Starting a business with your significant other can be both a blessing and a curse.
On one hand, you have the benefit of total trust and understanding between partners, but you face significant challenges in maintaining a healthy romantic relationship while also running a business together.
If you can navigate these challenges successfully, however, you’ll be in a great position to build a successful business.
Managing Your Mental and Physical Health
To manage your roles when you are in business with your significant other, be sure to define these roles early on.
It’s important to clearly understand who will be responsible for what in the business.
This can help avoid conflict later on, improve your mental health, and make sure that both partners are pulled in the same direction.
You’ll also want to keep the romance and work separately. It’s tempting to blur the lines between work and romance when you’re in a relationship with your business partner.
However, it’s important to maintain a clear boundary between the two. Otherwise, it will be difficult to achieve a healthy balance.
Finally, staying physically active can help you both relieve stress and maintain your health. A business takes a lot out of you, so having a regular fitness routine, whether together or apart, is crucial for blowing off steam.
How To Choose Your Business Structure
There are a variety of business structures to choose from. The most common business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.
The right choice for you will depend on several factors. You’ll need to consider the size and scope of your business, your liability risks, and your tax situation.
If you choose an LLC or corporation, it’s easier than ever to register your business online through formation services.
In order to make an informed decision, we recommend comparing at least three different formation services before deciding.
Marketing Your Business
There are many ways to market your business, but not all of them are created equal. Traditional methods like print ads and radio spots can be expensive, and you may not always see a return on your investment.
Fortunately, there are a number of affordable marketing strategies that can be just as effective.
You can also use search engine optimization (SEO) to make sure your site appears
high in search results.
Facebook ads are also a powerful tool that can help businesses reach a larger audience and achieve their marketing goals.
When used effectively, Facebook ads can be highly targeted, allowing businesses to specifically hone in on their ideal customers. Additionally, Facebook ads are flexible and can be customized to fit the needs of any budget.
Plus, you can easily create Facebook ads for free when you use online templates. Choose from a library of
templates, fonts, colors, and images to quickly create your ad.
Running a Business From Home
If a home-based business is on the agenda, one of the best ways to stay focused is to create a dedicated workspace.
This can be a separate room, a corner of your living room, or even just a desk in your bedroom. If you find that your house is not big enough for a dedicated workspace, you might consider moving to a larger home.
This will give you the extra space you need to stay productive, and you can get tax deductions if you have a home office.
When searching for a larger home, look into Real Estate Owned (REO) properties. REO properties are those that have been foreclosed on and ownership has reverted back to the bank or lender.
You can find REO homes for sale through various means—specific lenders maintain their own REO listings as well as Multiple Listing Services.
Buying an REO property can be a great deal for sizing up your home, particularly if you are willing to be
patient and thorough in your search.
When starting a business with your significant other, it’s important to set clear expectations, choose the right business structure, and make sure your home office and marketing strategies are on point.
When you make careful choices together, you set the stage for a potentially successful venture!