An Entrepreneurs Guide to Starting a Business With Their Significant Other

Starting a business with your significant other provides the opportunity to build something together, which can be an incredibly rewarding experience, both financially and emotionally. However, it won’t be devoid of challenges and risks. In this article by guest blogger, Adam Taylor, we’ll explore common challenges entrepreneurs should expect to face when starting a business with their significant other. Additionally, we’ll dive into the best strategies for establishing, marketing, and running a successful business as a couple.

1. Make Home Accommodations for the Business

Running a home-based business will require you to set up a dedicated office space. The best option will be to convert a room into a home office. If you and your partner prefer to work in silos, you’ll need to create two offices. If your current home isn’t big enough for these accommodations, you could either create makeshift offices using room dividers in different rooms or invest in upsizing. 

Purchasing a home doesn’t translate to paying more. Research areas with lower housing costs where bigger homes can be bought at affordable prices. While this will include relocation, in the long-term lower costs and a bigger space are bound to be beneficial for your business.

2. Establish an LLC

A limited liability company (LLC) is the best business structure for new businesses. This is because, with an LLC, the business is considered a separate legal entity from the owner and protects their personal assets from business-related liabilities, as reported by LegalZoom. Additionally, an LLC allows you to use business expenses as tax write-offs, potentially saving you hundreds of dollars annually.

Rather than managing meeting complex state-specific registration requirements for an LLC singlehandedly, delegate the responsibility to a formation service.

3. Engage in Activities Beyond the Business

Getting a business off the ground will require long hours, risk-taking, and facing challenging situations daily. In the long run, this can take a toll on your relationship as it becomes difficult to make time for your partner beyond work hours. However, it is important to treat your relationship as a priority alongside the business and make time for activities beyond work with your partner, such as:

• Going for a movie

• Going for a dinner date

• Planning a weekend getaway

Additionally, maintaining open communication will be key to making the business successful. There could be times when personal issues could spill over to the business. However, the best way to prevent such a predicament will be to set mutually agreed boundaries regarding conflicts and tackle business and personal problems separately. This will be especially important when you hire employees, as bad relations between owners can negatively impact employee morale and productivity. 

4. Market the Business Well

Whether you plan to sell products or services in a B2C (Business to Consumer) or B2B (Business to Business) setting, marketing your business will be key to securing customers and growth. Here are two great marketing mediums for you to consider:

• Digital Marketing: Posting organic content and running advertisements on social platforms such as Facebook, Instagram, and TikTok is a cost-effective way for promoting your brand to hundreds, if not thousands, of potential customers daily, as reported by MOOC. In addition to brand awareness, social media can also be used to drive traffic to your website, where leads can be collected and then converted into paying customers.

• Business Cards: Creating business cards is a great way to stand out from the competition and communicate to customers that you take pride in your business. Additionally, you can consider business cards as mini-billboards for your business, having all important information such as the address and contact details customers can use to reach you. 

Given the abundance of online graphic design software, creating free business cards has never been easier and should be used as a marketing medium for your business. 

When it comes to running a successful business with your significant other, planning and communication will be key. From setting up great home offices to making time for activities beyond work, you’ll need to work as a team to achieve business goals and maintain a healthy work-life balance. Additionally, when it comes to marketing the business, remember to utilize a combination of digital marketing and business cards to maximize reach and create a connection with prospective customers.