Today we are here to talk to you about growing a business on the side while working full-time! We both experienced this tricky feat throughout the past three years and have learned a lot about balance, perseverance, and also having a life outside of all the work! If you missed the first "Make it Happen" series, check out our thoughts on having a business partner here!
Jenny's Story
Ever since I was a little girl, I've dreamed of being an artist and an entrepreneur. I just never knew that it would actually happen. When I was little, of course, I thought that my dreams could come true *cue Disney song* however, in high school and college, I realized that my dreams might not happen so easily. The reality of the world set in. I began to fear that I wouldn't be able to provide for myself financially or be independent as an artist. But, deep down inside of me, "little me" had hope. And, as I went through college, I became more and more aware of the potential that I had and the passion inside of me grew.
Then, a spark ignited. The spark started at the beginning of our senior year of college. Savannah and I were driving in the car to get dinner with our best friend Anica, talking about how amazing it would be to go to Disney over fall break. During the conversation, we looked at each other and realized that we could make our dream happen if we wanted to. We could go to Disney. We just had to stop dreaming and start making it happen. And so, two weeks later, we drove down to Florida and went to Disney. And it was one of the best times of my life. From that point on, we all began to look at life differently. We saw our dreams as something we could actually make happen if we set our minds to it. And it gave us hope.
The second spark ignited towards the end of our senior year in college. Savannah and I were working on a project for a class in which we had to create a business plan for a fake photography company. One night, we were sitting on the floor of our dorm room working on it, and we both realized that "we could actually do this whole business thing". Both of our eyes lit up with possibility and hope. We remembered our trip to Disney. And that started a whole slew of conversations about turning our dreams into a reality and owning a business together.
After graduating from college, I immediately went to work full-time for a non-profit foundation. The dress was corporate. The job was administrative. And just 2 months after beginning my job, I began talking with Savannah about Maiedae. For the next 6 months, I would come visit on the weekends and we would talk, dream, and imagine the possibilities of our creative future. Finally, I realized that if I wanted to continue to pursue this dream, I needed to make a commitment and move. So, I packed up, quit my job, and moved to Atlanta just 1 year after graduating. Since Maiedae couldn't support us financially, I got another full-time job working in a corporate setting. But Maiedae was growing quickly. What was just a few nights and weekends had turned into every night and almost every weekend. I would find myself wanting to work on Maiedae all the time. I lived it and breathed it. At my corporate job, I continuously thought about ideas for Maiedae. It was difficult to get it off my mind. I was tired and my husband, Drew, was even more tired of me working all the time. It was even worse than he described in this post.
But, in 2012, Savannah and I started setting some goals, hoping that by 2014 we could both go full-time with Maiedae. Maiedae kept growing. And, to our surprise, grew so much that Savannah and I were both able to quit our full-time jobs 1 whole year earlier than we had hoped! We are so thankful for the ability to do this and also grateful for the things we both learned while working 2 jobs.
Savannah's Story
After graduating from college in 2010 and getting married nearly a week later, I started my first full-time job in a corporate setting immediately out of college. I was so excited and thrilled to be working for a great company AND have a job. It was certainly an adjustment going from being a college student and working full-time to spending 40+ hours a week commuting and working. As well...being in a conservative, corporate setting also meant transforming my college student wardrobe into a "young professional" wardrobe...which certainly had its challenges. Me and pant suits don't really mix. Maiedae began taking form in July of 2010 and started as a handmade hair accessory business on the side. To me, it was more of a side hobby but in the back of my mind I hoped it might be something more one day. I actually thought of the name "Maiedae" while I was at work...oppsy!
Slowly over time, Jenny got on board with Maiedae and what used to be a few nights of dabbling here and there turned into frequent meetings and work nearly every night. After Jenny moved to Atlanta and we began more serious work with Maiedae, and as Maiedae began to grow, we slowly worked more and more each night until we were putting in nearly 20-30 extra hours each week just on Maiedae. It eventually got to a point in my job where I wasn't able to put my full heart into my full-time job and into Maiedae at the same time...so something would have to give. Although I enjoyed my full-time job and the work I did...Maiedae was my passion and what I LOVED!
During the holidays of 2012, I approached my boss about cutting back my time at work and only coming into the office 4 days a week rather than 5 days. Luckily, my position allowed for this type of flexibility so I was able to dedicate every Friday fully to Maiedae. That certainly helped balance the amount of work for a little while. By the end of 2012, I was feeling the itch and drive to quit my full-time job and dedicate all of my work time to Maiedae. With the support of my husband and business partner, we were able to make it happen and I officially left my full-time job in February of this year. It was one of the best days of my life and although I was insanely nervous about the success of Maiedae, I knew Jenny and I had worked HARD over the past couple years to build up the business making it so we would have a decent foundation to start on as full-time business owners.
