You’ve just gotten married, or you’ve been together for a while and your thinking of increasing your sources of income.
You talk to your spouse about starting a business, and he/she is excited and offers monetary assistance. What are some of the responses you would give to him/her?
Research indicates that one of the reasons for stress in relationships is money. Constant arguments on cash can be used as a predictive factor for divorce. Nevertheless, it is important that you invest in your life partner and share in his/her dreams to strengthen your relationship.
Let’s look at some of the responses that you can give to your spouse for offering financial support:
Can we review the business plan together?
Offering investment to you shows that your partner recognizes and trusts your capability to handle money. It is vital that you return the favor and show that you trust them too by letting them in your business plans.
A professionally drafted business plan shows a precise evaluation of the business you want to undertake and a concise plan for your vision. The business plan is a map that creates a mental picture of how you want your business operated.
Don’t leave out any detail, financial projections, expenses, balance sheets for assets and liabilities. Let your spouse help in any challenging factors.
Sometimes you may not be willing to get assistance from your spouse. How do you kindly deny their offer?
Can we first seek professional financial advice?
Because money and feelings don’t mix, it is advisable to seek third-party professional advice to help solve your financial issues.
Now to the question of the business investment offer. Is it a one-time offer? What happens when the business requires more funding? Will your spouse be considered an investor in your business? Are they eligible for a stake in the company shares too?
To get answers to these queries and more, it’s essential that you both meet with an accountant to get a clear picture of the next steps in your financial Journey. A good financial planner will guide you in setting up your business priorities, answer all the questions concerning your finances and guide you in the right direction.
Thank You. But I would like to consider an external funding source.
Maybe you’re venturing into a complicated space that may surpass the financial ability of your spouse.
Don’t fret, A host of investors are out there looking for startups to fund and get a pinch of profit from them.
Grants are also an efficient alternative way to fund a business. Write down your financial request in a detailed manner stating how the money is going to be put to use.
Needless to say, it helps choose an investment partner that works for you. You can opt to let your partner help make a more informed decision.
Offer to share the business plan with your spouse and let them understand the complexities of the business.
Mental support can go a long way in assisting your spouse than financial aid will.
Even as you dismiss your spouse’s offer, display a show of kindness and appreciation to your partner since their offer is usually out of love. Let them know that offering their help has not gone unnoticed.