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5 Strategies to Start a Business With Your Partner and Not Die Trying

Entrepreneurship is not for everyone. There are some who prefer to keep their family and business separate and others believe that both should go hand in hand. What do you think?

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Entrepreneurship is not for everyone. There are some who prefer to keep their family and business separate and others believe that both should go hand in hand. What do you think?

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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

Among the most recurrent wishes of people who work, is to be able to spend more time with the family, and specifically, with their partners.

Not having to resign yourself to only seeing each other after six or seven at night for dinner after a tiring day, but seeing each other all day from morning to night, eating together, planning, deciding on what and how to spend together and on brief: work together.

Does it seem too much? Nightmare or dream? How mentally healthy is it to share this with our partners?

For more than six years I have been working in the world of digital entrepreneurship, and every time I know more cases of couples working together in their businesses. This caught my attention because I am one of these ranks: I work full-time in my company with my partner.

Although for centuries many love relationships have emerged in the workplace, meeting your one and only in a start-up, or rather, in your start-up, is another story, because entrepreneurship is like getting on a full roller coaster of surprises and challenges. All the opposite of a hierarchical and hyper organized work.

Working and partnering with your partner in your own business is literal, the epitome of entrepreneurship: “starting a work, a business, an endeavor, especially if they involve difficulty and danger” … How romantic, right?

If we add the gender factor to the entrepreneurial couple equation, the result can be a wonderful but highly damaging bomb if we do not understand it in depth as a complex and increasingly recurring phenomenon.

Digital ventures favor the work and association of couples because they allow a communion between professional goals and the possibility of spending quality time in different environments, not being subject to a physical office. But above all, they favor this phenomenon because undertaking is an act of faith, passion and idealism. And who doesn’t want to share all this with the person they love?

Undertake together or separately? That is the question. Entrepreneurship with your partner is not for everyone. If things were black and white, the world of entrepreneurship could be divided into two camps:

1.Those who firmly believe that a reasonable distance must be maintained between family and partner life, with business

2.Those who firmly believe that there is no better business than one that is shared and extended to the family

Both positions are valid, however, when the conditions are favorable and a professional-loving-family union is achieved, the benefits can multiply in a very profitable way for both parties.

It requires precise technique and a lot of practice. If you are thinking of starting with your partner or if you already have, these five strategies to start with your partner and not die trying will help you:

1. Align the races. It is normal that you and your partner have different backgrounds, interests, experiences and resumes, even if they are dedicated to working in the same niche. In order to carry out a business between the two, it is necessary to be clear about the real objectives and goals of each one.

It is not enough to have common tastes or similar experiences. It is required that the vision and the way to achieve the goals is common and congruent for both parties.

2. Change work styles. One of the most recurrent conflicts and one of the most common causes why couples who work together fail, is the difference between work styles. You are organized and your partner works well under pressure; you are a leader and your partner is interested in the results. An effective communication is necessary to be able to exploit the particular potential of each one and not to die on the battlefield.

If you are better at communication and marketing and he or she is better in the administrative and intellectual field, take advantage of it instead of fighting for it. I recommend opening yourself up to the possibility of working with a coach or therapist for this, since it sounds easier than it is.

3. Define the boundaries between home and work. It is a myth that “dividing your professional life from your personal one” by 100%, establishing tangible and measurable limits is a strategy that can, in a certain way, guarantee a more harmonious and effective coexistence between you and your partner.

Women are almost always the ones who carry the most workload, since on average they do more housework and parenting tasks than men. They also carry an important symbolic load: to make a general management of the home organization on top of all work responsibilities. Establish limits, schedules and a clear and specific division of tasks both in the professional and private fields.

4. Maintain your identity. It is difficult to keep your identity intact when having a partner and even more so when sharing 90% of your daily life with that person. However, another of the most frequent causes why partner partners fail is due to the generation of frustration in one of the parties, since sometimes the balance of interests is difficult to achieve.

