3 Essential Steps When Starting a Business with Your Significant Other
Guest Article Written by Marjorie Jones
Starting a business with your significant other can be a joyful experience, but it can also add stress to your relationship if you’re unprepared for the changes it will bring. Not only will you both have to worry about your personal finances, you’ll have the added anxiety of keeping a business afloat. The good news is, there are helpful resources that will allow you to make sound decisions with your partner. It’s also a good idea to use a few online tools to make it easier to keep up with the money end of things.
Here’s a couple of things to keep in mind.
1. Your Software Matters
When it comes to keeping up with your receipts and invoices, using the right accounting software is essential. Not only will it help you stay compliant and figure out the best tax deductions for your business, but it will also give you helpful insights into your cash flow that are crucial for planning out daily operations.
2. Boundaries, Communication, and Separation
Money matters aren’t the only important things to keep track of; you’ll also need to maintain open communication and set clear boundaries and expectations for both yourself and your partner. Divide your professional and personal lives as much as possible to prevent issues in one from seeping into another. It’s also a good idea to draw up a partnership agreement for the protection of both of you that outlines what will happen should one person decide to exit the business.
3. Find a Home That Works for You Both
When starting a business together, you’ll need to have a home that meets all your needs as individuals and as business partners. To start, look at 30 year fixed rates today to get a good idea of what you can afford as you search for the right home. Interest rates have been climbing steadily of late, so it may be in your best interest to purchase a home as soon as possible or wait until rates start to fall if you aren’t prepared to. You’ll want your new home to have enough office space set aside where both you and your spouse can work comfortably without distractions.
Starting a business with a significant other can become a lucrative and positive experience if you’re well-prepared. Set some goals together, invest in the right software, buy a home that meets your needs, and stay on the same page as you work toward them to achieve success.