As a huge blessing, almost immediately after coming on board full-time the business grew insanely and Jenny was able to quit her full-time job a few *long* months later to join me in a full-time pursuit. It's been a crazy ride with a lot of hard work to get to this place and I hope the tips we have for you below help you in your own personal journey!
A Few Tips for Growing Your Dream Business on the Side
1// First Things First - Figure out what your "dream business" is! Create a plan, a vision and set aside a lot of quiet time to figure out what truly ignites your heart and makes you passionate. Take your time with this! Don't put a huge pressure on yourself to start something now and be full-time now. Let your dream and your business grow and mature naturally. There are a ton of great books and resources out there and really help you define this that we would suggest checking out. See our list of suggested resources at the bottom of this post.
2// Have Patience! - Already working a full-time job and having other life responsibilities takes up a lot of time in your day to day life. Maybe set aside a couple days each work to work on your business, give yourself some time-mercy and have patience. When you have days off or an extra burst of energy, put some time into your business. Don't expect a huge growth overnight. BUT don't give up! Especially if it's something you love.
3// Start Small - When we first started Maiedae we focused on handmade goods. We didn't have a big booming business, but we were able to dedicate some time here and there to making goods and prepping for craft shows. We also blogged on the side, which was a great way to spread the word about Maiedae while working on growing our business. As we gained more time and more direction on what we wanted to do, we would dedicate that time to things like graphic design. Now that we are both full-time we have even more time to add on aspects of our business like full-time blogging, the Maiedae Mixer, more design clients, and still have room for additional ventures and plans. Focus on one thing and build yourself up slowly!
4// Get to Socializing! - One of the most important things about running a small business is getting your name out there!! Consider setting up a blog, Facebook page, Pinterest account, Twitter, and Instagram with your business name and begin networking! Make connections, meet friends, glean insight and knowledge from others who have more experience that you. Break into the world of business that you want to be part of by getting to know the people already in it. This will slowly create a platform for you once you begin your business and build it over time!
5// Organize Your Time - Make sure you are fulfilling your daily priorities and not letting your full-time job, relationships and other responsibilities fall to the side. Be realistic about the time you have to dedicate to your newly growing business. If you don't keep a calendar, now is the perfect time! Get yourself organized and your time organized so you are making the most out of each day. Have days/nights dedicate to growing your business and evenings dedicated to a date night or friend time. Make sure to continue doing what's important to you so you don't get burned out quickly on your new venture.
Speaking of Time, What are Some Ways I Can Make the Most out of my Time?
One of the hardest parts of growing your business while working full-time is really utilizing the time you have well. There is so much out there to distract us every day - whether it be technology, things we need to do around the house, kids, our 9-5 job, relationships, and the list goes on and on. Staying focused and being efficient are just 2 of the necessary tools you need in order to make the most of the time that you have. So what are some practical ways to make the most of your time?
1// Create a Schedule - When you know what you'll be doing and how much time it takes to do each task, it's easier to realistically schedule out work and get things done.
2// Use the Pomodoro Method - 5 minutes off, 25 minutes on - It really works!
3// Schedule out Free Time - It's very important to take breaks, but when you are working for yourself sometimes it's really difficult to not feel overwhelmed or guilty.
4// Be Consistent & Realistic - Having a consistent schedule can make a huge mental difference in your day to day productivity. When creating a consistent schedule, be sure to be realistic about what you can and can't accomplish in a given day.
5// Don't Work Where You Rest - It's important to create a workspace separate from where you rest or sleep. This helps create boundaries both mentally and physically that are healthy for yourself and your relationships.
6// Say No - Because you have a limited amount of time, you'll have to get good at saying no to things that do not fit within your schedule or your vision for the business.
When Do I Start Phasing Out of My Current Job?
This question will very much depend on the flexibility of your current job and your financial needs. Before making any moves, make sure you can meet your monthly budget in order to pay the bills you need to. If your dream business is making you half of what you need each month, then consider going part-time at your current job or maybe quitting your full-time job to find a new part-time job. Another thing to consider is insurance. If you are covered under a spouse, then great! That will makes things a lot easier, but if you have to cover insurance, make sure you research costs and factor that into your new budget. As well, look at your dream job and see if you've been able to see a consistent pay over time. Keep record of what you make each month to determine if you are growing financially in your small business and can see consistency.
