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It can seem like a great idea to go into business with your partner. Before you jump into it, here are three things to consider.
You may want to go into business with your partner. This is something that a lot of people do. I did it once.
I learned a lot when it came to going into business with my ex. It wasn’t all that perfect to do, and it ended up with some extra problems when we split. The great thing was that we didn’t fully enter a business partnership, which made managing some things a little easier. However, it wasn’t fully smooth sailing.
There are a few things that you’ll need to consider when it comes to going into business with a partner. This might not be the right thing for you, or it could turn out to be the best thing ever.
What happens if you break up?
When you go into business with your partner, you likely think that nothing is going to tear you apart. The problem is things happen in life, and it can cause problems for your relationship. Before you know it, your relationship is breaking down.
It’s hard enough co-parenting. Do you really want to deal with a business partnership at the same time? You’ll want to cut ties from your ex, right?
This doesn’t mean you shouldn’t go into the business. You just need something in place that determines what you will do should your relationship comes to an end.
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Do you have the same goals?
Before you go into business with your partner, you need to look at the business goals* you have. Do you both have the same goals? Do you have similar ideas that will work together well?
You don’t need to be able to do the same things within the business. In fact, it works best if you can tackle different areas of it with your skills and knowledge. You just need to have the same, or at least similar, goals for when it comes to running the business and what you want to achieve in the end.
It’s important to have regular business meetings. You’ll need to be able to communicate on the needs, and you’ll need to figure out where to go if goals aren’t being met.
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Can you separate work and life?
There are times that your business will affect your personal life and vice versa. It’s important to find a way to avoid them bleeding into each other too much. You don’t want a disagreement over work to affect your relationship. And if your relationship starts to break down, you don’t want it to negatively affect your business.
Can you keep the two separate? You’ll need to have some ground rules for managing this. I suggest setting a day and time for business meetings. Only business is discussed during these times, regardless of what’s going on in your personal life. Then you can have times for when it’s all about your personal lives and business is left at the door.
Should you go into business with your partner?
Going into business* with someone you’re romantically with isn’t easy. I wouldn’t do it again. I’d prefer to keep my personal life and my business life completely separate. That doesn’t mean this isn’t something for you.
The main thing to consider is how business problems will affect your relationship. If you can keep the two separated, then you’ll be fine going into business together. There’s no shame in admitting that you wouldn’t be able to do that.
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Will you go into business with your partner? What are you considering for your future? Share in the comments below.
