to factors out of your control. Hence, setting and prioritizing different goals for your business and personal life separately is very important.
Differentiate Finances
The number one cause for problems between partners is due to finance. Differentiating finances between loved ones is as important as maintaining a professional and professional and personal finance. Make clear measures to have separate budgets for business and home. Invest enough time to plan and allocate funds and sort out any issues before it grows.
Manage Time
Timing plays a crucial role while you’re running a business together. Choose what suits you, some loved ones choose to work efficiently by having different timings for work. Others choose to work at the same time, so that the can save on costs and also spend time together. Make sure that you both have enough personal time for having a successful business in the long run.
Balance Your Work Load
Define who does what at home and at the office. Use each other’s advantages to multiply your performance or balance your disadvantages. You both will be drained of energy when you have a busy day. Split your work load equally so that it does not have to one person who pulls all the weight.
Have A Break-Up Plan
Trdinoo sincerely wishes you don’t get here. In reality, it’s better to be planned for a situation like this in advance. Breaking up need not necessarily happen only in personal life, but some partners would like to quit their business instead of their marriage. So have a clear plan what happens to the business when one partner wants out. Have all the details of the business in writings, to be clear and avoid confusions in the future.
Understand Your Taxes
Most Government’s treats business differently when your business partner is your spouse. There are both advantages and unique problems when life partners run a business. Look if there are any tax benefits when you make a profit. Choose what type of business should benefit married people through professional help.
Get Comfortable Being Uncomfortable
There is some sort of ease about starting a business with someone you love on a personal and professional level. However, there will be a lot of situation where things might not look pretty. It will make you both uncomfortable if you don’t adjust with each other. You and your better half should get comfortable being uncomfortable. Finally, remember that trust and communication plays a key role when you start a business with your better half.
Wishing you both the best in relationship to entrepreneurship.
Did you start a business with your better half? Share your story with Trdinoo to inspire others in the comments.
