Succeed As Your Own Boss

ENDING SMALL BUSINESS FAILURE

  • Home
  • About
  • Book Melinda
  • Consulting
  • SBL Store
    • Books/Workbooks
    • LifePlanningJournal
    • 30 Day Fast Start Program
    • Become Your Own Boss Course
    • Become Your Own Boss Bundle
    • Fix Your Business Masterclass
    • Write A Business Plan Course
    • One-on-One VIP Coaching
  • Subscribe to Podcast
  • #Smallbizchat
    • Be a #SmallBizChat Guest
  • Blog
    • Write For Us
  • Contact
You are here: Home / How to Start / How to Get Your Spouse to Support Your Small Business

How to Get Your Spouse to Support Your Small Business

May 31, 2012 By Melinda Emerson 4 Comments

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Jacquette M. Timmons @jacqmtimmons. Jacquette is in the business of helping people create a healthy relationship with their money. As a behavioral finance enthusiast, she works as a financial coach, trainer, and speaker. Jacquette is also the author of Financial Intimacy; How to Create a Healthy Relationship with Your Money and Your Mate ” For more information: http://www.sterlingchoices.net.

 

SmallBizLady: How far in advance of my “launch” should I begin telling my spouse of my intentions?

Jacquette M. Timmons: You should tell your spouse of your intentions to launch a business once you have clarity about what you plan to offer, to whom, and about how much capital you’ll need to get started. You don’t necessarily need to have the specifics of “how” figured out just yet, but you should have some preliminary ideas about how you plan to position and package your services/products. Knowing this information before you have the “talk” is important for several reasons: a) it’ll communicate your seriousness (this is not a hobby), and b) it’ll give you the confidence to answer the inevitable (and rightful) questions your spouse is likely to have. This is also a good time to express why your business idea is so important to you.

 

SmallBizLady: Do I need to share every detail or just the big picture?

Jacquette M. Timmons: Whether you decide to share every detail of our business or just the big picture really depends upon the best way your spouse takes in information, and which approach will help them be the most supportive of you.

 

SmallBizLady: What do I need to know about my mate’s experience & family history with small biz ownership?

Jacquette M. Timmons: If your mate grew up in a household where their mother or father was a successful business owner, they are likely to be quite supportive of your endeavor. If, on the other hand, the family was always on the brink of financial disaster or actually lost their home and other forms of comfort (e.g., horseback riding classes, summer camp, etc.) because of the mother’s or father’s business, your desire to own a business may trigger some unpleasant memories and bring to the surfaces buried fears. Of course, none of this will be done at a conscious level. That is why understanding your spouse’s family history when it comes to entrepreneurship will prove beneficial; it’ll help you react to their reaction to your idea and desire.

 

SmallBizLady: How do I get my spouse to see the viability of my business?

Jacquette M. Timmons: You get your spouse to see the viability of your business by “showing” them its viability. If they are visual, prepare a PowerPoint presentation; if they geek out over “numbers,” use Excel. In essence, let the numbers do the talking for you — show research that supports why your target market is ideal; show statistics to reveal what the problem is you are solving; show numbers that demonstrate why your ideal client will find your solution attractive; show cashflow and profitability forecasts.

 

SmallBizLady: How do we agree on how much of our assets and or savings we will put at risk?

Jacquette M. Timmons: To determine how much you and your mate are willing to put at risk is both complicated and simple at the same time; complicated because it’s highly emotional and variable, yet simple if you come up with a plan and honor it. Here is an unscientific formula: add up your family’s expenses for the next 24 months, to that add up any major high-ticket obligations you foresee within the next 24 months. Start with this sum as the amount to consider putting at risk. If that number scares the bejezzus out of you and your mate, then work you way down in 10k increments to a number that feels less scary. Notice I said “less scary;” that was on purpose. Any number you come with is going to take you and your mate out of your comfort zones, but there is a number that doesn’t feel as if you are jumping off a bridge without a net.

 

SmallBizLady: Do I need to tell my spouse about my business partners, if I have any?

Jacquette M. Timmons: Absolutely, your spouse should know who your business partner/s is/are. As well, your mate should know what your ownership percentage is relative to the other partner/s. You’re not looking for your spouse to vet them (it’s up to you to do that due diligence). But since part of your money is coming from the household’s pool of resources, your mate is entitled to know with who you are in business. Likewise, your spouse should either know where your Business Agreement is filed or who your attorney is. Your mate may need to reference your Agreement if, God forbid, something happens to you.

 

SmallBizLady: What’s the best way to address my spouse’s fears and concerns?

