Starting your own company can be a major risk. 20% of new businesses fail within the first two years, while 50% tank within the first five. Success takes hard work, time, money, and often, the unwavering support of those who believe in you, even when you find it hard to believe in yourself.
A man says he's been through the most since launching his trades business a few years ago. Against all odds, he's grown it into an award-winning venture. His dedication has allowed him to support his family, and has even given his wife the freedom to take a year off work. The man was mortified when his partner downplayed his business as a "hobby" recently. He turned to a bunch of strangers for support, but surprisingly, not everyone backed him up.
He believes it's thanks to his business that his wife gets to work flexible hours from home
Image credits: Blue-Titan (not the actual photo)
But she says his venture is merely a "hobby" that he uses as an excuse to seem busy
Image credits: chartchaik1 (not the actual photo)
Image credits: Late-Landscape4723
He later went into more detail about his wife's mental health struggles
Is your partner laughing off your entrepreneurial dreams? Here's what to do, according to an expert
Not everyone is going to understand your vision, and not everyone is going to support your business endeavors. But when the person closest to you takes jabs at your entrepreneurial goals or shrugs them off, it can sting.
Experts say there are a number of reasons why your partner or spouse may not fully support your business. One is the amount of time you spend working on it, instead of with them. And they may have a point if they hardly see you since you became your own boss…
“Learn to work on your business instead of in your business and create processes to expedite and organize things so you can spend more time with your loved ones. Don’t do everything on your own,” advises Marla Tabaka, a small-business adviser who helps entrepreneurs around the globe grow their businesses well into the millions of dollars.
Tabaka adds that while your spouse may not be interested in discussing your business highs and lows 24/7, there are other people you can bounce ideas off. For example, you could consider spending time with like-minded entrepreneurs so that you can share stories, brainstorm, and exchange expertise. Or, you could get yourself a business coach or mentor who can guide you and help you to see the bigger picture.
Another reason your spouse might not be as happy about your business ventures as you are is that it's affecting their finances. "When entrepreneurs sink time and money into a business, it changes the financial landscape of the household. Savings decrease, debt increases, and lifestyle luxuries go by the wayside," explains Tabaka. "Your partner may be focused on dollars in the bank today, while you’re focused on a larger fortune down the road."
The expert says spouses can sometimes feel resentful, especially if they cannot see the light at the end of the tunnel. "Your dream may require them to work harder to make ends meet, placing the burden of financial survival on their shoulders while you 'squander away the money,'" she adds. Or, in the case of the man in our story, use your "hobby business" as an excuse for everything.
Tabaka says if this is the case, it helps to create a solid financial plan for your business and share it with your partner. "A business without a plan is like a ship without a rudder," she says, adding that while she's not a fan of full-blown business plans unless an investor is involved, a financial and growth strategy is a must.
"A financial plan will help those who love you feel more secure about your investment," the business expert reiterates.
Image credits: MART PRODUCTION (not the actual photo)
"She should be your biggest supporter": people were divided, but some agreed the wife was out of line
Some people felt that there were pieces missing from the man's story
But not everyone took the husband's side...
