Your Support Team

I was having trouble thinking of a topic for today's post. Then I was out eating dinner with my extended family and the subject was brought up of my impending plans to venture into the world of entrepreneurship. Everyone immediately turned to my husband and asked, "are you on board with this?" He silently nodded with pursed lips, not too convincing. I explained to everyone that I really hadn't talked to him much about it aside from the general idea for the business. I then defended that I was still in the conceptual phase and don't have a firm grip on what exactly we are selling.

What I realized in this conversation is that he, like every partner or equity investor that I take on, is an investor in this venture too. As such I need to treat him like an investor. I mean it is "our" money I am going to use for start-up. I explained to everyone that I am really waiting until I have a complete business plan, and I fully intend to present the information to him as I would any investor or loan officer.

Straight from the horse himself…

When she first told me that she was looking into starting a business I didn’t put too much thought into it, I just gave her my usual “that’s good, dear.” I assumed she would find a job and look into this as a side project, something that would come in the future. When it became apparent to me that this was now her primary focus, I became concerned. I was concerned about our finances, how we’d be able to provide for our family during the early stages.

I have no doubt that she can make a successful business, but how long will it take for it to become successful? After talking to her about her plans and looking at our financial situation, my worries have been addressed and I am much more comfortable with the idea. We will have to make sacrifices for a while, but I am confident that this can be a good thing in the long run.

Family support is key in any venture. They have to be on board to make the sacrifices necessary for start-up. It requires heavy cooperation in time, money, and patience. You have to be clear about what you are doing, and explain details at every stage not just when you have the complete picture.

-Tyler & Rebecca