Why Your Spouse’s Support Is Vital When Starting a New Business
This week , Karen Hackman from Money and Marriage, is sharing tips on how to talk with your significant other about starting a business. Starting a business is challenging enough but when you don’t have the support of your spouse, it can make for some uncomfortable situations both in your business and in the home.
Talking about money and investing in a new business can be a difficult conversation for some couples but Karen’s years of expertise offering personalized financial coaching for couples will shed new light onto this subject. Read her take below!
Common Myths About Starting a New Business
Social media tells us that starting a business is easy.
You can make £10,000 or more in your first month!
When you read statements like this, you need to remember that this is the exception to the rule. For the majority of us, it takes time to start making some money!
I started my business just over 12 months ago and I’m just now making some money!
At times it’s more of an expensive hobby than a business.
BUT, I’m here for the long haul and I know that things will become more consistent soon!
It’s not easy
Starting a business is not easy. If it was, everyone would be doing it.
There are many characteristics that you need to start up a business. These include passion, motivation, flexibility and adaptability, amongst others.
You also need a pot of money behind you to get you started.
If you’re in a relationship, you’ll need to have your partner’s full support as you spend hours over a laptop and when you are spending more money than you first thought you would.
So, today, I’m writing this to you as a friend.
Things I wish I’d known 18 months ago, when starting my entrepreneurial journey.
How it all started.
Around two years ago, I was approached by a blogging coach who gave me some free advice.
She then proceeded to tell me that I could make £1000 a month easily.
I was only a blogger. It was a hobby. It was an expensive hobby.
At the same time, a friend encouraged me to step out of my comfort zone and become a finance coach. She told me that I could run my own business!
Excited about the possibilities, I talked briefly to my husband about the costs of joining a coaching programme.
We could manage it - just about - and I was excited!
Twelve months later…
I’ve been on podcasts, written guest blogs and have even started my own Instagram account and have a Facebook group of over 400 people. So things are on their way!
As my diary fills up and I attend network meetings and such, my husband sits in the background.
He’s a good listener.
He’s humble - he knows this is not about him.
He believes in what I am doing and is my number 1 support!
Supporting someone who’s investing hundreds of hours a month (and in many cases, a lot of money) in a new business venture, can feel like a full-time job. That’s on top of whatever else you’re doing.
I started this business in my late 40s, so we both work full time and have a teenager daughter.
Some people say that starting a business is stressful. Thankfully, I haven’t found this to be true, mostly frustrating as I try to promote my lead magnet.
I can imagine if I had given up my job and replaced my full time job with this new business venture, it may have been a different story.
If you have given up the day job, then I know that it could be very stressful. And your spouse may feel the pressure of supporting the family - until you can draw a salary.
If you’ve given up the day job - there’s a lot on the line.
How much is on the line will determine the level of stress involved.
There’s the promise of making a lot of money, but also the possibility of losing everything or making nothing.
Unrealistic Expectations About Starting a New Business
There are many unrealistic expectations about starting a new business that I will explore further now.
Setting Boundaries as a Business Owner
One being, the expectation that an entrepreneur should be available 24/7 by phone, email, or in person.
This is going to be tough on your spouse and your family. So, be sure to set boundaries to your clients and stick to them.
Ideas include:
I will only reply to emails / phone calls / DMs within the following hours.
Keep your personal phone number private!
Your business will grow quickly.
Unless you have a budget to invest in strategy, sales, paid advertising and so forth, it’s going to be slow.
Remember: organic growth is slow.
So, you just need to be patient.
When you do have money coming in, you could reinvest in hiring someone to help you with marketing or a sales strategy.
Just post on social media to grow your audience.
Many people believe that you can grow your business easily and for free on social media.
Although there are some exceptions, this is pretty rare these days.
If you are looking to grow your business organically, you need to look beyond social media.
It’s not just about starting an Instagram account and selling. Many times I’ve been told that social media isn’t for selling - it’s a place where you can grow the like, know, trust factor.
I would suggest that you build your audience, create a lead magnet to give away, build your email list and then focus on creating a sales process to convert people into clients.
