Sometimes breaking the news isn’t always easy with your spouse.
While it may depend on the type of news you’re breaking, you might have a few nerves the first time you tell your spouse that you want to venture out on your own, leaving the comfort and financial security of the company.
While the first steps in your new business venture involve finding investors, employees or a partner, another first step is garnering buy-in from your spouse.
When you begin to ponder starting a new business, and your passion is leading you to become an entrepreneur, it’s time to have a discussion with your spouse.
Let’s talk about how to get your spouse on board with your business idea:
Step #1: Timing is Important
The best time to leave a job and start a company is when you are doing well at your current job.
If you leave when times are tough, your spouse might take on extra worry because you don’t have a safety net. When you start a new business at the top of your career, you have good references and career potential in case your business fails.
Since nearly 50% of new businesses fail within the first five years, it’s important to have something to fall back on (just in case), and your spouse will appreciate knowing this.
Step #2: Secure Your Finances
Before you leave your job, do some research and have a few meetings. Find out if your new business model is fundable.
If you’re planning on throwing in your own capital, you might have to work overtime or two jobs for a while so you have a nest egg for security. Your spouse will appreciate money in the bank while you are just starting your new business.
One of your spouse’s biggest worries will be how to pay the mortgage and put food on the table. This can be doubly concerning if there are children involved.
Discuss the risks involved with your business idea and what plans you’ve made to lessen them. Doing this will help your spouse take the leap with you.
Step #3: Set Priorities
Starting a new business impacts your family. We’ve discussed the financial impact and how you can alleviate your spouse’s worries in this department.
But, let’s face it, entrepreneurs work a lot. It takes long hours to get a business off the ground. One study says that entrepreneurs work 63% longer than the rest of the workforce.
The impact on your family, no matter its size, could be huge. Your spouse will want to know there is still time left for family activities such as date night, family dinners or your child’s school play or soccer game.
Set your priorities and make it clear to your spouse that you’ll make time for the important things in life. Commit to what’s important and stick with it.
Communication is key to any successful marriage, and that statement holds even more truth for the couple beginning a new business venture.
Discuss the financial and logistical aspects of walking away from the regular workforce. Make plans to secure your finances before diving into your business.
Suggest setting a time each week to discuss your new business with your spouse. Talk about the ups and downs – your spouse might have some insight.
Discuss your upcoming week’s schedule and make sure you plan downtime with your family.
If finances get tight, don’t keep them a secret from your spouse. This is one sure way to make your previously on-board spouse jump ship.
Lastly, your new business idea may just end up being a very positive part of your life. After all, you’re living your dream and working at your passion. This often translates to a happier person and a happier marriage. Good luck!
Have a business idea? Are you ready to take the next step? With MastermindJam, you connect with the right people to guide and advise you. You meet people who’ve learned how to start a business and make it succeed.
These same people have most likely encountered the situations mentioned here, and can help steer you through that first discussion with your spouse. Interested in learning more? Visit our homepage to get started.
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