Jacquette M. Timmons: The best way to respect your spouse’s fears and concerns is to first hear them without being defensive. Remember, this business idea is your dream and it has been on your heart and mind for a long period of time. Therefore, you’ve had a chance to process many of the questions your mate is likely to have; it only comes on their radar once you have the “talk.” Next, ask a ton of questions until you get to the root of what is at the core of their fear or concern; it is rarely the first – or even – second thing they indicate. Invest the time to get to the core and they will see that you are taking them seriously and are not strong-arming them. The biggest key here is to not get defensive. The second biggest key is to not get discouraged if you have to have multiple conversations — you may not sufficiently address everything with one discussion and you shouldn’t put that pressure on your relationship to do so anyway.

 

SmallBizLady: What can I do to hear my mate’s concerns/fears and not take it as criticism?

Jacquette M. Timmons: The best way to not take your mate’s expression of their concerns and fears as criticism is to not take it personally – don’t receive it as an attack on your talent and vision. Listen to them with the intent to understand (not prove) anything (communication 101, eh?) and think of it this way: Whatever questions they are asking are likely to be the same that either a potential client or investor may ask. Answering your mate’s questions is perfect practice for you!

 

SmallBizLady: How can my spouse be supportive of me when the business is going through a rough patch?

Jacquette M. Timmons: Every business goes through a rough patch. Most people identify rough patches with financial challenges, but that isn’t always the case. You could simply be slammed by multiple deadlines in a contracted period of time that alters your business and personal rhythm. Your spouse can help you adapt to these periods by picking up some of the household duties/chores you would normally do, and helping you with some administrative business tasks, if possible. And if it is the case that the rough patch is financial, your spouse can help by being more mindful of the household’s expenses. Finally, sometimes the best antidote to a rough patch is a sounding board. A spouse who listens without feeling the need to offer suggestions can be one of the best gifts when the going gets rough.

 

SmallBizLady: How soon should I tell him/her that the business plan isn’t unfolding as envisioned?

Jacquette M. Timmons: I am making a presumption here and that is that you and your mate agreed a) how much capital would be invested in your business, b) you came to an agreement with regards to thresholds in terms of benchmarks to hit in terms of cashflow, revenue and profit, and c) that you identified trigger points for each of those parameters for when you should sound the alarm bell. Therefore, you should alert you mate as soon as you hit the trigger points. Don’t wait to see if things will turn around — come clean as soon as you hit it, even if you have accounts receivables that indicate you’ll be out of the danger zone within a quarter or two. Doing so will go a long way in building a deeper bond and trust with your mate and reinforcing you are concerned about your his/her sense of security.

 

SmallBizLady: What’s the best way to help my spouse feel as if the business is “theirs” too?

Jacquette M. Timmons: Help your spouse see that your business is a “family” endeavor by allowing them to pitch in and help how they can/where they can. Also, listen to their feedback and show that you’ve heard their suggestions and explain the business reason for either why you are/aren’t going to do as they suggested.

 

SmallBizLady: If the ups & downs are affecting our intimacy, do you have any suggestions?

Jacquette M. Timmons: Being a small business owner is always a combination of exciting and exhausting. And those ups and downs can definitely have a ripple affect on your relationship and even spill over into your bedroom. -;o( So you must make a commitment to protect your relationship by blocking off alone time and scheduling dates; make sure household chores and duties don’t become lop-sided because of your business. (This becomes especially true if you are working a day job while starting your business.); and make sure you schedule times to update your spouse on your progress. Does this seem unromantic? Truth is you schedule everything else that is important to you, and this shouldn’t be any different. If you don’t schedule it, there’s a greater chance quality 1×1 time together won’t happen…now, that is what is unromantic!

 

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

 

 

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

Filed Under: How to Start, Q & A Interview, SmallBizChat Tagged With: couples, Jacquette Timmons, SmallBizChat, starting a business, working with spouse

Fix Your Business Now!

Order SmallBizLady's new book Fix Your Business, 90-Day plan to Get Back Your Life and Reduce Chaos in Your Business. It includes the 12 Ps of Running a Successful Business and readers will finish the book with a new strategic plan to take their business to the next level.

About Melinda Emerson

Melinda F. Emerson, known to many as SmallBizLady is one of America's leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. Her latest ebook, How To Become a Social Media Ninja; 101 Ways to Dominate Your Competition Online was released in 2012.

Comments

  1. Gail Roddy says

    June 2, 2012 at 9:41 am

    Great post. Everything you wrote is spot-on!!! Especially the question of when to let your spouse know the business plan isn’t unfolding as envisioned. The advice you gave to “come clean” was crucial. One thing I’ve learned is that these are the things that test a marriage and can also catapult it to new heights of trust, commitment, and security in your bond with one another.

