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Being an entrepreneur is exciting, and being in love is also exciting. But when these situations are intertwined, you may find yourself with a headache trying to make it all work. You’ll need to take proactive steps to protect yourself and be prepared to address issues or conflicts as they arise. Doing business with a significant other can be rewarding and satisfying if you’re careful about it. Here are some tips, courtesy of Rocket Digital Marketing.
CNBC notes that it’s easiest to manage this unique situation if you consider everything before starting the business. This consultation stage between you and your significant other is crucial if you want to have a viable business and avoid legal conflicts in the future. You both need to be on the same page about the purpose and direction of the business and clear about the roles you’ll each play in its operations. Resolving tough questions early makes the business formation process and day-to-day life much easier.
Organizing the Business
A general partnership structure is typically best for this type of situation. Filing your business under a partnership enables you to set up unique agreements and ground rules instead of being subjected to the default rules of Texas or another state. Partnerships offer several benefits, such as requiring less paperwork, not requiring annual reports, and (often) fewer taxes. It’s a good idea to consult a business lawyer if you have questions about how your relationship may affect legal outcomes, conflicts, or questions about liability.
Take Advantage of the Tools Available
By staying organized and using the right software to keep track of operations and anticipate issues, you can make your business run more efficiently. Free and inexpensive software and tools can decrease the stress involved in running the business and benefit your relationship with your significant other.
Find a New Home to Start a Home Business
When searching for a new home to set up a home business, there are numerous factors to consider. The size of the property, the zoning regulations in the area, and the proximity to potential customers are all important factors that will impact the success of the business. With that in mind, it is also important to find a property that meets the specific needs of the business. For example, if the business will require a lot of foot traffic, it is important to find a property with high visibility and easy access.
When you’re ready to buy a new home, start the process by researching neighborhoods and home prices. You’ll also want to check your credit report before approaching a lender, as your credit score and payment history will be big factors they will consider when choosing your risk level for taking out a mortgage.
Get Help When You Need It
If you’re having issues in your relationship, the business will almost certainly be impacted in one way or another. Thus, resolving issues you and your partner have in your personal lives can positively affect the direction of your business endeavor. The List points out that couples therapy is a great way to address issues together in an unbiased environment. Online relationship therapists are available if in-person sessions are uncomfortable or inconvenient. Aside from saving money on gas, doing couples therapy online exposes you to a broader range of professionals and care options and may cost less. Some virtual therapists offer a complimentary session to ensure the best fit.
Working Together Is Key
Balancing love and business is a delicate process, but you can succeed at it if you use the tools available to operate your business and your relationship smoothly. Structure your business properly with all parties in mind, use technology to make operating it simpler, consider finding a larger home for your business, and obtain professional help if your love boat hits a snag.
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