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Till Death or Bankruptcy Do Us Part

Should married couples be in business together?

So you recently got married, or you’ve been married for a while. One day you turn about and look at each other and decide that building a business together would make your lives better. If you haven’t taken that fateful step yet, WAIT!!!!

My wife and I have been in business for 8 years. We were in business together before we started dating seriously. If you are happily married, you may be under the misguided belief that you can work together successfully. We’d like for you to take a moment and assess your situation before moving forward. Ask yourselves a few questions.

1. Do I like this person enough to be around them 24 hours a day?

Don’t get us wrong. We know that you love each other, but do you like each other. Many of us love our immediate family, but we don’t like to spend more than Thanksgiving dinner with them. Remember that you will be spending almost every waking moment with your spouse. Having the ability to laugh together will help you get through the great and the not so great moments.

2. Do you have the same financial views?

This one can make or break your business and marriage. Who in the relationship will manage the finances? How will financial decisions be made for the business? Sit down, and speak about these issues. In the beginning, it’s one for all, and all for one. When revenue starts to come in, someone needs to be fiscally responsible. Your personal views on money will play an important role in your business. Be honest about how you both see that wonderful piece of paper that we call money.

3. How much of a time commitment can you both make to your new business?

It took us a few years to get used to each others work schedules. Shani is up with the sun (5, or 6am) and ready to get the day going. She will work all day, but after 10pm, she becomes a pumpkin. I work best between the hours of 10am, and 4am. Her best ideas show up in the morning. My best ideas also show up in the morning. It just happens to be 1, 2, 3, or 4 in the morning. For years we tried to work on the same schedule. It never worked. We finally accepted the fact we’ll never have a 9-5 schedule. There are only a few hours in the day when we know that we can both get a ton of work done. No more statements like, “You don’t get up early enough.”, or “Why is it when I’m just getting on a roll, you want to go to sleep?”. We work well independently, but we make sure to keep each other informed of new ideas, and new developments in our business.

If you are just starting out, your venture may be a part time venture. Maximize the hours that you put into your business. It does not matter whether it’s one hour, or 9 hours a day.

4. Who will play what role?

This is one of the times in your relationship where honesty is the best policy. I know, we should be honest all the time. ☺ Many of us have an over developed sense of what our abilities are. Dividing responsibilities, and staying out of each others way is the surest way to get on the road to success. My best skill is sales and marketing. My wife, Shani, is great at keeping the books, and the financial portions of our business. She deals with vendors better also. She is also the CEO of one of the company’s that we own. When we first started out together, I wanted to handle everything financial. She let me. She hated making cold calls, and I loved it. I hated paying bills, and balancing accounts. Shani found some kind of joy from those activities. Many of our responsibilities overlap, but there are some areas that we let the other run on their own. Understanding your “roles” will allow your business to grow successfully. I know that some of this sounds simple, but for many couples this subject becomes a source of contention. It took us a little while to get into a smooth business groove.

5. Are you passionate about the business you are starting?

Let’s face it. If you just want to bring some extra money into your home, both of you can take on a part time job. If you want to create a life worth living, you have to be passionate about what you do. We have owned businesses in the past that made us a lot of money. Unfortunately, we were not always passionate about them. We have been fortunate enough to turn one of our biggest passions (travel) into a business that we love. We are having a ton of fun with the business, and each other. We look forward to every day now. In the past, each day was a pain in the butt until a deal closed. It seemed like we closed deals so that we can go on vacations. Now that we have turned a passion into a business, life has not become easier, but is sure is more fun.

Should married couples be in business together? My answer will obviously be biased. I think that any couple that loves spending time with each other, and want to create financial freedom, should consider starting a business together. There are always going to be ups and downs. Being in business together has been great for us. We have three wonderful daughters that we get to work with and play with. We actually get paid to go on vacations now. Find your passion, and start working with each other today.

Sam and Shani Leccima are a married couple that run an online travel business – www.marriedmillionstravel.com. The purpose of their blog, www.marriedmillionsblog.com is to provide business and personal resources for other married couples seeking financial freedom together.

This article is free for republishing
Source: http://www.financealley.com/article_208457_76.html


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