Learning how to manage cash flow.
Understanding profits and loss and understanding investments are all part of setting up your business.
Making investments can also be scary. There are many options out there and you need to do your homework first before you commit to working with a coach or purchasing a course.
Build a super successful business without spending a penny!
If you are not an expert in brand strategy, finance, copywriting, sales, marketing and so forth, then you have two choices:
Learn them or hire someone who knows!
In my experience, the free content is out there, you just need to know where to look. You will also need time. I have spent hours on YouTube, learning how to use ShowIt, work out email platforms, how to create marketing emails, Pinterest, Canva and so much more!
Yes, hiring someone to help me would have been great - but I just didn’t have the budget for that!
It’s important to have a budget for your business. The ideal would be a separate bank account from your personal bank account so it’s easier for tax purposes.
Remember to always be open and honest with your spouse about the money that you are spending. Talking about your dreams and goals is essential and they can help you make good financial choices.
If you don’t already have a family budget, read more in my blog: How to create a budget in 6 easy steps. It also has a link to my FREE intentional spending plan!
Mindset Shifts to Make About Starting a Business
I’ll be honest. It doesn’t always feel like you’re moving forward. Sometimes, it feels like you’re moving backwards!
You step outside of your comfort zone and learn how to speak with confidence on podcasts. Then you’re called to speak in front of an audience of 500 and you remember that you’re not too keen on public speaking.
As you grow, you’re going to come across new things that will make you feel scared.
As these hurdles come up, you’ll need to slow down and work on it before you can move forward.
Your business will be fun all of the time!
Don’t get me wrong, my business is fun most of the time but there are still things that feel scary. I still suffer from imposter syndrome and I wonder what on earth am I doing!
You see all the glossy posts on social media, all the traveling and amazing networking, living the dream. It looks like they are loving every moment.
What you need to remember is that they’re not sharing the boring behind the scenes pictures. The trials and tribulations. The headaches that come with running a business.
We have to complete the boring jobs until we can afford to pay someone to do them for us.. Who will love to do those jobs for us!
Remember, comparison is the thief of joy. Focus on what you’re doing and celebrate the small wins!
Family Support of Your Business Will Come Automatically
If you’re in a relationship, it’s important to have your partner’s support from the start.
Being open and honest with your spouse from the start is vital. When you start a business, you will be putting in the hours and you’ll need them on your team.
Ask your spouse for their feedback, their help. Having a second set of eyes, someone who you can bounce ideas off of, has been a great asset to my business. It also shows that my husband is on my side and it’s a great feeling of teamwork!
It’s not a short-term commitment. As I mentioned earlier, growing organically could take time. So you and your partner will need to appreciate that you’re both in this for the long haul.
Tips for Supporting Your Entrepreneurial Spouse
Making Mistakes in the Beginning of Your Entrepreneurial Journey
Acknowledge that mistakes happen. Your business will, no doubt, have some bumps in the road. Nothing in life is ever straightforward so be prepared for some times where you want to stamp your feet, throw the laptop out of the window and have a pity party. That’s ok, spend some time being angry, then pick yourself up, dust yourself off and keep going.
Honesty
Be honest about finances. There are many courses, coaches out there that will tell you that you can make £1000s a month. Be careful. Do your homework. Chat to your partner before you agree to anything. Take your time before you make a decision.
Remember, building a business isn’t easy - if it was, everyone would be doing it!
Remember your why!
My ‘Why’ is not only to help couples get on the same financial page, but also to make some money to treat my family to some amazing experiences but I am all too aware that running a business can be more than a full time job.
It can take over your life!
Remind yourself to put the laptop down and spend time with your family.
Switch your laptop and phone off.
Plan a date night.
Plan a weekend away.
I know that it’s not easy when you’re starting a business from scratch but this is your marriage and you need to ensure that you don’t forget that!
Hi, my name is Karen and I am a Finance Coach. I specialize in helping couples talk about money - without arguing.
I would like to offer you my FREE eBook, How To Get On The Same Financial Page As Your Spouse.
If you have any thoughts or questions, please don’t hesitate to email me hello@moneyandmarriage.net