I am currently on vacation. This is a guest article by Tisha Kulak, a freelance writer who is an editor/writer for a credit card blog, a consumer news blog, and Empowering Mom – a blog about entrepreneurship. She has also co-authored a book on hiring a freelance author.
Anyone who has ever started a business knows how hard it is to get things off the ground. For some, the hard work was incredibly fulfilling and fruitful, while others wanted to jump off a bridge at certain points of the process. Whatever the situation, sometimes the people most affected by a new business are not the owners themselves, but those people who love them most.
Those blessed with an entrepreneurial mind and spirit definitely think differently than those who aren’t as entrepreneurially-gifted. It may be a bit more nerve-wracking for someone to go through the process of starting a business if they do not share the same enthusiasm and vision as the person starting the business.
This is especially true when it comes to money and the overall financial toll a new business places on a family or relationship in general. On top of the time spent working and getting a business off the ground, there also lies the possibility that money will get very tight. This can be especially hard for families who already live paycheck to paycheck and need to rely on a steady income just to survive month to month.
So how do you ease the tension and anxiety those close to you feel when you decide to go solo? What happens during the times when the money isn’t exactly rolling in each week?
Open Lines of Communication
Before proceeding ahead with a new business venture, discuss the financial issues your partner is concerned about freely and clearly, without being defensive. Have a clear understanding of how far your partner is willing to go outside of their financial comfort zone. Knowing and acknowledging their worst case scenario fears will help both of you set healthy boundaries and expectations.
Be Frank About Financials
From the very beginning, couples looking to establish an independent business, with or without each other need to have a set financial plan in place before officially starting a new venture. Lay it all on the table and discuss everything about finances. From credit card bills to the mortgage, make sure you both know how the bills will be getting paid for both business and personal things. Know how far your respective other is willing to go to help your business grow and become successful.
Discuss – Don’t Defend
In keeping with the open lines of communication sentiment, it is important you and your partner communicate in discussion form and not with an argument. It may be a gut reaction on both sides to become defensive, which is understandable. But if you are both in it for the long-haul, compromise will go a long way. Don’t disrespect each other or take feelings for granted. Two different viewpoints can work to your advantage instead of destroying a relationship. Having and showing support is probably one of the most important factors in establishing a successful business.
Just because you both may not share the exact same vision, it can make a difference simply by getting involved on some level, so each party can have a better understanding of how things work and see what each person is going through. Sharing a vision, if only on a minor level, can help strengthen a relationship and bring the business to a whole new level. Brainstorming ideas together can help start the flow of cash and bring a mutual understanding of what it takes to be successful.
It is not easy to start a business by yourself feeling unsupported and alone. It is just as hard to live with someone who focuses their time and energies somewhere other than your relationship for a large part of a day. Working together, at least on some level, can help ease the tension during the trying times of a start up business.
Tisha Kulak is a writer for Creditorweb.com, where she writes about credit card offers, business credit cards and small business finances.