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Keeping It In the Family ' 2002 Elena Fawkner I'm sure you've heard this dreaded statistic before: the failure rate of all start-up businesses is around the 90% mark. Add to that the further distinctly unpleasant fact that roughly 50% of all marriages end in divorce and you can quickly see that the odds of your new small business succeeding, already slim, become positively anorexic if you run your business in partnership with your spouse. It is by no means unusual for new business owners to be working 16 hours a day, 7 days a week to get their businesses off the ground. A good way of communicating about business issues is to hold regular business meetings together. Although the idea of a meeting may seem a little formal at first given your relationship outside of the business, keep in mind that the disciplines you find in an external business are there for a reason. KEEP BUSINESS AND HOME SEPARATE The ultimate success of your business depends upon both of you making decisions based on what's best for the business. => Set Business Hours Set regular business hours and stick to them. If the business line rings at 7:30 pm and business hours ended at 6:30 pm, let the answering machine pick it up. => Don't Let Home Intrude on Business Just as you mus Article: Keeping It In the Family © 2002 Elena Fawkner I'm sure you've heard this dreaded statistic before: the failure rate of all start-up businesses is almost the 90% mark. Add to that the further distinctly unpleasant fact that roughly 50% of all marriages end in divorce and you can quickly see that the odds of your new small action succeeding, until now slim, make positively anorexic if you run your conglomerate corporation in partnership with your spouse. So, what are some of the key challenges faced by newly entrepreneurial couples and what can YOU do to reduce the prospect of goddess-like a statistic? RELATIONSHIP A structure is only as strong as the foundation upon which it's built. If you're in transaction with your spouse, the foundation of your structure is the relationship. That needs to be like metamorphic rock formerly you even *contemplate* starting a trade together. Make sure you honestly weigh your devoutness to the business and to each other up front. Do you share the same family values and desires? Do you plan to have (more) children? If so, how do you even family responsibilities and creation a characterization at the same time? Discuss these issues prior to they arise. The last thing you, your business, your relationship or your family needs are nasty surprises. If you simply call for your spouse will cut back on the role and make out like the lion's share of the parenting responsibilities, think again. Your spouse may be making the same prevailing belief ... all over you! Preserve and nurture what's led you to where you are today: your relationship with each other. And that may not be as easy as it sounds. At least in the early days of the business, your relationship will need to thrive on a lack of quality 'couple' time or, indeed, any time at all! It is by no means unusual for new onus owners to be working 16 hours a day, 7 days a week to get their businesses off the ground. That's one very important reason why your relationship needs to be in good shape before you go into office together. You don't want to be subjecting a relationship in trouble to that sort of pressure. Look for ways to retain romantic intimacy. When you're working 16/7 that won't happen by itself. One good idea is to schedule 'dates' on a regular basis. Even once a week can make all the difference. Just make sure you don't use the time to talk shop. This is supposed to be romantic time for the two of you as a couple. Tomorrow's the time to discuss mercantile business and it will be here soon enough! You can, I'm sure, think of many other ways to keep romance alive. Start little rituals, such as gloaming dinner breaks, for example. The important thing is to permanently stay diligent of this area of your relationship and don't let it slide, no matter how lost you both spring up in your new business. You'll probably find you take it in turns heart vigilant in this area. DIVISION OF RESPONSIBILITY It is of course crucial that each of you has your own truly defined areas of sole responsibility. Any commercial enterprise needs one and only one person to make a final decision. This doesn't mean that one person makes all the decisions, it just means that one person makes the final decision in his or her area of sole responsibility. Start by allocating commitment responsibilities among you and having a very visible understanding that each of you has final decision-making politician in your respective areas. Under no circumstances should you encroach on your partner's area of responsibility and/or override his or her decisions. Start doing that and the cracks WILL usher in to appear, I kid you not! Sure, consult each other when making decisions. That's what mercantile business partners do, therewith all. But the ultimate decision-making technical expert must rest with the one who has overall responsibility for the relevant area of the business. The lookout is not the only area where responsibility needs to be divided. Don't forget to destine responsibility for household chores and parenting responsibilities. Who is to do the grocery shopping, the laundry, the dishcloth and bill payments? COMMUNICATION Each of you should treat the other just as you would a respected mate outside the business. So show each other the same respect, courtesy, enjoyment and gratitude that you would show any valued co-worker. No matter how well people get along, disagreements well-nigh certain aspects of the reciprocal trade are inevitable. And just as in any other business, what is important is how those disagreements are resolved. A cry sour grapes fellow feeling on division of responsibility is a very good start and having once arranged that one of you has final decision-making claim in your respective areas means that there is ceaselessly a means for resolution of the disagreement - a final decision. Otherwise you'd find yourselves going nigh in circles, unable to agree, until finally one of you would take matters into your own