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3 things to discuss with your spouse before starting a business

Can you mix love and business without ruining both?

It's possible, but only if you have the foresight to talk things over with your significant other before you get into business -- whether you're going into a business alone, with your significant other or with other partners.

There are several things that you absolutely have to discuss unless you want to see either your romance, your business or both sacrificed:

1. Is your partner invested in this business emotionally?

You may be thrilled with your new idea -- but don't let that make you assume that your partner is just as excited as you are. You may need to take a step back and wait until your partner makes up his or her mind about how involved he or she really wants to be in the venture. If your partner isn't interested in being involved, what you need to know is whether or not he or she can invest in you, emotionally, and lend you the support that you'll need as the business hits the normal bumps in the road.

2. What financial challenges will the business bring?

Money issues can absolutely fracture a relationship beyond repair. Are your finances ready for the hit they're going to take when you start the new business? No business can expect immediate success, so you and your partner need to be absolutely clear about how much you can afford to lose. While you want to be positive, it's also important to discuss what happens if the business fails. When do you agree to give up on the venture and go back to a regular job?

3. What organizational challenges do you see?

You need to be certain that your partner understands how much physical time the business takes and what is included in that time. For example, if spending a couple of hours a night on social media is part of getting the business going, make sure that your partner understands that -- otherwise you might have leave him or her feeling ignored.

Starting your own business is always a challenge, but you can make it easier on yourself by making sure that you have all the support you need. Aside from the support of your partner, you also need to get an experienced business law attorney on board to help avoid some common mistakes.

Source: Lifehack, "5 Topics To Address When Talking With Your Partner About Starting A Business," Susan Baroncini-Moe, accessed Sep. 07, 2017

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