Something that you must be very clear about is why you are undertaking and why you are doing it with your partner. It is important not to do it for the wrong causes and to know what moves you, what hurts you, what problem you want to solve in the world. And if all that lines up with what your partner is looking for: voila!

5. Shared finances. Many recommend that couples have financial freedom. This in the field of business is impossible, since the two people are forming and representing a society. The key to financial success and peace for the couple, inside and outside the business, is that one person is capable of carrying out the administrative and financial execution of the decisions made by both parties.

Budgets, control of expenses and cuts will be the daily bread, but with order and respect for the work of both roles, they can reach a point where this area ceases to be a problem and becomes an area of impulse and of ambition.

My golden advice is: get evaluated every six months . Performance, goals achieved, challenges, growth, to know and be clear about what is not working and what the other person thinks is not working. Just as large corporations carry out periodic evaluations of their employees.

Both hard facts and perception are key to developing a partnership sown in trust, support and self-fulfillment.

Working with your partner and especially if it is an undertaking, is not something to be taken lightly. It should be viewed from two angles: the professional and the personal. As well as making the decisions that are the most appropriate for both parties.

Consensus is possible, and when it is achieved, the magnification of learning and also of money are very considerable and beneficial, in addition to reinforcing the couple’s relationship, mutual knowledge, and respect and admiration. Entrepreneurship involves sacrifices but if you manage to align your goals and values with those of your partner, go ahead!

Maria Gargari. Writer and Speaker. Master in Gender Studies from FLACSO Argentina. Curator of TEDxWomenMexicoCity and Founder of Conferencistas de Elite Mujeres

Does it seem too much? Nightmare or dream? How mentally healthy is it to share this with our partners?

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/ryfEFaE8wzA/364879

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Entrepreneur

Have You Stashed Too Much Money in Your Emergency Fund?

Think you’re totally set with a full year of expenses set aside in an emergency fund? Hold up. You might have too much socked into liquid assets. Read on to learn more about how much is too much for your emergency fund.

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Think you’re totally set with a full year of expenses set aside in an emergency fund? Hold up. You might have too much socked into liquid assets. Read on to learn more about how much is too much for your emergency fund.

Free Book Preview Money-Smart Solopreneur

This book gives you the essential guide for easy-to-follow tips and strategies to create more financial success.

June 10, 2021 6 min read

This story originally appeared on MarketBeat

Last year heralded the case for a robust emergency fund. As people lost jobs left and right due to the COVID-19 pandemic, you probably checked and double-checked your emergency fund (I know I did).

However, have you ever thought about how so much of a good thing can be just that — too much? Your emergency fund could end up way too plump.

Where People Usually Put Their Emergency Funds

Where do most people stash money in order for it to remain truly accessible? Most people put their funds in one of the following categories:

  • High-yield savings accounts: You usually find high-yield savings accounts at online banks, not at brick-and-mortar banking institutions. (They don’t have much overhead due to their status as online banks, so they can offer higher returns.) High-yield savings accounts usually earn around 0.50% annual percentage yield (APY).
  • Money market accounts: A money market account, also called a money market deposit account, offers a deposit account that pays you interest based on current interest rates in the money markets. You can find money market accounts at local banks. Money market accounts often come with a debit card and check-writing capabilities.
  • Checking or savings accounts: You won’t earn much interest with checking or savings accounts at a brick-and-mortar bank. Earnings for both of these types of accounts can range from 0.03% to 0.04%. However, you can access your money at any time, which means that these accounts offer major liquidity.

Any of these options make sense because you can easily get your money out when you need it. However, if you put too much money into any one of these, you could risk a lack of growth and put yourself at a disadvantage, tax-wise.

Before you choose the right vehicle for you, check rates, fees and withdrawal rules.

Too Much of a Good Thing Can Be Too Much

Emergency savings offers so many great things — to a point. Let’s take a look at the downsides to putting an overly large amount in your emergency fund.