If you have the flexibility, we might suggest cutting back to 32 hours each week so you can dedicate a full day to your business and still receive a consistent paycheck. The tricky part is, the more time you can dedicate to your growing business the more it can grow, but you have to have the time! It's a scary leap! Just be sure to think things through carefully, get advice from people you trust and take your time. When you are able to confidently leave your job or cut back it will be so rewarding!! Just don't go into it too prematurely.
Thoughts on Having a Life Outside of Work...
You won't have one. Haha. No, we're just kidding. We believe it is possible to have a life outside of work as long as you manage your time well. Now, it will probably look very different than before you worked 2 jobs. You might not be able to be as "go with the flow" as you were, or maybe you only have a few nights a week that are available for fun outside of work, but it is still possible. There are a few things we think you need to know in order to have a successful life outside of work. You want to be able to completely let go and be free mentally during your time "off"... so ... in order to do that you need to have a well developed schedule so that you can feel justified in taking the time you need.
Once you've scheduled out your free time, it's important to communicate your schedule to your friends and family. Maybe try to coordinate with a few of your friends for a weekly get together, don't forget about having a good date night each week! We both do this with our husbands and it has been a wonderful way to spend time together when the rest of the week gets jammed pack with to-do's. Utilize your time off well. Maybe beforehand you keep a running list of all the fun things you'd like to do in your time off - that way you can quickly decide what you want to do when the time comes.
Overall, it's important to have a life outside of work and it's important to maintain healthy relationships. Make them a priority in your life and realize that you might have to STOP working sometimes to go see your sister's play or just cuddle with your significant other. Strive to keep these areas balanced in your life.
A Few Suggested Resources for Growing Your Business
* Dream Job E-Course by A Beautiful Mess
* Indie Business E-Course
* The Anti 9-5 Guide by Michelle Goodman
* My So-Called Freelance Life by Michelle Goodman
All in all, maintaining a full-time job and working to grow a business takes a lot of hard work and time. Keep your chin up, stay organized and persevere. You can do it! We hope this topic was helpful to you!! Please share your extra thoughts and tips in the comment section below! As well, please share ideas for future topic ideas. :)
Wednesday, May 29, 2013
Thursday, May 16, 2013
MAKE IT HAPPEN: LET'S TALK ABOUT BUSINESS PARTNERS
Hello!! Jenny and Savannah here to kick off the first official "Make it Happen" series topic! We are SO excited about starting this series and sharing some important things we've learned over time. The first subject we will be covering is Business Partnership. We've been business partners since 2011 and have managed to keep a healthy partnership relationship AND a healthy friendship. We've certainly had our ups and downs, but we've learned how to work together and how to identify our strengths and weaknesses. We still have a lot of room for growth but love the challenge of being best friends and business partners.
For those of you who might not be 100% familiar with our story, let us share! We met during our freshman year of college. We immediately became friends but found that our friendship grew each semester. By junior and senior year, we were inseparable. We took all of our classes together and, although we had separate rooms, often took turns spending the night in each others' dorms. We worked together, studied together, did exciting things together, and eventually realized that we could spend hours upon hours together without feeling the need to be separated - except for every now and then. ;) We also quickly found in our friendship that we shared many of the same morals and values. This built a huge amount of trust in our friendship that also benefited our business partnership.
During our senior year, while taking a photography class together, we were assigned a "business plan" project. Sneakily, we requested to be partnered up for the project in our effort to make it a little easier, but what we discovered after turning it in is that this was something we could actually do! Run a business together. We both had dreams of running our own businesses in some form, but never entertained the idea of doing that together until our senior year. After graduation, Savannah started Maiedae as a side hobby to do after work and Jenny would often come to visit Atlanta to talk about what Maiedae could be in the future and how neat it would be to be business partners and how we hoped that one day Jenny could move to Atlanta. Well, several late night Starbucks meetings and one good dinner at Panera later, Jenny was led to quit her job, pack her bags, and make the big move to the city to become an official business partner of Maiedae and turn our dream into a reality. Over the past couple of years, we have been able to both quit our full time jobs and work for Maiedae full-time doing lifestyle blogging, planning amazing events like The Maiedae Mixer, and doing lots and lots of graphic design work for amazing people like you! Like any relationship, our business partnership has grown and matured over time. It is an important priority in our lives and we feel it necessary to pursue in order to make big things happen. Making the decision to go into a partnership isn't for everyone and if you decide to take the leap, it's important to choose that partner very carefully! Not to sound too cliche, but selecting a good business partner that is compatible with you is similar to finding a spouse! You will have a shared dream, responsibility, and you have to put in equal effort together.
