The Conversation You Need To Have with Your Spouse if You Want To Run a Successful Business
Few things in life are as difficult as running your own business. You need to be able to balance long hours, tireless attention to detail, and constant stress with the duties of daily life. It’s an unforgiving job, but its rewards are absolutely worth the stress.
But what about your spouse?
What happens when you’re running a business and your spouse is critical of your dream?
We sat down with real estate flipper Bill Allen to get the details on juggling a business and a family.
The Time Crunch
One of the first things that Bill learned about was time management.
As an active duty member of the Navy, he had plenty of responsibilities. However, he didn’t let that stop him! He would use lunch breaks and free time to study properties and learn about the market. When others were slacking off and enjoying a break, Bill was driving to evaluate potential real estate deals.
“An hour here and there” was Bill’s mantra, and it really helped! He had time for his family, and he had time for his business.
Nonetheless, he had to face the fact that he would have less free time. While this was stressful, it ultimately drove Bill to do better. He realized that investing time now would lead to more free time later.
Before he started, however, Bill mentioned this time crunch to his spouse. Both of them agreed to this new arrangement, and they both understood that Bill would be less available than before.
Make a Success Pact
Another of the key points of stress in Bill’s life during this period was financial stability. At the time, Bill had just welcomed a newborn son. This meant that his family was juggling their normal bills with childcare and investments.
Before he started, Bill and his wife made an agreement: If things didn’t work out in one year, Bill would stop.
Starting a business is hard, and you don’t always hit gold on the first try. That’s why it’s important to talk things over with your spouse before you start. Make sure that everyone is on the same page, and that you have a plan in place for what to do in the future.
Ultimately, there will come a time when you may have to pull the plug on your investment. It’s tough, but having a supportive spouse to help you grieve your sunk costs will help. Your spouse will also be able to help you determine the right time to pull out.
Lean on Family Values
When things get tough, it’s good to have values to rely on.
Bill and his family are avid fans of the military. That means that they integrate many of the military’s core beliefs into their life. Bill’s family always placed value on punctuality, dedication, and duty. This was instilled in Bill’s son from an early age, and it helped him grow as a person.
As you build your business, make sure that your family is on board and backed by their values. This will make things much easier for everyone when things get tough. When money becomes scarce, your family becomes your support system. As such, you want them to have the same values and moral compass.
Be Willing to Grow
What about the future? When you’ve set up your business and things are going well, what should you do?
Bill has tips for that, too!
Always be ready to expand. When Bill’s business grew, he realized that he no longer had time to manage both the business and his family. While the decision was difficult, he ended up hiring more employees. He let go of some of his responsibilities and trusted others to get them done.
In business, you always have to be ready to cede some control. Otherwise, you’ll end up running yourself to death! Instead, Bill suggests that employers find trustworthy employees to carry the torch.
Remember: You are not handing over the company. You’re delegating responsibilities so that everyone has enough time to do what is necessary. Without employees, you have to do everything.
Embrace the Present
At the end of the day, running a business requires sacrifices. You need to make sure that everyone is ready for what may come, and that means having some hard discussions.
However, if you’re ready to take that leap, then it’s time to invest in your future. The seven-day Rainmaker Family Challenge is a crash course in business, and we’re dedicated to making sure everyone succeeds.
Sign up now and join the family today!