According to industry experts, 90% of startups are failures. One way of boosting your odds of success could be going into business with your romantic partner. After all, you have a shared desire to see both your venture and relationship blossom. Nonetheless, relationships of all types often collapse, and going into business puts strain on everyone. Here’s how to make sure your affection for one another thrives alongside your startup, presented by CEO Medium in the article below.
Getting Started
If you’re lucky, the spark that sets your business into motion is mutual. In most instances, though, one person is the initiator. The other may feel pressure to follow suit and support a partner’s dream. There is always a risk of resentment. Negotiating a deal or compromise that leaves both individuals happy sets the stage for mutual success.
Launching a business requires heaps of startup capital. Although seeking investors, using crowdfunding platforms, and acquiring small business loans are options, the savviest alternative is using personal savings, as it offers the lowest risk of falling into debt. There are dozens of ways couples can save up. For instance, use smart shopping apps that point the way to discounts and low prices.
There’s no substitute for economic fundamentals. Create a household budget that’s separate from your corporate expense sheet. Keep track of spending, and pay off debts as quickly as possible. If there are any debts that you’d like to clear up ASAP, you may be able to refinance your home (if you own property). You can review interest rates and refinancing information by visiting this website to see if this decision is right for you.
Working Together
There are many reasons why romantically involved entrepreneurs wind up splitting besides financial strain. One is that constantly spending time together can blur the line between business and home life. Circumvent this by dividing responsibilities. For example, someone could handle operational matters from a different location while the other deals with strategic decisions in a home office.
Marketing is a vital concern that the individual in charge of strategy can tackle alone. Digital advertising is both inexpensive and highly effective. Social media, promotional websites, and banner ads require sharp-looking product imagery. Before sharing them everywhere, use an online tool to quickly remove the background from an image. By deleting extraneous elements, viewers can focus on what you’re selling. Place cropped images on abstract backgrounds or within different environments for additional visual punch.
Opening a brick-and-mortar store or paying rent for an office is expensive. It might make sense to handle your business entirely remotely. When you both work and live at home, though, you are constantly together. Work-life balance suffers without taking preventative steps. Use remote working strategies to help keep everything in harmony.
Staying Communicative
Preventing professional and personal strain requires maintaining the lines of communication. Set aside time once a week to connect and voice concerns before they grow out of hand. Particular methodologies facilitate healthy sharing. Put them to use whether discussing business or your love life. If you’re having trouble adhering to these guidelines, visit a couples therapist. Despite the stigma, there is no shame in seeking guidance from a professional.
No matter your efforts, there is still the possibility that your business survives while your relationship does not. It’s important to discuss this potential. Decide ahead of time how a breakup will affect your roles and ownership privileges. Put your agreement into an official document. While you’re at it, you might even consider penning a relationship contract.
Being in love and creating a startup can go hand in loving hand. That said, balancing both requires a conscientious, calculated approach.
