Are you thinking about starting a business with your significant other? Juggling a relationship and a business can be tough, especially if you have children. And if you're both trying to launch a business on the side of full-time jobs, you're going to need a lot of determination to keep at it. Teamwork, open communication, and mutual goals will help you both stay on track and ensure your relationship survives and thrives as you navigate the challenges ahead.
Discuss Your Legal Responsibilities
Like all business partnerships, it's important to consider your legal obligations before going into business with a romantic partner. The first thing to think about is your business structure. You'll have to decide on structuring the business as a partnership, a two-member LLC, or a corporation. Married couples also have the option of structuring as a qualified joint venture, or a sole proprietorship with two married owners. Go here for an outline of your options.
There are advantages and disadvantages to each option, so do your research. You may also want to seek legal consulting from a law firm, such as RJ Fichera Law Firm, for help choosing the best business structure for your needs and goals. A great legal professional can also offer advice when it comes to other matters involved in running a family business, including estate planning and succession planning.
Establish a Home Office
If you're launching a business from home, creating a dedicated home workspace will prove invaluable to your productivity. While it's possible to set up a home office in a small apartment, you'll be more comfortable sharing a workspace with your partner if you have a little more room. Consider buying a new home if you need more space. If you're upsizing, you're probably going to be using a lot of your home equity to buy your new property. Look into your mortgage options to ensure you can afford this move. Whether you're looking for a conventional, FHA, or VA loan, familiarize yourself with the current mortgage rates so you know what to expect.
Agree on a Regular Work Schedule
It can be hard to focus on work when your partner is in the other room watching TV or cleaning the house. To maximize your productivity, try to agree on a regular work schedule during which you and your partner will both be working in your home office. This will save you from a lot of needless arguments! FlexJobs explains that establishing a schedule can also help structure your day, which is challenging when you work and live under the same roof.
Align Your Business Goals
Before going into business with your significant other, make sure you're on the same page. You both need to be chasing the same goals. Otherwise, you'll struggle to agree on decisions or find satisfaction in your work. Asana suggests establishing goals that you plan to achieve in a set period. Set overarching long-term goals that serve as a compass to get you where you want to go, as well as short-term goals that work as building blocks towards your larger goals. After setting mutual goals, regular communication is key! Hold regular business meetings to revisit your goals and examine your progress.
Dedicate Time to Your Relationship
While you and your partner might spend all of your time together working on your business, it's important to set aside time just for your relationship. Schedule non-work-related activities and date nights so you can reconnect and revisit your romantic relationship regularly. Instead of eating dinner at the computer while hashing over business plans, sit together at the dining room table and have a conversation about other things going on in your lives.
If you and your partner have a great idea for a business, go for it! Starting a business with your significant other can strengthen an already great relationship, giving you both mutual goals to work towards. With good planning and communication skills, you can build a thriving business together!
Are you looking for legal advice? RJ Fichera Law Firm can help with strategic business planning, including legal organization and business structuring. Call today for a free consultation. 610-768-9255
This article was provided by Ed Carter and brought to you by the Ronald J. Fichera Law Firm, where our mission is to provide trusted, professional legal services and strategic advice to assist our clients in their personal and business matters. Our firm is committed to delivering efficient and cost-effective legal services focusing on communication, responsiveness, and attention to detail. For more information about our services, contact us today!
This is not tax advice and should not be construed as such. Please seek professional tax services for more information and advice that will apply to your specific tax situation.