This article was translated from our Spanish edition using AI technologies. Errors can occur due to this process.
Opinions expressed by business man The collaborators are yours.
I’m sure you’ve heard it said before that mixing love and business isn’t a great option, which it doesn’t have to be since the success of a business always depends on how its owners manage it, not their family members.
The simple act of starting a business is a big challenge that generates fear. If you want to start with your partner, it can become an even bigger challenge that few dare to try. According to the Global Entrepreneurship Monitor (GEM) 2016 annual report, around 34% of entrepreneurs are afraid of failure.
To prevent this from happening to you, you should consider the following tips, which will be of great help to you when starting a business with your partner:
1. Define the objectives: Before starting your business, it is important that you define the goals that you want to achieve in the short, medium and long term as this will help you to have a guide for decision making.
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2. make a budget: It’s important that you think about what you’ll be spending month after month from the start and keep your income and expenses up to date. For this, I recommend that you download the free monthly budget format, which will greatly improve your business finances.
3. Define your roles: Discuss and agree on the functions they will have, the position they will occupy and the specific and general objectives they will pursue. This will help them to be better organized and avoid conflicts.
4. Separate personal finances: Once they’ve figured out what duties to perform, everyone should be given a salary, as one of the worst financial mistakes is taking money meant for the business to pay for personal expenses.
5. Emergency fund: them Keep in mind that if they choose to work in the same company, all income will depend on one source of work. If the company closes, the revenues of both companies could be seriously threatened. Therefore, they need an emergency cash fund that allows them to cover at least three months of their monthly expenses and which they only use for a real emergency.
Remember that love shouldn’t be a barrier to growing and sustaining a business. Partnering activities can also bring you great benefits that will improve your relationship. The only thing to maintain is communication and organization.