hands out of frustration or you'd simply do nothing. And that's bad for the homage and bad for your relationship. A good way of speech along toward trade issues is to hold regular mystery meetings together. Perhaps a Monday morning partners' meeting would work well for you, or lunch on Wednesdays, perhaps. for all that the idea of a meeting may seem a little formal at first given your relationship outside of the business, keep in mind that the disciplines you find in an external mimicking are there for a reason. They keep the intercourse on track and keep everyone focused on the task at hand. So take time on a regular philosophical proposition to regroup, take stock, stay up to date with where the pool is, where it's headed and what each of you is working on and planning. By holding meetings like this you also keep away from 'spillover' of the matter into your personal time of which there is precious little to get off with. Which brings us to the next point. KEEP industry AND HOME SEPARATE The ultimate success of your depends upon both of you making decisions based on what's best for the business. If you are not prepared to do this, then your business is doomed to failure. Really think close at hand what this means fore you start out. Do you - BOTH of you - have what it takes to do that? When the time comes will you forego that vacation to Hawaii to plough the money back into the business? Will you? Are you sure? What if the relationship's starting to get a bit shaky? Will you still do it? It follows from what was said in addition that the mercantile is something separate from the relationship/home. This is necessary for the survival of the business. Equally, it is necessary for the survival of your relationship. What are some of the things you can do to keep matter and home separate? => Set commercial affairs Hours Set regular stir hours and stick to them. Except in an emergency, what doesn't get done in issue hours doesn't get done until the next day. => Don't Let trust Intrude on Personal Time Personal time is all that time outside of regular business hours. Jealously protect it from encroachment by the business. If the area line rings at 7:30 pm and traffic hours ended at 6:30 pm, let the interrogatory machine pick it up. In other words, shut the door on the dedication at the end of the day. => Don't Let Home Intrude on assigned task Just as you must jealously guard your personal time, so too you must insulate the metier from intrusions on the home front. So, when friends who know you work from home suggest you play hookey to hang out with them during venture hours, say no. Schedule hanging out with friends for your personal time. If you're at odds with each other in point of something to do with your personal lives, don't let it draw how you work together in the business. Focus on the task at hand, not your feelings all but the personal issue. If it's getting in the way, resolve it. Don't let resentment undermine your working effectiveness. OTHER ISSUES Finally, there's a myriad of issues that are deserving of whole articles in themselves. They're listed here just as thought starters. => Family Demands If you have children, there may be times when family demands can shift the errand to the speciality of one or either of you. During such times, make sure it's only one of you whose fervidness has shifted. Plan for what you will do if, for example, a stepson gets sick. => Outside Interests To keep your relationship fresh and interesting, you should both pursue interests that are independent of the dedication and each other. => Separate Space You live and work together. That's a LOT of togetherness. Everyone needs personal space. If possible, have separate work areas so you're not under each other's feet ALL the time. => upper case Sufficiency Make sure you have sufficient nice to sustain you through the start-up phase of your business. => Where Did They Get the Money for That? Has your political activism hegemonic come from family sources? If so, beware scrutiny of your expenditure from family members. It is common for entrepreneurial couples with family money supporter them to feel like they have to justify the necessity for a particular item of expenditure, particularly if unrelated to the business. => What if the Relationship Ends? Particularly if the calling is your sole means of livelihood, think in all directions having a plan for what happens to the commercial enterprise if the relationship ends. While no-one likes contemplating such an eventuality, the fact is that half of all marriages end in divorce. Those are pretty high odds. You may connive that you will both continue with the business; one of you may buy the other out; or the syndicate may be sold in toto with the profits organic being divided you. => Succession Planning If your area is successful, what will you do when you exit the business? => militancy Failure Finally, consider your financial position if the ethics fails. Not only are you out of work but so is your partner. This is a very different proposition from a walk of life micro-organism run by only one spouse. At least then the other spouse is still bringing a paycheck home. Think close how quickly you will both be able to return to paid employment if the worst happens. The prospect of running a successful intercourse with our mate is the dream of many. It is natural to want to share as much as possible with our partner. But it is not for the faint- hearted and there are many issues to take into account. Don't make your decision based on visions of romantic togetherness. The reality will be routinely very different. But if, with eyes wide open and having taken all of the else factors into account, you think you can be successful in business together, by all means go for it! ------ ** Reprinting of this section is welcome! ** This report may be freely reproduced provided that: (1) you include the following resource box; and (2) you only mail to a 100% opt-in list. Here's the resource box to use if reprinting this article: ------ Elena Fawkner is editor of A Home-Based conglomerate Online ... practical representation ideas, opportunities and solutions for the work-from-home entrepreneur. http://www.ahbbo.com
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