As a small business owner myself I understand the many challenges associated with starting a small business, and all the work involved. It takes years, not months to build a business to the point where you can truthfully say you are making a profit.
I started my first business in 2001, with no business background as such, and no budget at all. My first thought was that I was going to become a Motivational Speaker in order to help others overcome their challenges, as I had overcome mine. Looking back I was very naïve and it was not until many years later I fully realised that my husband was 100% supportive, he never tried to rush me through the process, or ask that very important question “when are you going to make some money to help pay the bills”.
It is quite common for the person in a relationship who has started the business to be in their own world, and not really understand the sacrifices their partner is making, and will continue to make, as they work through the process of making their business successful.
The problem arises when we don’t listen to our partner, when they voice their concerns, or they ask questions about our business plan, or even share with us they want to spend more time as a family unit. When our partner objects to the financial insecurities they feel are affecting their lives in many ways, it’s time for us to listen.
In many cases when we start a business we are already in a committed relationship and probably have financial plans in place to pay the mortgage, and other such related items. Even if our partner can take over all of the household bills, that does not mean smooth sailing for many business owners. This may mean the other person can’t plan ahead for their pension, as one example.
A couple of tips I want to share today that can make our lives and our significant others lives easier and hopefully help us continue to build not just a successful business but a committed and trusting relationship.
- Communicate clearly with the people in your life who will be supporting you, not just financially, but by standing by you through the tough times. When you decide to start your business have clear intentions and a 5 year business plan that your partner understands. Invite your partner to ask questions and offer advice before you move forward. Your partner will feel involved.
- Ensure you have a plan where your family is concerned, they do need to spend time with you and there are tasks that only you can do that are not related to your business. Communicate to your partner that they do come first, but if there are challenges, there will be times when you might not be home for supper or be able to afford a vacation.
- Include your partner as much as possible, and encourage them to be involved in some aspects of your business. If you are working during the day and networking a couple of evenings a week stay connected with your partner as much as possible. Invite them to come along to the networking events that allow guests. Make time to invite your partner out for a supper or to the movies. Life still goes on for the person who is not running a business, they need to see you and spend quality time with you.
However many years it takes to build your business, whether you are profitable or not in a certain amount of time, your partner should always be involved. Especially where the financial decisions are concerned.
Know when to admit the business is not working, seek advice from a professional consultant, but above all don’t fall into further debt, always consider your partner/family first and foremost. If your partner is Ok with you continuing to build your business do your best to ensure the family unit stays secure, protect the family home and assets.
If the time comes when you know 99% that your business is failing and there is no hope, admit that fact and move on. It has been a learning experience, you did put the work in and made a commitment, and above all you did have the support all business owners need.
It’s not about failing, it’s about being strong and accepting it’s time to move on. That does not mean you won’t try again, when the time is right.
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