Lord, this is hard a topic that is near and dear to me. You see I have had the wonderful experience of having a significant other as a business partner.
What advice would I give? Four Words…….DO NOT DO IT!
DO NOT DO IT! Especially at the beginning of a relationship. That is the recipe for disaster. I cannot emphasize this enough. This should be kept for when you REALLY REALLY KNOW THE PERSON, like how you know the words to Kartel’s Romping Shop or Buju Memories ( FREE WORLD BOSS btw).
However, there are several other pieces to this puzzle for you to keep in mind.
The first piece is having the same GOALS for the business and it cannot be just to make money. Together you must come up with how you are going to make this money, who is going to be in charge of this money and how this money will be utilized (meaning will it be re-invested in the business, will all be paid in bills or will it be used to start another business). Trust me; all these details need to be sorted before starting. Now, we know this is a conversation that may be challenging to have and if you are seeing that this conversation cannot be had, then pump your brakes! Do not pass GO! A HUGE RED flag is blowing in the wind!
The second piece is having roles for both persons in the relationship. Who is the customer service person? Who is the promotions person? Who is the money person? Who is the staffing person? Who is the day to day managing person? Make these decisions early, so there is no micro managing, there is no confusion when there is a crisis. Again, this is will alleviate any extra stress that you do not need with a start up!
The final piece of the puzzle is to know the person you are getting into business with and have an exit strategy in place. Yes, you guys are going to be together forever, yes, you guys are amazing and are going to honeymoon in Turks and Caicos when all this money starts coming in but before that, in reality, what happens if this business goes FLOP! Please, get all this “inna gear” before you even come out of first gear.
I wish you all the business hustle in the world!
With love and hustle