Family Support

If you are considering business ownership ask yourself if this is your dream and everyone else is just along for the ride or, you share your dream with your spouse. If you are single and young you have your life ahead of you and risk is minimized by the attitude that every failure makes us stronger. When you are older and have to support a family, business ownership becomes a greater risk. To minimize this risk you need the support of your spouse.

He or she should be an active partner in the research into your future business opportunity. They don't necessarily have to be a working partner in the business but if you are planning on spending your family nest egg then they need to go into this with their eyes open. In fact, in Canada, if you are applying for a business loan or line of credit for your business your spouse will be expected to get an ILA (Independent legal Advice). This is a form to be completed and signed that she has spoken to her own lawyer who explained the consequences if you fail to meet your debt obligations. This is less frightening if he or she has been involved in the research from the beginning with you and has agreed to this new business in advance of meeting with the lawyer.

The biggest advantage of having your spouse be involved early in your research of a business is that they always see and hear different things than you see and hear. As a result, different questions are asked and of course answered giving you a deeper perspective on your buying decision.

When you both come to the same conclusion and move forward with the business you generally have a great back up and positive support person in your corner making sure you see everything on a frequent basis and can be there to boost your morale and celebrate your victories. Remember that if you both came to the same conclusion this becomes your spouses dream and passion as well, even if it is only to see you happy, successful, and proud for your family.

Family support in business is powerful if it is done correctly.