For richer or poorer. Isn’t that one of the traditional lines in a wedding ceremony? If that’s true, then communication about finances is going to play a major role when it comes to business, too.
BNet‘s Michael Hess says you should consider “selling your spouse,” if you want to start a business. Yes, take you spouse outside, stick them on the front lawn with a sign that says “for sale,” and sell them off to the highest bidder. If you want to start a business, you need all the extra cash you can score, right?
If for some reason you’re against the selling of human beings, especially those you just might love, then Hess suggests you “sell” your spouse, then way you’d sell any other business idea. When it comes to starting a business and jumping into an entrepreneurship, you’re going to need start up cash. While investors are sometimes an option, other times it’s hard to convince strangers that your concept is worth them writing you a big fat check, so start with that person closest to you: your spouse. You’re probably going to be dipping into your joint savings account, so selling your idea to your partner is not only necessary but good practice for when you walk into a boardroom of investors and give them the same spiel.
In between compliments, “I love yous,” and I’m taking 50k out of our savings, be sure to be honest about what could possibly happen. You may think your business idea is stellar, and if your spouse has agreed to let you ravage your savings, they probably agree, but that doesn’t mean the market is going to jump on the wagon, too. Prepare your spouse for the worst, and address how you’ll handle it, if it does happen. No family should be kicked from their home and their lives ruined because you took a risk. But sometimes that’s how the cards fall, and honesty about that potential outcome will save you from an extra argument later.
Lastly, but in no way less important, give yourself a timeline of events. If this doesn’t happen at this point, or we’re this much in the hole by this date, or we’ve yet to see a return on our investment in this amount of time, then we should do this. Agreeing on when to throw in the towel, if need be, is important in any attempt at business, but even more so when you’re messing around with your joint finances.
Of course, if all of this doesn’t seem to be kosher with your spouse, you can go back to the original suggestion–just make sure you sell them to a good home.