Finding the love of your life is the beginning of a new journey. While this is a milestone for you and your partner, this could also mean a change in financial handling. You’ll be doing tax as a couple now. There may now be a need to share rent and some utility expenses. You two may be planning a baby soon, and it’s going to cost you more.
These scenarios that involve money may prompt you to think of ways to ease financial hurdles. You may come up with the idea that will give you passive income. Yes, you may think of establishing a business with your partner. The promise of additional income from a business is truly enticing.
But building a business isn’t that easy. Let alone build it with a partner you just got married to. Conflicts and struggles are inevitable. Only 25% of new businesses make it to 15 years or more can be challenging, especially if it’s statistically true. However, there are ways to minimize all these tensions. We’ve listed a few tips to help you create your business as a newlywed couple.
Invest in your passion
You may have already heard that a great business is built on passion. Business owners often find success in pursuits they truly care about. It could be their hobbies or a skill they wanted to profit from. However, it could be slightly different if you’re building a business with your partner. Both of you should be interested in the venture you’ve chosen. This is important to consider. Otherwise, your business won’t thrive. You can look into a mutual passion or any hobby you both enjoy. Maybe you two met at a baking class learning to make coffee shop pastries. You can both get into the pastry or coffee shop business. Use the things you’ve learned from the baking school you both attended. Or maybe, you like dressmaking and your partner is a tailor. You can use these skills to open an RTW business. Identifying your mutual passion for using for your business can help you with your pursuit.
Focus on finances
As newlyweds, you know that you’ve gone through and will potentially be going through a lot of financial burdens. This is why you must be able to manage your finances. That’s needed, especially if you plan to put up a business with your partner. You would want to make sure that you have enough money for your daily expenses, utilities, the mortgage you’re paying, and the business plan itself. At this point, you need to focus on your finances as a couple before putting money out for any venture. That includes investing in a business. Review your finances first before deciding which business you and your partner should pursue.
Being co-owners of a business means that you have to be transparent to your partner all the time. Transparency in a business can make both parties look into potential dips and troubles. That’s what makes this aspect extremely important. If you cannot manage your business because of your day job, you have to be honest with your partner about it. This way, you two can find a solution to resolve this managing dilemma. This takes us to our next business advice.
Manage your time
As previously mentioned, you may find yourself caught between business handling and managing your day job. Problems may arise if you realize that you can’t be doing both things simultaneously. But the thing is, you’re just starting your business, and you’re using your job income to sustain it. This is where you should talk to your partner about the burden. Mind you that inadequate management is one of the most common reasons businesses fail. Discuss division of tasks and understand each other’s roles in your business venture. See if there’s an urgent need to let go of your day job to focus on your business. Maybe, it’s just a problem that time management can easily resolve. Do your best to brainstorm and discuss schedule management with your partner.
Help each other
Like any other career path, you should be able to give and receive support from your partner. The beginning stages of your business venture may get a little rough around the edges. You’ll both need help from each other so the business can stay afloat. No other person could help you the most but your partner. They have the utmost concern for the business since both of you own it.
Planning your future with your partner can be one of the smartest ways to obtain financial stability. Managing a business with the person you care about the most can be more exciting. If you love what you do, you’d surely thrive with it.