Downside 1: Your money may not grow.

Where do people usually park an emergency fund?

Somewhere liquid and highly accessible, like a money market account or a high-yield savings account, right? You want to have access to that money the second your boss says, “Sorry, but I have some bad news…”

Here’s the deal. Let’s say you save $1,000 at 0.01% APY. After a year, you’ll end up with just $1,000.10. If you put the same $1,000 in a retirement account that earns 6%, you would earn $1,062 after a year. See how you could lose out?

Most accounts that offer a safe haven for your money often don’t offer ample returns.

The average stock market return hovers around 7%, three times higher than any high-yield savings account rate offered anywhere today.

Downside 2: You could lose out on the tax front.

When you focus on saving in your emergency fund too much, you may neglect your tax-advantaged retirement accounts, which could include 401(k) plans, IRAs, 457 plans or 403(b) accounts.

Let’s say you have the opportunity to contribute $6,000 into a traditional IRA. Your contributions get deducted from your taxable income. You would only pay taxes on the remaining balance.

Let’s say you make $60,000 per year. Your taxable income automatically gets reduced $6,000 to $54,000 from your traditional IRA tax deduction.

What happens when you save your money in a high-yield savings account instead of a tax-advantaged account? You miss out on that reduced taxed income.

Downside 3: You may not clear out your debt.

You may hear so much about the importance of emergency funds that you ignore the fact that you still need to pay off debt. That begs the question: What kind of debt do you have? Credit card debt? Student loan debt? You may want to pay down those debts first and then tackle your emergency fund. Or you can save $1,000 for emergencies to start out and then tackle any outstanding debt.

Downside 4: You may sacrifice other goals.

When you don’t contribute to your kids’ savings accounts, to your own retirement or maybe even save for a down payment on a house, stop and ask yourself why.

A gargantuan emergency savings might not mean much when you’re stuck putting a vacation on a credit card or forgoing a child’s college savings account altogether.

So… How Much Should Go in Your Emergency Fund?

Obviously, this answer depends on a few factors, including your current income amount. Many financial experts advise saving three to six months’ worth of living expenses.

For example, let’s say you generally spend about $4,000 per month on general expenditures, such as your mortgage payment, utilities, food, health care premiums and other items. You should save between $12,000 and $24,000.

However, you may want to adopt the 3/6/9 rule instead, depending on your job situation. In other words, you may want to:

  • Save three months of expenses if you have a steady paycheck, have no mortgage or dependents.
  • Save six months of expenses if you have a steady paycheck, have a mortgage or dependents.
  • Save nine months of expenses if you have irregular income or if you are the only one in your family who earns money.

How Much Equals Too Much in Your Emergency Fund?

As you can see, it’s easy to have too much in your emergency fund. If you find that you’ve stashed more than six months’ worth of emergency money in your account and have a steady paycheck, no mortgage or dependents, ease up.

Carefully consider whether you have too much in your account based on the stability of your income and the number of people depending on you. You may also consider the level of support you receive from others. (Your parents might love it if your family moved in if it came down to it!)

When you do decide on the right amount, automate transfers so they occur each and every week or month. That way, you don’t have to think about saving — it just happens.

Featured Article: What is an overbought condition?

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/YHuKBmQ-q-o/374198

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Entrepreneur

How to give good feedback to your collaborators?

The feedback process must be close and continuous.

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The feedback process must be close and continuous.

Free Book Preview: Unstoppable

Get a glimpse of how to overcome the mental and physical fatigue that is standing between you and your full potential.

June 8, 2021 1 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

This story originally appeared on Querido Dinero

Feedback is the analysis of a person from different perspectives to show what they do very well and accelerate their professional career, but also what they need to improve because it slows their growth.

The difference with the evaluation of results is that the feedback process must be close and continuous, and when implemented correctly it generates relationships of trust .

