When two people love one another, starting a business together can be a dream come true. To run a business without leaving the house (or changing out of pajamas) might even seem too good to be true. Whether that is a good idea or not depends entirely on the couple. It may seem wonderful to spend lots of time together putting a small business out into the world, but it is also a lot of work. It can put great strain on a relationship or marriage, especially when children are involved.
And yet, the bond a couple can create when they run a business together can incredible. There are many startups and business ideas that don’t lead to partners to sleeping on opposite floors of the house after a long day at the ‘office.’ They can learn to divvy up the workload, put their effort in where they best feel their gifts can be used, and create something magical, all while maintaining a solid relationship.
Setting Up a Home-Based Business
It is important to make sure couples know how to set up a business properly to make money. The question of whether couples should invest in starting their own business really depends on their end goal. They must look at the big picture to decide if it will be good fit. Here is the down low on small business ownership from home:
- Low overhead: Businesses can die from high overhead Costs pile up and stress begins to creep into the process. Renting commercial space, setting up phone systems, internet, other services, cubicles, and let’s not forget payroll and taxes. A home-based business can cut back on some of these costs to keep overhead from getting too unwieldy.
- Flexibility: A home-based business or small business for couples should be flexible and take advantage of how each person works best. If one partner likes to be up late and the other likes to get up early, capitalize on that and divvy up responsibilities accordingly. Focus on keeping things flexible to make it manageable.
- Tax breaks: Home-based business owners can benefit from tax breaks with a home office deduction. Tax breaks help immensely. New entrepreneurs should always research taxes for their type of small business to get an idea of what to expect and find available tax breaks.
It’s imperative that couples take time to set up a proper office, get paperwork and taxes in order, create a business plan that will grow with time, and secure all the equipment necessary to make their business a success from home.
Business Ideas for a Home-Based Business
Tutoring kids and young adults is a commonplace practice. Online programs are available to assist couples in setting up a business tutoring and offering expertise to kids for extra money. This might involve teaching directly, or setting up courses on platforms like Udemy. Once a course has been built, it sells over and over without the need for constant involvement, generating hands-off residual income.
For people who enjoy writing, there are nearly limitless opportunities to get paid. One of the best places to write is a blog. A shared couple’s blog that looks at their daily life or some facet of life can be rewarding for writer and reader alike. Writing for blogs can pay well and lead to other gigs with magazines, or articles in bigger publications with more reach.
Coaching and Consulting
Many people out there are seeking some type of coaching or guidance in their lives. Couples with specialized knowledge and skills can generate a nice income sharing them, and often without needing to leave home.
Lots of couples love the real estate business for many reasons. It is flexible, in that the time they need to spend on it depends on how much they push themselves. It allows people to work from home. Another angle to consider is buying homes and fixing them up for profit. Renovating to sell like this is called ‘flipping’ a house. If these two things work together, it can be a marriage made in heaven.
Organizers help companies, businesses, and homeowners get rid of stuff, organize it, and even set up spaces in the home to work for them (like a home office). There is a lot of money in organizing, including speaking at events or to groups, running businesses online, and organizing for bigger clients.
If someone in the partnership has a design background, they may be able to help set up an interior design company from home that helps individuals create a home they love. They help pick out furniture, interiors, and other things to help clients get the aesthetic they want. Couples often find this a rewarding marriage of business and design work.
Other ways that couples can work together and make money might include:
- Travel planning
- Bookkeeping or accountancy work
- Pet-sitting and animal care
The key to working from home and starting a business for any couple is to do what they love. Matching each partner’s energy and talents to find the perfect home business fit will build a new partnership that will cultivate prosperity for years to come.