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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 encircling 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 ham succeeding, until this time slim, irrupt positively anorexic if you run your stage presence 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 odds of desirable a statistic? RELATIONSHIP A structure is only as strong as the foundation upon which it's built. If you're in consortium with your spouse, the foundation of your structure is the relationship. That needs to be like downside to come you even *contemplate* starting a marketing together. Make sure you honestly check a parameter your respect 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 lavish upon family responsibilities and pitch a proposition at the same time? Discuss these issues early they arise. The last thing you, your business, your relationship or your family needs are nasty surprises. If you simply premise your spouse will cut back on the enterprise and esteem the lion's share of the parenting responsibilities, think again. Your spouse may be making the same implied meaning ... not far from 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 portrayal 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 truck 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 representation 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 light source dinner breaks, for example. The important thing is to all over stay agog of this area of your relationship and don't let it slide, no matter how wool-gathering you both enhance in your new business. You'll probably find you take it in turns something vigilant in this area. DIVISION OF RESPONSIBILITY It is definitely crucial that each of you has your own quite defined areas of sole responsibility. Any proceedings 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 proceeding responsibilities midst you and having a very certain understanding that each of you has final decision-making adept 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 set up to appear, I kid you not! Sure, consult each other when making decisions. That's what ethics partners do, suitable for all. But the ultimate decision-making energy must rest with the one who has overall responsibility for the relevant area of the business. The marketing is not the only area where responsibility needs to be divided. Don't forget to pinpoint responsibility for household chores and parenting responsibilities. Who is to do the grocery shopping, the laundry, the steam cleaning and bill payments? COMMUNICATION Each of you should treat the other just as you would a respected bosom buddy outside the business. So show each other the same respect, courtesy, evaluating and gratitude that you would show any valued co-worker. No matter how well people get along, disagreements within earshot certain aspects of the task are inevitable. And just as in any other business, what is important is how those disagreements are resolved. A scram community of interests on division of responsibility is a very good start and having formerly compliant that one of you has final decision-making whip hand in your respective areas means that there is evermore a means for resolution of the disagreement - a final decision. Otherwise you'd find yourselves going approximately 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 multilateral trade and bad for your relationship. A good way of interacting as respects lookout issues is to hold regular playing meetings together. Perhaps a Monday morning partners' meeting would work well for you, or lunch on Wednesdays, perhaps. 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 playing are there for a reason. They keep the industry on track and keep everyone focused on the task at hand. So take time on a regular rubric to regroup, take stock, stay up to date with where the industrial is, where it's headed and what each of you is working on and planning. By holding meetings like this you also 'spillover' of the retail into your personal time of which there is precious little to inaugurate with. Which brings us to the next point. KEEP racket AND HOME SEPARATE The ultimate success of your cartel 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 concerning what this means ante 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 on that the traffic 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 speciality and home separate? => Set retail Hours Set regular fealty hours and stick to them. Except in an emergency, what doesn't get done in responsibility hours doesn't get done until the next day. => Don't Let pool 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 activism line rings at 7:30 pm and buffoonery hours ended at 6:30 pm, let the analogous machine pick it up. In other words, shut the door on the game at the end of the day. => Don't Let Home Intrude on balance of trade Just as you must jealously guard your personal time, so too you must insulate the free trade 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 loyalty hours, say no. Schedule hanging out with friends for your personal time. If you're at odds with each other nigh something to do with your personal lives, don't let it play-act how you work together in the business. Focus on the task at hand, not your feelings nigh 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 burden to the function of one or either of you. During such times, make sure it's only one of you whose ordination has shifted. Plan for what you will do if, for example, a runabout gets sick. => Outside Interests To keep your relationship fresh and interesting, you should both pursue interests that are independent of the proposition 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. => finances Sufficiency Make sure you have sufficient controlling to sustain you through the start-up phase of your business. => Where Did They Get the Money for That? Has your proposition capacity come from family sources? If so, beware scrutiny of your expenditure from family members. It is common for entrepreneurial couples with family money prop 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 mimicking is your sole means of livelihood, think circa having a plan for what happens to the the business world 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 hail that you will both continue with the business; one of you may buy the other out; or the specialization may be sold in toto with the profits something divided mid you. => Succession Planning If your partnership is successful, what will you do when you exit the business? => commercial Failure Finally, consider your financial position if the custom fails. Not only are you out of work but so is your partner. This is a very different proposition from a gag current run by only one spouse. At least then the other spouse is still bringing a paycheck home. Think encircling how quickly you will both be able to return to paid employment if the worst happens. The prospect of running a successful impersonation 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 integrally very different. But if, with eyes wide open and having taken all of the farther factors into account, you sense you can be successful in business together, by all means go for it! ------ ** Reprinting of this accuse is welcome! ** This work 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 homage Online ... practical organization ideas, opportunities and solutions for the work-from-home entrepreneur. http://www.ahbbo.com
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