If you want to do something exciting with your spouse or partner and make some money in the process why not start up a business? You’ll get the chance to work together, which can be both difficult and rewarding, and you’ll also get the opportunity to work for yourselves – which can help keep you afloat in the midst of layoffs and high unemployment.
Build Up Realistic Start-Up Plans
Couples with some discretionary (or disposable) income already have capital in place to start up a business. You won’t have to get a bunch of investors together and make presentations attempting to convince others to buy into the business. Instead, you can use the savings or investments you have to get started. Of course, depending on the size of the business and the amount of discretionary income, you may still need investors. If you and your partner have to ask for money, at least you won’t have to ask for as much money as you would if you didn’t have that nest egg.
You may not be able to start up a big-name retail business but you can consider something smaller that can grow over time, like a pizza shop. This can be especially lucrative if you’re close to a college campus or a downtown area where there are a lot of people moving around. You and your spouse could have a great time working together to develop a profitable business. We’ll use this pizza as an example of how to build a business.
Help Wanted- Finding Valuable Employees
You and your partner can’t do it all on your own. You’ll need to hire employees and purchase pizza equipment. Consider the number of employees you’ll want to hire and how you’ll pay them until you start to make a profit. You and your partner may need to work full-time at your pizza place, but you can’t do it all alone. You’ll still need people to help who you can trust to run things if you are ever forced to miss time. Your days and hours of operation are up to you, but you can’t sell any pizza with the doors closed.
Look for the Right Location
Fortunately, property is cheaper than it has been due to the economy. In addition to the need for investors or a bank loan you’ll have to get a piece of property where you can run your business.
You may do better by negotiating directly with a landlord or property owner instead of going through a realtor or property management company. You may also want to stay open as much as you can to build up clientele and maximize profits. If you’re near an area that’s crowded and busy at certain times on certain days, make sure you’re open during those times, at the very least.
Perhaps over time, your business will grow (and hopefully your love as a couple will grow with it). Just keep in mind that couples & businesses take time to nurture – sometimes adjustments have to be made and plans have to be changed. Staying open-minded about your new business venture can really help you succeed.