We tell you how to make it a natural practice in your company:

The difference with the evaluation of results is that the feedback process must be close and continuous, and when implemented correctly it generates relationships of trust .

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/ZMAaeXpe1Pg/373943

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If You’re Using These Marketing Tactics, You’re Hurting Your Brand’s Credibility

You’ll need good marketing to increase sales in your business, so have a solid strategy.

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You’ll need good marketing to increase sales in your business, so have a solid strategy.

Free Book Preview: Brand Renegades

Discover how two entrepreneurs used unconventional business strategies to turn their startup into a multimillion-dollar company.

June 5, 2021 4 min read

Opinions expressed by Entrepreneur contributors are their own.

Entrepreneurs are always hungry for new clients and growth strategies that work. The online gurus know this, so they use emotional-trigger-based marketing tactics to convince business leaders to buy their courses or services. These questionable marketing tactics tend to lead to refund requests, chargebacks and consumers that won’t do business with them again.

Even if you provide something of value, how you market it will affect your sales depending on your approach. As you build out your marketing strategy, avoid these three commonly used marketing tactics because they tie you to a culture of bro-marketing and online gurus. Consider a different approach before these tactics detail your business growth.

Related: 4 Annoying Online Marketing Tactics to Stop Right Now

1. Displaying revenue screenshots.

These days, it’s common for entrepreneurs to display Stripe or PayPal revenue screenshots on social media, or even on their websites. There’s no doubt that consumers are drawn to seeing sales and big numbers. But it’s a toxic marketing strategy — it may generate sales in the short term, but it repels high-end clients and more potential customers in the long term.

The consumers who buy based on what they see in revenue screenshots tend to be in a challenging financial position and need to generate income quickly. They aren’t in the place to focus on what it takes to do the work that increases revenue, and they end up disappointed when they buy as a result of flashy marketing.

Real wealth and growth don’t self-advertise. Have you ever seen business leaders such as Elon Musk, Jeff Bezos, or Oprah post revenue screenshots? The results that your customers experience are a better way to market your business. Publish solid content and you can nurture cold prospects. Separate yourself from guru marketing by relentlessly focusing on serving your customers.

Related: 6 Outdated Marketing Tactics You Need to Leave in the Past (Where They Belong)

2. Sharing client wins with no attribution.

Have you ever seen an entrepreneur posting about clients getting X results, but they never name or tag the clients? The clients they’re posting about may very well be experiencing wins, but in a guru marketing world, the consumer is skeptical.

Some clients would prefer to remain private and not share their information — that’s understandable. But, more than a few of your clients would welcome a shout-out. You have clients that are comfortable with you sharing their wins. The only way to know for sure is to ask.

The goal is to show what your business offers, and you can do this by sharing your clients’ results and testimonials. Get permission where possible — don’t just share wins that don’t appear real to cold consumers.

Related: 3 Marketing Tactics to Avoid Next Year

3. Marketing results from years ago.

Over your years of building a business, you’ll no doubt experience wins. You’ll get results that consumers and colleagues will want to know more about. In marketing, your goal is to prove that your philosophy does work — mainly through marketing the results you and your clients have experienced.

However, growth-focused entrepreneurs stay at the forefront of their industries. They don’t get a result and market those wins for years without working on getting more results. It’s acceptable to market the results you’ve obtained in the past, but ask yourself if you continue to do the work that helps you grow.

When cold prospects see that your marketing results are old, it will dissuade them from doing business with you. Consumers want to do business with industry leaders, and you become a leader by constantly honing the work you’re putting into your craft. One of the best ways to grow a business is by doing the work that optimizes your personal growth. Commit to becoming the best at what you do.

If you’re going to increase sales in your business, you’ll need good marketing. However, there’s a way to market your business more authentically. Avoid tactics that may work for a little while but will ultimately hurt your brand credibility.

Related: 7 Ways to Correct a Failing Marketing Strategy

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/ve_gaxGJS18/370340

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