When you pursue a business venture, you need all the support you can get. This is especially true of your spouse. If your partner second-guesses many of the decisions you make in the beginning of your new business venture, understand that she is simply concerned about your livelihood as a family.
This new business endeavor may be your personal project. But your family is counting on you as the financial provider. From an emotional and financial perspective, your family will experience this roller coaster of uncertainty and excitement together.
Use these four powerful tips to lead your spouse away from feelings of uncertainty toward throwing her support in your corner as you begin your new business venture.
1. Be informed and keep your spouse informed. Conduct as much research as possible before presenting the idea to your spouse. To gain your partner’s support, develop a plan for success that details the steps you’ll take and the choices you’ll make to provide for your family if things don’t work out.
* If possible, schedule a meeting with a business consultant. You want to be able to say to your partner that a seasoned professional thinks you have a profitable business idea.
* When conducting preliminary research on your business idea, scour trusted business websites like Entrepreneur.com, Forbes.com, and Businessweek.com to learn as much as you can about what you’re getting into.
2. Present your potential sources of funding. Seek to put your partner’s mind at ease about how your family’s financial needs will be met. How will you pay for the business? Do you have a plan B? If you can show your spouse that you’ve created a well-thought-out plan, this will go a long way toward calming her fears.
3. State the benefits. Why is your business a good fit for your family? Will it allow your spouse to stay at home with the kids? If so, talk about these things. Ideally, your business idea will provide other benefits in addition to profitability.
* Remember that your name may be on the letterhead, but you’re not the only person involved in operating the business. Your family’s life will change in order to support your business venture. Ensure that the business is in the best interests of your entire family.
4. Create multiple income streams. For example, consider buying a building on a busy street with a store and residential rental units above. The income from the rental units will likely be more than enough to cover your overhead in the opening stages of your business. And, after a while, it’ll be additional profit you can take home.
* If your business doesn’t make a profit and you’re forced to close shop, you’ll still be able to turn a profit from your venture. You’ll retain the stable income from your rental units and even gain an increase in income by renting out your retail space to another business owner.
Your spouse may jump on board, but be prepared in case your enthusiasm is met with resistance. Provide a feeling of security and stability when you present your idea to your spouse. Implement these tips to increase your chances of gaining your partner’s valuable support to move forward in the business venture of your dreams.