Talk with Family & Others

Talk with Your Spouse or Partner First
Business is a lot more than just managing finances and completing deals. There are many human issues involved that can make the difference between success and failure.

Operating a business from home brings up their own special issues for any family and these issues would need to be addressed.Problems at home can take a person’s focus off what is needed in the business and can certainly sap the creative juices required from time to time.

"It is a lot smoother for you as the new business owner if everyone is in the picture and agree..."

If you want to ensure success in your business, one of the areas you should pay attention to is family support. This is often overlooked, but it is very important. It is best to go into business with the full support of your spouse because she or he will be involved, not only financially but also emotionally in the whole venture.

Never make any decision, even in business or financial matters, without talking it through with your spouse or partner first.

Respect each other’s gifts and take advantage of the natural “abilities and intuitions” that have been custom-built into all of us.

Talk with Family and Trusted Associates
How will being in business affect you and your family? 

This is a question that all potential entrepreneurs with families have to consider when looking at business ownership. There is a lot involved in owning and running a business. All family members have to know and appreciate that things may be a little busy for a while. It  may not be that easy for a  few months so everyone’s help and patience would be called on.

Don’t forget to consider how going into business would affect your family. Remember that your income will probably drop (at least in the immediate term) while your business is building up so you may have to raise a loan on the family home or others assets to fund the business.

Bring every member of your family into your confidences. Hear them out. Consider their views and their feelings – especially your partner. Things will go a lot smoother if everyone is in the picture and if everyone agrees.

Your family may have concerns and these concerns need to be considered. Your friends and associates may have good suggestions and tips to help based on their own business-owning experiences. Nothing is lost by listening to the views and advice of others.

Check your Priorities
Many people sacrifice everything to create wealth, only to find that later when they want to spend time with their children and spouses, the children have grown and do not know them, and their spouses have developed their own interests and lives over the years.

The multimillionaire, whose family was “broken to pieces” during the time he was working on being successful (his kids ended up on drugs and his wife left him - he was never around for them when they needed him), was not a success.

To many he would be regarded as a failure. Check your priorities and make sure they are in the right order.