    Reply
  2. women business owners says

    June 5, 2012 at 5:59 am

    Thank you so much for the tips, I am lucky to say that my husband supported me in my small business.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Let’s Connect

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Let me send my best blog posts to your inbox each week.

Click Here to Sign Up!

Get 2 FREE Chapters of SmallBizLady’s Book,
"Become Your Own Boss"!

Become Your Own Boss Download Two FREE Chapters

Most Popular Posts

>Seven Ways to be More Profitable in Your Small Business
> 7 Ways to Attract Customers to Your Small Business
> 6 Tips for Managing Small Business Finances
> How to Run a Successful Multilevel Marketing Business
> 10 Ways to Grow Your Small Business With Instagram
> How to Sell on Facebook
> How to Get Over the Fear of Starting a New Business

Featured Videos

“12 Principles of Highly Profitable Businesses with Melinda Emerson” from Sonia Dumas
October 2020

#SmallBizChat LIVE from NYC
May 2017

MSNBC Interview
Top Tip: Never Let a Customer Down

National Speakers Association
Winter Conference 2016

Tune in to Exhale, Wednesdays at 9 pm EST, only on ASPiRE. Join the conversation at #EXHALETV

Fox Business
Five Steps to Becoming a ‘Social Media Ninja

MSNBC
The importance of job mentoring for women

#SmallBizChat Live
National Small Business Week: Q&A

Good Day Philadelphia
Expert Shares Tips on How to Become Your Own Boss

Google
Best Practice for Social Media

Testimonials

Become Your Own Boss is a must read if you’re thinking of launching a business of your own.
Jean Chatzky, Bestselling Author of Money 911 and Financial Editor of NBC’s Today Show
Great step-by-step advice for anyone looking to start their own business.
Andrew C. Taylor, Chairman, Enterprise Rent-A-Car
Melinda Emerson has written a remarkable book. It is essential reading for anyone seeking to make the transition from working girl to successfully working it, as an entrepreneur.
Cynthia McClain-Hill, Past President, National Association of Women Business Owners
The perfect companion for those planning to go out on their own. Melinda delivers firsthand practical advice on how to be the successful entrepreneur. Read it if you want to get it right the first time.
Kenneth L. Shropshire, Professor at the Wharton School of Business, University of Pennsylvania
If you are looking for a versatile speaker who can talk about how to grow small businesses or get started with social media, look no further.
Heather Van Sickle Executive Director, National Association for Community College Entrepreneurship (NACCE)
Her wit and depth of subject knowledge were entertaining and empowering. Melinda is definitely on our short list of seasoned entrepreneurs and business leaders we look to invite back in the near future.
Tennille M. Robinson Senior content & Event producer for Inc. magazine
Melinda Emerson, “SmallBizLady,” is an engaging and witty speaker and a great addition to any conference. Her terrific presentation and compelling delivery give people the information they need and want to become their own bosses and grow success… Read more
Laurie Dalton White Conference Director, Pennsylvania Conference for Women
Melinda Emerson has been a fantastic small business and social media resource for the Pitney Bowes team. Not only is she personable and easy to work with, but she also has an innate understanding of the small business audience. My marketing programs … Read more
Justin Amendola, Former VP, Global SMB Digital Strategy, Pitney Bowes

SmallBizChat

  • Twitter

Latest #SmallBizChat

10 Bible Verses Small Business Owners Needs to Know for 2021 Open Graph

10 Bible Verses Small Business Owners Needs to Know for 2021

My theme for this year is, “It’s a New Year, Time to Renew Your Faith.” Last year, and so far this year, life has thrown us all some curveballs and some direct hits. Loved ones lost, businesses destroyed, finances stressed; it’s been a really tough time for some.  As if entrepreneurship isn’t lonely enough, then […]

Recent Comments

  • Bada Business ibc on 5 Tips for Getting More Online Reviews for Your Small Business
  • Justin Marble on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • sathya on 15 Mistakes Not To Make In Your Digital Marketing Approach
  • Agency Platform Ebrandz on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • Sejal on 15 Mistakes Not To Make In Your Digital Marketing Approach

#SmallBizChat

  • SmallBizChat Archive
  • @SmallBizLady

Business Advice

  • How to Start

SmallBizLady Store

  • Products
  • Free Chapter

Get In Touch

  • Write For Us
  • FAQ
  • Be a #SmallBizChat Guest
  • Contact Us
Copyright © 2019
Quintessence Group
PO Box 280
Drexel Hill, PA 19026
(610) 352-0680
Privacy Policy · Refund Policy

Copyright © 2021 · News Pro Theme on Genesis Framework · WordPress · Log in