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Discuss the impact of starting a business with your family
ОглавлениеWhen you launch a business, it has an impact on everyone around you, especially your family. You’ll almost certainly have to make financial sacrifices, spend less free time with those closest to you, and have more things on your mind than before you started. If you’re married, owning a business may have legal and/or tax implications for your spouse.
Sit down and fully discuss your plans with the other people in your life who may be directly affected. Help them to understand what you see as the opportunities, while at the same time being clear about the potential risks and probable sacrifices.
Ask for their input, too. They may have suggestions of ways they can be supportive. In most small businesses, family members frequently lend a hand. Allow them to share some of their fears or concerns so you get a realistic idea of what’s on their minds. Discuss ways to make certain that your family responsibilities are met even while you build your business. Make them feel a part of your new, exciting adventure.
Be careful, however, about asking for loans or investments from family or close friends—you may risk both the business and the personal relationship. Of course, there are exceptions: If the person understands the nature of your business, truly appreciates the risks, and is someone with whom you can communicate well, the situation may work. Always have loan or investment papers drawn up with the terms of the repayment or investment absolutely clear.
You can find more information about getting and working with investors in Week Five.