Connect with us

FinTech Center

Should Married Couples Launch Start-Ups Together?

Published

Screen Shot 2015-03-01 at 9.31.39 AM.png

If you’re like me, you’ve probably had a family member warn you against working with your significant other. However, in this digital age, there are many couples who are choosing to embark on entrepreneurial ventures together. We’ve all been there before. It’s late at night and you and your loved one are on the computer together. While you’re chatting away, you have a brilliant idea for a new product that is so exciting, you can actually see yourself presenting this product to Mr. Wonderful on Shark Tank.

We live in an age when we can launch any start-up business thanks to crowdfunding. It’s a DIY business world, baby, and who better to make your dreams come true with than your number one confidant? Well, here’s the Debbie Downer…

There’s a reason why a stigma exists against working with a loved one. It’s f*cking difficult. One of the greatest pleasures of our daily routine is coming home, spilling the beans about the kind of day we had, and then relaxing in pajamas (or what I call marinating) together. When you work together, your entire day is spent together. There are few unique stories to tell. You don’t start missing each other. Most of all, you’re prone to be stressed about the same issues and when that happens there will always be one person in the couple who will always be (a little more) responsible for calming the other down. It’s a lot of responsibility. This is why balance must always be at the forefront of a working couples’ mind.

It’s a lot of responsibility. This is why balance must always be at the forefront of a working couples’ mind.

Business And Balance Plans

So, if this business is a for sure thing and you are starting it together, you’re going to need to create a business plan and a balance plan. A balance plan should be a plan that helps you keep your relationship strong and loving as you work together. Every relationship is different and only you two will know what creative solutions you would want to include in your relationship balance plan.

For example: Every Sunday at sundown, your family has a Techno-Turn Down (TTD). Everyone on a TTD unplugs their devices and enjoys family time together. You can also put a plan in place where you two set aside a few hours a week where you each pursue your own hobbies or go on a date.

Having both a solid business and balance plan in place will help you launch your business much more successfully than couples who do not.

Couples And Crowdfunding

Starting a successful business today is more difficult than ever. Not so long ago, acquiring a small business loan was a fairly simple process and the likelihood of having an application approved by most banks was relatively high. Banks wanted to loan their money because interest rates worked well in their favor. It was a win-win situation.

After the 2008 economy crisis that all changed. Banks became much more hesitant to loan money and small businesses and start-ups suffered because of it. Of course, humanity always has a way of figuring it out. Founded in 2009, Kickstarter has entirely revolutionized the way we think about business funding.

Right now, the new Maker Movement is inspiring families to spend quality time together tinkering with 3D printers, CNC tools, robotics, arduino, and Raspberry Pi. It will only become more common for families to launch innovative start-ups together as a result of what might be invented. It’s already happening! Let’s look at a few inspiring couples who became famous because of crowdfunding.

Innovative Crowdfunding Couples Of 2014

1. Jill and Greg Henderson, founders of Hendo Hoverboard

Company: Hendo Hover 

Crowdfunding Platform: Kickstarter (active – 37 days to go)

Meet Hendo Hover founders Jill and Greg Henderson. Some time ago, Greg sought a solution for futuristic transportation (and what is more futuristic than hoverboard?). He soon developed his own unique technology called Magnetic Field Architecture (MFA™)  which is based on Lenz’s law (an electromagnetic principle that magnetic energy is conserved) to create the hover effect on the Hendo Hover hoverboards. The Hendo Hover crowdfunding campaign closed with $510,590 raised.

2. Julie And Scott Brusaw, founders of Solar Roadways

Company: Solar Roadways

Crowdfunding Platform: Indiegogo (closed)

Julie and Scott Brusaw warmed all of our hearts this year when they became world famous for their Indiegogo campaign for Solar Roadways, a company aims to evolve our regular road system from useless pavement to innovative solar cells that can be driven on. Solar Roadways closed their campaign in 2014 with a grand total of $2.2 million dollars raised!

3. Sara and Josh Margulis, founders of Honeyfund

Company: Honeyfund

Funding: Shark Tank (TV series – ABC) 

Sara and Josh Margulis scored themselves a deal on ABC’s hit reality show Shark Tank for their innovative crowdfunding start-up Honeyfund which allows couples to register for guests to contribute to their honeymoon. While the web seems conflicted as to whether or not “crowdfunding a honeymoon is tacky”, Shark Tank’s Kevin O’Leary aka “Mr. Wonderful” gladly agreed to a $400k investment in exchange for 1/3 of net transaction revenues until he recoups his $400,000 three times.

Conclusion: Should Married Couples Launch Start-Ups? Yes.

Crowdfunding (and of course ABC’s Shark Tank) has opened the door for countless families across America to turn their brilliant ideas into successful business ventures. While crowdfunding has made it easier for everyone and anyone to have their products and start-ups exposed to the world, be forewarned that crowdfunding isn’t a walk in the park. There is a lot of hard work (and money) that went into each of these businesses shown above.

So, if you and your spouse come up with that money making idea one evening, why not try crowdfunding or bring your business plan to Shark Tank?

Hey! If you do create the world’s next Solar Roadways or Hendo Hover, don’t forget about lil’ old me. ;)

 

Continue Reading

Trending