5 Steps to Entrepreneurship for Couples
You and your partner are enthusiastic about a particular business idea – but you’re worried that going into business together will harm your romantic relationship. This is a fair concern, yet with the right approach, you can succeed as business owners without sacrificing romance. Presented by Anita Defrancesco, here’s how to handle the legal, financial, and personal aspects of business ownership with your partner.
Form a Partnership Agreement
When you’re running your business as a romantic couple, choosing the right structure is very important. Your business structure and any accompanying legal agreements outline your official rights and responsibilities in regard to the company.
A couple starting a business together can benefit from establishing a Partnership Agreement. This document outlines business responsibilities for an unincorporated company with two or more owners. It’s easy to start a general partnership, and it comes with plenty of perks, such as minimal paperwork and no annual reporting. By creating a Partnership Agreement, you can deviate from your state’s default rules if they do not suit your business’s needs. As you write your Partnership Agreement, make sure to include your partnership name, management obligations, specific contributions, and business processes.
Consider Moving
Perhaps you and your partner are launching a home-based business, but you don’t have much square footage to work with. Feeling cramped can affect your relationship and your business prospects, so you may want to consider moving somewhere new to enjoy more space.
If you do plan to move, you’ll need to research your mortgage options. Realtor states that you could be eligible for a conventional, FHA, VA, or USDA loan, depending on your background, financial situation, and where you plan to buy. Get in touch with different lenders to evaluate the different rates that you might qualify for.
Marketing With Visuals
You’ll want to start investing in marketing early on to effectively promote your business. When you’re running a business with your partner, it’s only natural to be concerned about how spending more on your company could impact your household finances.
Thankfully, there are lots of free and low-cost marketing tools available online. For instance, if you’re advertising products online, you’ll need to display eye-catching product photos, which you can edit into banners with an online tool. Use an online banner maker to simplify this process. By using these pre-made, customizable templates, you can easily create a banner that’s shareable on your website or social media. And because they’re so easy to make, you can swap them in and out as needed based on seasons, sales, and specials.
Managing Finances
As business owners and romantic partners, you need to agree on how you’ll manage your income from the company. It’s a good idea to meet with a financial advisor and accountant for guidance. Meratas recommends deciding on an overall philosophy for managing your money as a couple, which might mean living off of your salaried income while saving the income from your business for the time being.
Some couples decide to go into business together to help make ends meet. Starting a business is a big undertaking, but it can be even more challenging for couples who are trying to navigate both the legal and personal aspects of their relationship. Thankfully, there are steps that couples can take to make the process a little easier. For example, couples can start a Pennsylvania S Corporation, which allows them to combine their business interests while still maintaining some degree of separation between their personal and professional lives. Once the legalities are sorted out, it’s important for couples to sit down and discuss their goals and expectations for the business. What are each person’s strengths and weaknesses? How will decisions be made? What happens if one person wants to sell the business or bring in outside investors? By answering these questions upfront, couples can avoid some of the pitfalls that can occur when two people are trying to run a business together.
Don’t Neglect Romance
Your relationship is just as important as your business, so make plenty of time for each other, too! Communicate openly and honestly, whether you’re talking about your business or your personal life. If you’re struggling to communicate with each other, you might want to see a couples therapist. MyTherapist states that couples in counseling can learn to deescalate arguments, view problems from each others’ perspectives, and resolve financial disagreements.
Going into business with your partner can be rewarding. It doesn’t have to snuff out your romantic spark. By following these guidelines, you’ll be able to draw up a comprehensive Partnership Agreement for your business structure, take out a mortgage on the perfect property for a home-based business, and create compelling marketing images together – all while keeping your romance alive.
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