There’s one conversation that you must have before you embark on your entrepreneurial journey and launch your business.
It’s not with a customer. It’s not with a supplier. It’s not even with your co-founder (if you have one).
It’s with your spouse or significant other.
A lot can go wrong when you’re just getting your business off the ground. The first batch of a product could be defective. There could be a leak in your retail space that forces you to move your grand opening date. A key financing deal could fall through. But the one thing that will all but guarantee failure is misalignment with your significant other. Let’s dive into how to have that crucial conversation.
Why is a conversation with your significant other so important?
Running a small business is stressful and hard - new problems can pop up every day and you’re going to have to be the one to solve them. Whether or not your significant other is involved in the business or knows anything about the business world, they’re going to be alongside you as you ride the ups and downs of the entrepreneurial roller coaster.
Misalignment from the start on key topics can lead to conflict, which ultimately will make building a business harder and make your life at home harder. Alignment can help you set off on your journey with a pep in your step, confident that you have someone at home who loves and supports you.
What topics should you cover in the conversation?
You can take the conversation in any direction you choose, but here are a few topics that you should probably address:
Your Goals
- What does a great outcome look like for the business after one year? Five years? Twenty years?
- Do you anticipate hiring employees or will you be the only one handling things?
- Are you motivated by a financial outcome or something else?
- What happens if the business fails?
- What happens if the business really takes off?
- What professional or personal goals does your partner have? How will you both be able to prioritize your respective goals while you build the business?
Finances
- Will you need to invest your own money into the business? How much?
- Will you be able to pay yourself a salary from the start? If not, when and how much?
- Do you have enough savings to sustain your family and household through an extended period where you’re not bringing home a salary?
- If you’re going to need to cut back your spending, what things do you want to cut back on together?
Responsibilities at home
- How will you ensure that everything that needs to get done at home gets done (together)? Taking care of kids, pets, cooking, cleaning, laundry, home maintenance…there can be a lot to fit in and you may not have as much time or energy as you’re used to having
- Are there areas where you think you’ll need more help from your significant other? Are they on board with that?
- Are there areas where you’ll be able to help more?
Dealing with conflicts that could emerge in the conversation
With an important conversation on such a wide-ranging set of topics, there’s a good chance that you and your significant other won’t be in complete alignment on every topic. That’s okay, but how you handle those disagreements will be key to whether you come out of the conversation stronger or in a larger argument.
The first key is listening: really seek to understand where they’re coming from, giving them the time to talk. Ask questions to see if you understand.
The second key is acknowledging that their point of view is valid. You may be swept up in the excitement and adrenaline of thinking about getting your business off the ground, but that doesn’t mean they feel the same way (although they might!). Show them that you care about them and see their concerns or questions as important.
Next, try to find a way to integrate your needs and desires with their needs and desires. What do you agree on? Is there a way to find common ground? Just because you disagree on certain things doesn’t mean that you’re in conflict across the board. Start with the things that you see eye to eye on and expand your agreement from there.
Finally, realize that you may need to adjust your plans. You may be the sole founder of your business, but you’re only half of the relationship with your significant other. Chances are, you can still pursue your business building dream with some changes.
What should you do after the conversation?
These are just a few of the questions that you should think about discussing together and conflicts that could emerge. Ultimately, you two are the expert on your relationship and will know best what needs to be discussed. However, the simple act of having the conversation (hopefully with sensitivity and tact!) is a great way to show you care about your significant other and give them a chance to air any concerns or questions that they may have.
Whether your business succeeds or fails (and we truly hope it succeeds!), you’re going to have to come home to your significant other at the end of the day. Having a thoughtful conversation with them in the early days can help you achieve happiness and success in business and your personal life.
