In these uncertain times, from the medical and business point of view, the conditions on the labor market. Both employers and employees are evaluating their business strategies and perspectives. As a result, we’re witnessing various modifications when it comes to work organization. One of the current trends for workers includes looking for alternatives to office-based 9-5 jobs. Since many employees are becoming redundant, many of them are searching for new opportunities.
In that light, many partners and couples are thinking about launching their own small businesses. If you’re on the same wavelength with these new entrepreneurs, stay with us, and learn how to manage your time and your tasks at the beginning of your new career.
1) Define your business goals
No matter if you’re been fired or you’ve quit your job due to unsatisfactory conditions, you must enter the new deal prepared. As you and your life and a business partner have reached an agreement on business cooperation, define your business goals by writing a business plan. Let’s say that you two are a copywriter and web designer and you want to work as a digital agency providing design and writing services.
For starters, you need to target your audience, i.e. the pool from which you’re going to land your clients. If you possess a lot of experience and substantial portfolios, feel free to focus on large corporate clients. Even though your new job won’t have the necessary reputation at the beginning, the previous projects completed by each of you will nudge such clients to work with you.
Moreover, project the desired business growth. This is where you should get a piece of paper and a calculator. The two incentives that drive most small business owners are the freedom to express your business ideas and the projected revenues. So, write down the major ideas that inspired you to go your own way in the first place. Then, express the sum that would satisfy both your business and personal needs.
After that, define where you want to see your business in three months, six months, etc. When you reach each of these milestones, you should evaluate the achieved goals and make changes in your business plan.
2) Equip your workspace
In an alternative reality, partners or married couples living together are able to work from home in a calm and inspiring atmosphere.
In this reality, this usually isn’t the case. Every personal life brings its own expectations, tensions, and events. The same goes for our professional lives, as well. So, when two partners intertwine all these elements within the same place where they live together, it can get too complicated.
Because of that, there are two possible ways of ensuring an inspiring and well-equipped workspace.
Couples living in a house have a solution at the reach of their hands – they can turn one part of their home into an office. If possible, this area should have a separate entrance, as well. That way, you’ll ensure that you manage your time effectively, i.e. that you avoid interference of business tasks and personal duties.
Partners living in an apartment should do the opposite in the perspective – rent a separate space that would be their office. If this is not possible from day one, it should be a part of your business plan.
3) Set the business budget
When a couple starts their own business, it’s not difficult to get confused in terms of finances. If you don’t separate your business assets and personal funds, you’ll splurge your money without knowing when and where.
For that reason, set the business budget before you even start working on your first project. As suggested above, once you’ve specified your business goals, it’s easier to form the desired business budget. It should contain all your overhead expenses and legally prescribed payments and contributions. As things start rolling, your monthly business budget will contain your accounts payable and receivable, as well. In that light, using budgeting apps can come in pretty handy in setting your business budget, bringing expenditure limits, and separating your business assets and private funds.
Opening at least two separate bank accounts is a must, as well – one account for business matters, and the other one for family transactions.
Once you’ve set the budget with all the incurred costs and separate the business assets from your family/personal ones, it will be easier to keep an eye on your finances altogether.
4) Divide work tasks
In family-run businesses, just like in family-run households, diffusion of responsibility is a common thing. In family terms, such misunderstandings might be inconvenient. In business relations, they can cause serious damage or turn out as fatal for professional collaborations.
Because of that, every entrepreneurial couple should strictly divide their work tasks. For instance, one person should be in charge of business negotiations, project management, and cooperation with outsourcers.
The other half of the couple can focus on finance and asset management, together with taxes and other legal fees.
If you have equal qualifications, like two designers or copywriters, you should both perform the core business tasks.
However, in the case stated above, where we gave an example of a designer and copywriter working together as a couple, each member of the tandem should focus on his/her professional tasks.
5) Expose your venture to clients
Just like any other kind of business, your couple-run venture should draw the attention of potential clients to your services. This means exposing both your business as a whole, as well as your individual skills to the eyes of the public.
If you have worked for companies, go through your email and contact lists. Don’t hesitate to send an email to your former clients or business partners to inform them about your new business beginning. Also, register your enterprise on professional social networks and search for those contacts there.
Partners should join their individual email lists to create a brand new business list that will contain contacts from both individual lists, as well. Still, import only email addresses relevant for business.
When you’re preparing your website, make sure to highlight the essential services that will make a difference. As suggested by a web design Houston agency, accurately presented and well-packed service information can improve generation rates of a business website. Likewise, keep the contact and register sections as simple as possible. If possible, avoid aggressive popup windows on the website to leave a more serious impact on your potential leads.
In insecure and times, we need to go the extra mile to ensure a steady personal income and financial stability. When people who are married or live together decide to join forces and work together, it’s a clever but bold move. You won’t waste your time and energy in someone else’s companies, but you’ll be facing some new challenges in both business and personal plans. The organizational tips and strategies presented in this guide should help you overcome the initial difficulties and establish a durable business that will make a difference.
Author Byline:
Liam Collins is a tech pundit and Web enthusiast working at TuiSpace.com. He spends most of his time reading and writing about the current affairs in the world of information technology. When he isn’t working, he likes going for long bike rides and walks in nature.