IS A BUSINESS PARTNER RIGHT FOR YOU?
The story of how we became best friends and then business partners is a story we love *so* much. However, many people are surprised that it actually worked out and/or are still waiting for us to realize that it's doomed to fail. When we first began telling people that we were going into business with our best friend, they would tell us stories about broken friendships and destroyed businesses that made us feel overwhelmed. Now, they are definitely right about the fact that most of the time it's not very smart to go into business with your best friend. However, we felt so discouraged and misunderstood by them.
What they didn't know is how well we worked together. We have a very rare relationship. Yes, we are best friends, but we can spend 3 weeks straight with each other and not get tired of the others' company. In college, we spent a whole semester with each other - almost 24 hours every day (except on date night, Jon & Savannah would go on a date without Jenny, of course) - taking all the same classes, hanging out as friends, and sleeping in the same room as roommates. We are also both very creative and extremely "type A" - which makes for a great business relationship. Many creatives are not "type A", so the fact that we are both so organized and punctual makes it easier on both of us. We don't have to worry about the other "slacking" because we are both ambitious, driven, and over-achievers. We are both no-nonsense types of people - we value relationships over being "right" and the fact that we love being around each other doesn't hurt either.
Many of you may be wondering if a business partner is the right choice for you. Maybe you have someone in mind - a friend, relative, or someone you've just recently been acquainted with - and you're not sure if you should move the business aspect forward in that relationship. We're not going to tell you, "Don't choose your best friend or your husband/wife..." - because each partnership is very different. It may be the best decision for you. But, like many other commitments in life, we would suggest to take this one very seriously. A business partner relationship is not something you "dive into" lightly.
Some questions to ask yourself before deciding to pursue a business partner might be:
Does the workload exceed what I am able to do by myself on a daily basis?
Can extra tasks be delegated to a helper instead?
Are you the type of person that works well with others and can give up complete control?
Do you prefer having creative control and making all the calls?
Depending on what your answers to the above questions are, a business partner might be a great decision for you, especially if you are looking for someone to share responsibility and grow the business. If you find that you would still like creative control and to call all the shots, you could consider hiring an employee or contractor to assist with certain tasks. You could also consider having an intern in order to not only help you out but teach a trade. OR maybe your business is running smoothly with just you! To figure this out, it's important to discern your business needs, your personality and your responsibilities.
CHOOSING A BUSINESS PARTNER
If after thinking through the questions above you decide that a business partner is what your business needs, we would suggest you try out the following to decide who would be the best business partner choice for you: invite them to work alongside you for at least 3 months. Not as an official business partner, but invite them to work with you on a project or aspect of your business. Maybe you are a photographer - ask them to join you in not only shooting weddings, but also in the day to day of the business. Why 3 months or more? We believe in this duration of time, you will be able to notice most of the things that make a successful partnership relationship:
Are they a loyal and diligent worker?
Do your personalities work well together?
Do they have an entrepreneurial spirit?
Are they committed to your company / vision?
Do you have an open and honest relationship?
Can you trust them?
It's always been extremely important to us to have people on the Maiedae team that are raving fans and fully support the business. We want people who are passionate about their job and what they do on a day to day basis. This rule helped us in deciding if it would be best to go into business together AND who to hire as an assistant.
Are you having trouble finding good business partner candidates? We suggest taking a look in your friend group, in your acquaintance group, post on your blog or site that you are interviewing, approach someone who is already in a similar business and works alone and ask trusted friends for good references. The idea of hiring a helper and then asking them to become a business partner if things go well is a GREAT idea for finding a good fit if you don't know that person well or know how you work together.
TIPS ON HAVING A SUCCESSFUL PARTNERSHIP RELATIONSHIP
As described earlier, a business partner relationship is very similar to other important relationships in your life. You have to work at it to actually make it work. Even if you choose the perfect business partner, the relationship won't succeed without hard work from both of you. Here are a few tips we've learned in order to have a successful partnership relationship:
1// Communicate - You always hear - "Communication is key!" - well, it's true! Communication is the reason that most relationships fail. Why? Because good communication is extremely important. You have to be willing to open up, you have to be willing to stand firm in your opinion, and you have to be willing to face the problem instead of ignoring it. You have to be able to do it without your ego, pride, and selfishness getting in the way. Good communication requires commitment, humility, sacrifice, and self-confidence - pretty much everything that we struggle with as people. So what do we do instead? We ignore or avoid the problem and/or person - "It's their problem, not ours." We let the other person "run us over" - whatever they want just to make it better again. Or, we force our opinion and "right-ness" - destroying them with our words so that there isn't a problem anymore. And, although this happens in all our relationships, in order to have a successful one, we need to learn to communicate well.
