When you’re growing your business, it’s not a matter of “if”, it’s a matter of “when” you’re going to need to make an investment BEFORE you’ve generated the income to pay for it. Whether you’re just starting out, or even if you’ve been in business a while and you desire to grow to the next level.
And the money has to come from somewhere. It may need to come from your savings, from other disposable income that was earmarked for other things, maybe it has to come out of the immediate profits in your business that you can’t yet take out for yourself or your family, or maybe you even need to borrow it.
And when you’re in a relationship where your money Is pooled, it can sometimes feel like those decisions aren’t yours to make.
And as the wife/partner in your relationship, money decisions that may affect the household and your life together ARE a partnership decision.
However as the CEO of your business – deciding and investing in what your business needs IS your sole decision, and responsibility.
So what do you do when the two worlds collide and you need to make a crucial investment in your business and you’re worried your spouse will not be on board? How do you balance your vows and commitment to your spouse, with your commitment and responsibility to your business?
In today’s episode we dive into how to approach this oh-so-important and delicate conversation without feeling guilty and without asking permission, while ensuring your husband is part of the process.
I share with you the EXACT mindsets, strategies and approaches I use in my own home with my own husband when I’ve needed to make big investments. It’s not always an easy conversation, however by using this approach we always come together on an empowered decision that works for both of us.
I’m also sharing with you some scripts you can use to start these conversations from an empowered place. Believe me, when you know exactly what to say to get the conversation started, it makes such a difference. Make sure to grab them – they really help!
Leave me a comment below and let me know how today’s episode helped you.
And would you do me a huge favour? This topic is one that’s not discussed much because it’s so deep and personal. And I know that a LOT of women struggle with this, and they don’t have to. Would you consider sharing this episode with your community and help me help as many women entrepreneurs as possible?
Also make sure to check out this great article by my friend and colleague
https://confidentmarketer.com/do-you-ask-permission-to-run-your-business/
Sandy Lang
Another great video Nafissa. Well said !
Nafissa Shireen
Thanks Sandy!
Laura Kissmann
This video is like the rest – SO RELEVANT! It has been a tough subject for me over the past few years and it really helped to hear your insights. I love that you are empowering us women to all forms of success (including a healthy marriage too). Please keep them coming Nafissa!
Nafissa Shireen
So glad it helped Laura! It’s important to honor both the marriage AND the business to be successful in both. :) Lots more coming.
moneymom.online
Hi Nafissa, a friend of mine asked me to check out your video. She has had a home based business for a number of years and it’s been a drain on family resources. Here’s my 2 cents:
1. successful entrepreneurs never borrow from family funds
2. if you can’t get a business line of credit from a bank then you shouldn’t be able to get one from the family funds
3. family money always has strings attached
4. if you use family funds then your business becomes libel to litigious action; you need complete separation of business and family funds
5. by separating the business from family funds, you are truly an entrepreneur and you do not have to explain your business investments to your spouse. Does your spouse explain what they do at work every day to earn an income.
Entrepreneurship is supposed to create financial freedom and independence. Ask yourself whether or not you would pursue a particular business venture if family money was not available. If the answer is not, then you probably shouldn’t go forward.
Nafissa Shireen
I’m sorry to hear your friend’s business is a drain on family resources.
If that’s the history and pattern, it’s not about the money she’s using, but rather what she’s doing with it (or not doing with it). The decisions and actions need to be examined, so that the root cause of why the business isn’t succeeding can be understood. It doesn’t matter if the money comes from the family or a bank loan, a business that isn’t profitable, and drains resources has deeper issues and requires hard decisions.
It simply may not be a feasible business idea or perhaps your friend simply doesn’t know what to do, or does know but has fears and doubts, and needs mentoring from an experienced entrepreneur or coach she trusts to help her turn it around and make it profitable.
In any business there are stakeholders and an entrepreneur’s stakeholders include the family – and all discussions need to be from an empowered place as the owner of the business, not from that of seeking permission. Far too many women simply don’t take the action they need because they don’t treat the business as a separate entity from the household, and because of that they feel they need their husband’s permission or buy in before they do anything that requires an investment, even something as small as a couple hundred
dollars. And that mindset and behaviours keep them playing small and staying small.
When faced with making an investment – successful entrepreneurs look at the course of action and ask themselves “Will this move my business forward, and will following it create a return on investment”. If it will create a return on investment they FIND the money.
I have another video about making money decisions and it includes a worksheet that will help make the decision if an investment is worthwhile. You can watch it here
https://www.youtube.com/watch?v=pCA7qO_YSsQ
The worksheet is clear and let’s you know if it’s worth making the investment or not. Successful entrepreneurs focus on growth, sales, and profit.
And they will take calculated and mitigated risks to make it happen.
AND they take action every day so that they can create a return and more.