Article by Ceri Wheeldon
With an increasing number of women over 50 setting up business, how do you ensure you’re your partner is on side and fully supportive? If your partner second-guesses many of the decisions you make in the beginning of your new business venture, understand that he is simply concerned about your livelihood as a family.
This new business endeavor may be your personal project. But your family may be slow to adjust to your new found passion. From an emotional and financial perspective, your family will experience this roller coaster of uncertainty and excitement together.
Use these five powerful tips to lead your spouse away from feelings of uncertainty toward throwing his support in your corner as you begin your new business venture.
- Be informed and keep your spouse informed. Conduct as much research as possible before presenting the idea to your spouse. To gain your partner’s support, develop a plan for success that details the steps you’ll take and the choices you’ll make if things don’t work out.
- If possible, schedule a meeting with a business consultant. You want to be able to say to your partner that a seasoned professional thinks you have a profitable business idea.
- When conducting preliminary research on your business idea, scour trusted business websites like Entrepreneur.com, Forbes.com, and Businessweek.com to learn as much as you can about what you’re getting into.
- Present your potential sources of funding. Seek to put your partner’s mind at ease about how your family’s financial needs will be met. How will you pay for the business? Do you have a plan B? If you can show your spouse that you’ve created a well-thought-out plan, this will go a long way toward calming his fears.
- State the benefits. Why is your business a good fit for your family? Will it allow you to spend more time together if you leave permanent employment. If so, talk about these things. Ideally, your business idea will provide other benefits in addition to profitability.
- Remember that your name may be on the website and letterhead, but you’re not the only person involved in operating the business. Your family’s life will change in order to support your business venture. Ensure that the business is in the best interests of your entire family.
- Try to create multiple income streams. Your spouse may jump on board, but be prepared in case your enthusiasm is met with resistance. Provide a feeling of security and stability when you present your idea to your spouse. Implement these tips to increase your chances of gaining your partner’s valuable support to move forward in the business venture of your dreams.
- Stress the positive research indicating that businesses set up by those over 50 have a far greater chance of succeeding than those of younger generations. Life experience provides a distinct advantage when it comes to setting up a business.
If you want to assess your skills and the potential viability of setting up a business – the careers module of our online MidLife MOT programme helps you to do just that . You can find the Midlife MOT Careers module here