When you don't communicate, anxiety builds, resentment is harbored, and problems are magnified. When you decide to work towards good communication, you're able to get more accomplished as a team. Your mind is free to dream of the future - because you actually have hope of a future. You're less weighed down by the problems in the relationship and your creativity can be wild and free. And you're happy, fulfilled, excited, and at peace. :)
2// Get to Know Each Other - Communicating with and understanding your business partner can be difficult if you don't truly know them. Simply understanding where they come from can make a huge difference when you're working together. But, also knowing what they are passionate about, their goals for the future, their strengths, what drives them in life, and even their weaknesses can help you to build a better and more graceful relationship. For example, Jenny tends to take on way too much at once. Savannah knows this, so she is better able to help Jenny by asking her about her workload and the reality of what she can actually accomplish. On the opposite end, Savannah struggles with taking breaks, Jenny realizes this is a good thing for Savannah and encourages her to step away from a project and do something different in order to keep inspiration flowing. When we have a miscommunication, it's easier to "diagnose" the real problem behind it when we know ourselves and each other so well.
Also, the benefit of getting to know each other is that you inadvertently get to know yourself in the process. Explaining your strengths and passions to someone else means that you have to know what they are. And maybe you even connect some missing dots in the process. As you communicate, you will continually have what we like to call "introspective learning moments" - where you realize why you're doing what you're doing and it changes your behavior or perspective. I know this may seem like a lot of unnecessary touchy-feely stuff, but we promise that knowing yourself and knowing your business partner will make a huge difference in how you communicate and relate to one another. And, like we discussed earlier, communication is key.
Some of our favorite resources for helping you understand people and create language around your strengths is Strengths Finder, The Enneagram, and Myers-Briggs. These tools create great conversation and understanding around individuals and is FANTASTIC for seeing how a team can work together.
3// Define Your Roles - Defining your roles as business partners is another key to success. Not only does it help to make sure everything is getting done, but it relieves stress on each partner. When roles are clearly defined, it's easy to know what needs to be done and whose responsibility it is to do it. To define your roles, we suggest you sit down with your business partner and write out every aspect of the business you can think of - finances, marketing, social media, blogging, etc. After you write out all the things that make up your business, write out subcategories under each. For example, under "Finances" you might have: balance the budget on a weekly basis, communicate updates to your business partner, write paychecks, create goals for projected budget & growth, handle receipts, collect tax information, set up a good bank account, 401K plans, set up meetings with your accountant, approve budgets for events, and other things. Once you have written out the action items under each category, talk about which one of you would be best to be the point person for each category. This doesn't mean that person has to DO every action item under that category, but they need to make sure that each item gets done. They lead the team in that responsibility and are the point person. Play off of your strengths! If one of you is better with finances than the other, consider making them the point person.
4// Pull Your Weight - This one is simple: don't be the dead weight in the business. Be responsible. Be on time. And admit when you're slacking. A good business partner strives to be diligent and is accountable to their business partner. Just because you have a partner doesn't mean you can slack off every now and then.
5// Respectfully Disagree - Don't be afraid to disagree on an idea or decision. You should both feel free to express your ideas and opinions openly. However, doing it in a respectful way is key. If Savannah decided that she wanted Maiedae to turn into a kayaking business, Jenny wouldn't shout at her "What the *!#$ are you thinking? That's the dumbest idea I've ever heard!!" She would kindly say, "Savannah, you've had many a great idea, however, I do not believe that a kayaking business is the best option for us at this time. Let's talk about why you are wanting us to move away from our current business structure." Always treat your business partner with respect and their concerns and opinions with legitimacy.
6// Affirm & Encourage - No one likes a "Negative Nancy." Be the first to affirm and encourage the good qualities and successes you see in the business and in your partner. Sometimes, business partnerships tend to lean towards becoming a competition. Don't be distracted by this! It's not a competition - you're business partners. You are in this together. So encourage the person next to you - help them to become more confident and succeed in their goals and projects. Besides it being the right thing to do, why wouldn't you want them to succeed? If they succeed, you succeed!
