Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Your Free Business Opportunity Resource Is Easy To Use
Home-Based Businesses
Choosing a Business Opportunity Growth and Profit Marketing and Sales
Plans and Goals Running Your Own Business Start-Up
Working From Home Entrepreneur Exchange Feature Articles
Opportunity Community Opportunity Focus In The News

Conversion Rate Optimization - Every business owner knows the importance of a good online presence to increase a company’s visibility in a crowded and competitive marketplace. But getting more visitors and broader publicity is only half the story.

By improving conversion rates, you can give...

Offering Financing Boosts Bottom Line - Staying afloat takes capital. But the process of attracting financing is confusing for small business owners. That’s why a system like FundAbility is so powerful.

Offering Financing Boosts Bottom Line - Here is a look at how you can offer help with financing...

International Business Expansion - Once your business has established itself on the domestic scene, you should then think about the next steps for your company to help it develop and grow.

International Business Expansion - One option you may want to consider is to take your business overseas...

Sponsors

STARSCAPES®
Imagine making up to $500 to $1,800 a day! Call or click now see how you can get your business for FREE! (602) 679-0257
FundAbility
Need Funding? Need To Offer Financing To Close More Deals? We Have Access 7,000+ Credit Providers. Learn more now...
 
Resource Center > Article
Six Key Things to Think About Before You Go Into Business with Your Spouse
8 Jun 11 Posted by: Kathleen C Lanza
in Start-Up
Share this Article:

Mixing business with pleasure, they say, is never a good idea.  But millions of home-based and other small business owners who run successful businesses with their spouses would disagree.  Despite these success stories, the truth of the matter is that it just doesn't make sense for everybody.

So before you take the "co-preneurial" plunge and put any kind of money into something like a business opportunity, distributorship, licensee opportunity or even a small franchise, you need to give careful thought to the risk you’re taking both emotionally and financially.

If owning a business with your spouse is something you’re seriously considering, here are six key things you should be thinking about as you make your decision:


  1. Do you share the same work ethic?  Are you both on the same page when it comes to level of effort at work, or is one of you a true workhorse while the other is content to get things done eventually?  If you’re not pretty well matched in this area, it could spell trouble.

  2. Are you both able to communicate openly, even when either of you doesn’t like what you’re hearing?  Keep in mind that if you’re not able to do this in your marriage and on a personal level already, owning a business together is only going to put more strain on an already complicated relationship.

  3. Do you respect each other enough that you can accept input about business affairs from one another just as if it was being offered by any other colleague?  Do you mutually respect one another such that you can act as co-decision makers when necessary, agreeing in advance what level of decision-making requires input from both of you and what does not?

  4. Have you taken the time to really hash through the ground rules for owning and operating a business together, including such things as the following:  how you will resolve heated disputes, if they arise; the roles each of you will play in day-to-day operations; any expectations you have for one another when it comes to performance; and your plans for keeping your professional and personal lives separate, including regular business meetings where personal stuff is off limits?

  5. Do you have a written and well-crafted business plan that articulates your agreed-upon vision and overall goals for the company and that will serve as a roadmap to guide you in a unified fashion toward what it is you both hope to achieve?

  6. Have you agreed to a contingency plan in writing should your jointly owned and operated business fail?  How about if your spouse is not a joint owner, but gives up a lucrative career elsewhere to join you, only to have your best laid plans go awry?  Then what happens?


If you don’t take the time to think carefully through these kinds of issues before you go into business with your significant other, you’re leaving far too much to chance and may be seriously jeopardizing your personal life in a way you could have never anticipated.

Related Blog Posts
8 Jun 16 Posted by: Kevin James Culp
in Start-Up

Commercial Property 101: Leasing commercial space can be hugely beneficial for your business and a great way to cut down your overheads.

However, there are lots of things you need to consider before leasing a commercial property to ensure that you’re making the right decision for your business....
19 Apr 16 Posted by: Todd Hatch
in Start-Up

StartUp Marketing - There is a wave of sheer exhilaration that comes with finishing your product or getting your startup to the starting line. But according to many entrepreneurs, that’s when the real work begins. People need to know what you have to offer before you can make money.

StartUp Marketing...
28 Mar 16 Posted by: Kevin James Culp
in Start-Up

StartUp Financing: Are you having trouble getting people to buy your expensive products or services? Whether you are offering a business opportunity or a franchise, you are not alone.

StartUp Financing: Even after your target audience is sold on the worth...
29 Dec 15 Posted by: Kevin James Culp
in Start-Up
Funding is the lifeblood of any business. The principle reason entrepreneurs put off starting their own business is lack of it. Raising funds from venture capitalists, friends and family is fraught with danger and is often very time consuming. Funding your business by mortgaging your home is risky too....
14 Dec 15 Posted by: Kevin James Culp
in Start-Up
Who are the types of people who buy a business opportunity or small franchise According to people in the field, this type of career move appeals to a wide range of personalities. If you’re worried that you don’t have what it takes, relax....
 
   

Entrepreneur Exchange is our forum where we interview the Influencers, CEO's, Author's, Business Owners Of All Types, Shapes and Sizes.

Entrepreneur Exchange: Today, we sat down with Marc Winkelman, CEO of
Video Spotlight
You're invited to view a Bartercard Online Franchise Presentation.

Premium Sponsor