Being an entrepreneur is one of the most demanding endeavors that a person can embark upon, and having spousal support can really make the difference in a business person's life.
Many times,there is only one spouse that is involved with building a business while the other has very little to do with it. We have found that there are a few important things that you can do to prepare your significant other and your family for the rigors of entrepreneurship.
- Don't Start Your Business Without Solid Planning - There are a lot of challenges that a business person must endure. They often involve, funding, marketing, human resources, legal matters, etc. etc. Many times there will be things to pop up that you weren't expecting. When you have begun your business without a plan, this puts you at an even greater risk of failure. Your family's finances should NOT suffer because of YOUR lack of planning. Your spouse will resent you for it. Plan, Plan, and Plan! We offer access to many business consultants that can help you plan for your business launch. Even if you've already started your business, you can benefit from meeting with consultants to help your business have a greater chance of success.
- Explore All Funding Avenues Before You Begin - There are many ways for a business to be funded today. Rewards Based Crowdfunding, Equity Based Crowdfunding, Angel Investors, Business Factoring, Loans, Self Funding, and more. Make sure you understand all of the various ways to raise funds before getting your household's finances tied up in your venture. This is especially important if your spouse is not on board with your business. It's going to be a very uncomfortable conversation when you have to announce that you can't make the monthly mortgage payment because things aren't going as you expected.
- Schedule In Family Time While Planning Your Day/Week - There will be many long hours while building your empire. Many high powered business owners and professionals love their work so much that the hours slip away from them. They find that they're working hours and hours on end without taking breaks to take care of their family. Your spouse will notice if you're spending too much time away from the family. Do yourself a favor and schedule regular time that is devoted just for them. They will appreciate the fact that you know that life is about more than just business.
- Give Your Spouse Regular Business Updates - Make sure you set aside time to update your spouse on the status of the business. Be honest. Don't mislead him/her. If you've done the proper planning upfront, you'll have a course of action to take when the business isn't going as expected. There is nothing worst to a spouse of an entrepreneur than being blindsided with bad news.
- Make Sure To Recognize Your Spouse/Family When Appropriate - When business success does come to the entrepreneur, there is a great sense of accomplishment. All of the planning and hard work has paid off and you want to pat yourself on the back. Just don't forget that you didn't get there by yourself. Your family probably had a lot to do with your success. Acknowledge them publicly and watch their faces glow with satisfaction and happiness.
These are just a few tips. I sincerely hope that no matter what, you have fun while building your business. It can be a very educational and rewarding experience. Just make sure that you honor and respect your loved ones in the process. Now, GET BACK TO WORK!
Stephen Wicks, Founder