7// Take Breaks - Every relationship needs air to breathe sometimes. Although we can spend a ridiculous amount of time together, it's good for us to spend time apart. We need to have other friendships, other hobbies, time with our spouses, and time alone. So make sure that you are spending time apart from your business partner. Also, take breaks together. We spend an hour each week doing something inspirational - we might visit a local coffee shop, do a fun and easy DIY, take a walk, or spend an hour on Pinterest. And we eat lunch at home every day, except on Fridays we go out to lunch. Talk about balancing your time together and make sure you're taking breaks - from each other and with each other!
We hope this information has been helpful in assisting you through the decision of having a business partner! It's personally been one of our favorite things about our business and it's such an honor working side by side with someone we truly respect and care for. If you have additional tips, resources or questions about this topic, please feel free to leave your thoughts in the comment section below!! We will be sure to answer every question we can! If you have another topic idea that you would like us to cover, please leave that, too!!
For those of you who might not be 100% familiar with our story, let us share! We met during our freshman year of college. We immediately became friends but found that our friendship grew each semester. By junior and senior year, we were inseparable. We took all of our classes together and, although we had separate rooms, often took turns spending the night in each others' dorms. We worked together, studied together, did exciting things together, and eventually realized that we could spend hours upon hours together without feeling the need to be separated - except for every now and then. ;) We also quickly found in our friendship that we shared many of the same morals and values. This built a huge amount of trust in our friendship that also benefited our business partnership.
During our senior year, while taking a photography class together, we were assigned a "business plan" project. Sneakily, we requested to be partnered up for the project in our effort to make it a little easier, but what we discovered after turning it in is that this was something we could actually do! Run a business together. We both had dreams of running our own businesses in some form, but never entertained the idea of doing that together until our senior year. After graduation, Savannah started Maiedae as a side hobby to do after work and Jenny would often come to visit Atlanta to talk about what Maiedae could be in the future and how neat it would be to be business partners and how we hoped that one day Jenny could move to Atlanta. Well, several late night Starbucks meetings and one good dinner at Panera later, Jenny was led to quit her job, pack her bags, and make the big move to the city to become an official business partner of Maiedae and turn our dream into a reality. Over the past couple of years, we have been able to both quit our full time jobs and work for Maiedae full-time doing lifestyle blogging, planning amazing events like The Maiedae Mixer, and doing lots and lots of graphic design work for amazing people like you! Like any relationship, our business partnership has grown and matured over time. It is an important priority in our lives and we feel it necessary to pursue in order to make big things happen. Making the decision to go into a partnership isn't for everyone and if you decide to take the leap, it's important to choose that partner very carefully! Not to sound too cliche, but selecting a good business partner that is compatible with you is similar to finding a spouse! You will have a shared dream, responsibility, and you have to put in equal effort together.
IS A BUSINESS PARTNER RIGHT FOR YOU?
The story of how we became best friends and then business partners is a story we love *so* much. However, many people are surprised that it actually worked out and/or are still waiting for us to realize that it's doomed to fail. When we first began telling people that we were going into business with our best friend, they would tell us stories about broken friendships and destroyed businesses that made us feel overwhelmed. Now, they are definitely right about the fact that most of the time it's not very smart to go into business with your best friend. However, we felt so discouraged and misunderstood by them.
What they didn't know is how well we worked together. We have a very rare relationship. Yes, we are best friends, but we can spend 3 weeks straight with each other and not get tired of the others' company. In college, we spent a whole semester with each other - almost 24 hours every day (except on date night, Jon & Savannah would go on a date without Jenny, of course) - taking all the same classes, hanging out as friends, and sleeping in the same room as roommates. We are also both very creative and extremely "type A" - which makes for a great business relationship. Many creatives are not "type A", so the fact that we are both so organized and punctual makes it easier on both of us. We don't have to worry about the other "slacking" because we are both ambitious, driven, and over-achievers. We are both no-nonsense types of people - we value relationships over being "right" and the fact that we love being around each other doesn't hurt either.
Many of you may be wondering if a business partner is the right choice for you. Maybe you have someone in mind - a friend, relative, or someone you've just recently been acquainted with - and you're not sure if you should move the business aspect forward in that relationship. We're not going to tell you, "Don't choose your best friend or your husband/wife..." - because each partnership is very different. It may be the best decision for you. But, like many other commitments in life, we would suggest to take this one very seriously. A business partner relationship is not something you "dive into" lightly.
Some questions to ask yourself before deciding to pursue a business partner might be:
Does the workload exceed what I am able to do by myself on a daily basis?
Can extra tasks be delegated to a helper instead?
Are you the type of person that works well with others and can give up complete control?
Do you prefer having creative control and making all the calls?
