What you need to know before starting a business with your spouse
Four simple rules.
Since being in an intimate relationship with the person you're running a business with can provide a lot of stress, there are rules to be followed to ease how things are done.
According to Forbes, this is what you need to do when starting a business with your spouse.
1. Have an emergency fund in place
Finances are among the lading causes of divorce among married couples. Cash flow for new business can be a bit difficult. So to cushion any losses, ensure that you have a reserve of cash.
2. Understand your personalities
Acknowledge the strengths between the two of you so as to divide tasks based upon your strengths.
3. Engage in separate hobbies
On your off days try to spend some time apart focusing on your interests.
4. Don't blow smoke up each other's a**es
Because you love each other, you may end up overpraising a poor decision or in effect enabling poor decision-making, inefficiency or other poor business practices.
Concurrently, don't be too hard on your spouse should anything go wrong. Don't be quick to judge, blame and disparage.
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