Depending on what your answers to the above questions are, a business partner might be a great decision for you, especially if you are looking for someone to share responsibility and grow the business. If you find that you would still like creative control and to call all the shots, you could consider hiring an employee or contractor to assist with certain tasks. You could also consider having an intern in order to not only help you out but teach a trade. OR maybe your business is running smoothly with just you! To figure this out, it's important to discern your business needs, your personality and your responsibilities.
CHOOSING A BUSINESS PARTNER
If after thinking through the questions above you decide that a business partner is what your business needs, we would suggest you try out the following to decide who would be the best business partner choice for you: invite them to work alongside you for at least 3 months. Not as an official business partner, but invite them to work with you on a project or aspect of your business. Maybe you are a photographer - ask them to join you in not only shooting weddings, but also in the day to day of the business. Why 3 months or more? We believe in this duration of time, you will be able to notice most of the things that make a successful partnership relationship:
Are they a loyal and diligent worker?
Do your personalities work well together?
Do they have an entrepreneurial spirit?
Are they committed to your company / vision?
Do you have an open and honest relationship?
Can you trust them?
It's always been extremely important to us to have people on the Maiedae team that are raving fans and fully support the business. We want people who are passionate about their job and what they do on a day to day basis. This rule helped us in deciding if it would be best to go into business together AND who to hire as an assistant.
Are you having trouble finding good business partner candidates? We suggest taking a look in your friend group, in your acquaintance group, post on your blog or site that you are interviewing, approach someone who is already in a similar business and works alone and ask trusted friends for good references. The idea of hiring a helper and then asking them to become a business partner if things go well is a GREAT idea for finding a good fit if you don't know that person well or know how you work together.
TIPS ON HAVING A SUCCESSFUL PARTNERSHIP RELATIONSHIP
As described earlier, a business partner relationship is very similar to other important relationships in your life. You have to work at it to actually make it work. Even if you choose the perfect business partner, the relationship won't succeed without hard work from both of you. Here are a few tips we've learned in order to have a successful partnership relationship:
1// Communicate - You always hear - "Communication is key!" - well, it's true! Communication is the reason that most relationships fail. Why? Because good communication is extremely important. You have to be willing to open up, you have to be willing to stand firm in your opinion, and you have to be willing to face the problem instead of ignoring it. You have to be able to do it without your ego, pride, and selfishness getting in the way. Good communication requires commitment, humility, sacrifice, and self-confidence - pretty much everything that we struggle with as people. So what do we do instead? We ignore or avoid the problem and/or person - "It's their problem, not ours." We let the other person "run us over" - whatever they want just to make it better again. Or, we force our opinion and "right-ness" - destroying them with our words so that there isn't a problem anymore. And, although this happens in all our relationships, in order to have a successful one, we need to learn to communicate well.
When you don't communicate, anxiety builds, resentment is harbored, and problems are magnified. When you decide to work towards good communication, you're able to get more accomplished as a team. Your mind is free to dream of the future - because you actually have hope of a future. You're less weighed down by the problems in the relationship and your creativity can be wild and free. And you're happy, fulfilled, excited, and at peace. :)
2// Get to Know Each Other - Communicating with and understanding your business partner can be difficult if you don't truly know them. Simply understanding where they come from can make a huge difference when you're working together. But, also knowing what they are passionate about, their goals for the future, their strengths, what drives them in life, and even their weaknesses can help you to build a better and more graceful relationship. For example, Jenny tends to take on way too much at once. Savannah knows this, so she is better able to help Jenny by asking her about her workload and the reality of what she can actually accomplish. On the opposite end, Savannah struggles with taking breaks, Jenny realizes this is a good thing for Savannah and encourages her to step away from a project and do something different in order to keep inspiration flowing. When we have a miscommunication, it's easier to "diagnose" the real problem behind it when we know ourselves and each other so well.
Also, the benefit of getting to know each other is that you inadvertently get to know yourself in the process. Explaining your strengths and passions to someone else means that you have to know what they are. And maybe you even connect some missing dots in the process. As you communicate, you will continually have what we like to call "introspective learning moments" - where you realize why you're doing what you're doing and it changes your behavior or perspective. I know this may seem like a lot of unnecessary touchy-feely stuff, but we promise that knowing yourself and knowing your business partner will make a huge difference in how you communicate and relate to one another. And, like we discussed earlier, communication is key.
Some of our favorite resources for helping you understand people and create language around your strengths is Strengths Finder, The Enneagram, and Myers-Briggs. These tools create great conversation and understanding around individuals and is FANTASTIC for seeing how a team can work together.
3// Define Your Roles - Defining your roles as business partners is another key to success. Not only does it help to make sure everything is getting done, but it relieves stress on each partner. When roles are clearly defined, it's easy to know what needs to be done and whose responsibility it is to do it. To define your roles, we suggest you sit down with your business partner and write out every aspect of the business you can think of - finances, marketing, social media, blogging, etc. After you write out all the things that make up your business, write out subcategories under each. For example, under "Finances" you might have: balance the budget on a weekly basis, communicate updates to your business partner, write paychecks, create goals for projected budget & growth, handle receipts, collect tax information, set up a good bank account, 401K plans, set up meetings with your accountant, approve budgets for events, and other things. Once you have written out the action items under each category, talk about which one of you would be best to be the point person for each category. This doesn't mean that person has to DO every action item under that category, but they need to make sure that each item gets done. They lead the team in that responsibility and are the point person. Play off of your strengths! If one of you is better with finances than the other, consider making them the point person.
4// Pull Your Weight - This one is simple: don't be the dead weight in the business. Be responsible. Be on time. And admit when you're slacking. A good business partner strives to be diligent and is accountable to their business partner. Just because you have a partner doesn't mean you can slack off every now and then.
5// Respectfully Disagree - Don't be afraid to disagree on an idea or decision. You should both feel free to express your ideas and opinions openly. However, doing it in a respectful way is key. If Savannah decided that she wanted Maiedae to turn into a kayaking business, Jenny wouldn't shout at her "What the *!#$ are you thinking? That's the dumbest idea I've ever heard!!" She would kindly say, "Savannah, you've had many a great idea, however, I do not believe that a kayaking business is the best option for us at this time. Let's talk about why you are wanting us to move away from our current business structure." Always treat your business partner with respect and their concerns and opinions with legitimacy.
6// Affirm & Encourage - No one likes a "Negative Nancy." Be the first to affirm and encourage the good qualities and successes you see in the business and in your partner. Sometimes, business partnerships tend to lean towards becoming a competition. Don't be distracted by this! It's not a competition - you're business partners. You are in this together. So encourage the person next to you - help them to become more confident and succeed in their goals and projects. Besides it being the right thing to do, why wouldn't you want them to succeed? If they succeed, you succeed!
7// Take Breaks - Every relationship needs air to breathe sometimes. Although we can spend a ridiculous amount of time together, it's good for us to spend time apart. We need to have other friendships, other hobbies, time with our spouses, and time alone. So make sure that you are spending time apart from your business partner. Also, take breaks together. We spend an hour each week doing something inspirational - we might visit a local coffee shop, do a fun and easy DIY, take a walk, or spend an hour on Pinterest. And we eat lunch at home every day, except on Fridays we go out to lunch. Talk about balancing your time together and make sure you're taking breaks - from each other and with each other!
We hope this information has been helpful in assisting you through the decision of having a business partner! It's personally been one of our favorite things about our business and it's such an honor working side by side with someone we truly respect and care for. If you have additional tips, resources or questions about this topic, please feel free to leave your thoughts in the comment section below!! We will be sure to answer every question we can! If you have another topic idea that you would like us to cover, please leave that, too!!
Friday, May 10, 2013
MAKE IT HAPPEN!
Yesterday, I was SO excited to introduce the new "Ask the Wallaces" regular post series about marriage, relationships and things Jon and I have learned. Today I'm excited to introduce you to ANOTHER new post series! This series will be in collaboration with Jenny on a regular basis. We will be covering any and all topics regarding running your own business, blogging, working towards quitting your day job, finding your passions and making things happen! Jenny and I will work together to discuss a particular topic and some of the best practices we've acquired over time. We will also do our best to point you in the right direction for further resources! We are SO thrilled to be working on this post series together and can't wait to share with you.
The first topic we will be covering next week will be on having a business partner. The pros and the cons and whether having a business partner is right for you. In moving forward with this new series there is TWO things that we would love for you to do.
1// Let us know what you're curious about! If you have a particular question or topic that you would like us to cover in this series, please share them below!
2// Be part of the post! As we post Make it Happen topics we encourage you to contribute to each post with your additional tips and advice. As well, if you have further questions based on the topic, leave your questions and we will do our best to answer!
The idea of "Making it Happen" in our lives and careers has been a huge catalytic thought in our day to day lives. We are so passionate about what we do and we are so passionate about encouraging that same drive and "do" attitude in others. Our hearts are to share tools, recourse and advice with you in order for you to chase after your passions and make it happen! Let's do this!!
The first topic we will be covering next week will be on having a business partner. The pros and the cons and whether having a business partner is right for you. In moving forward with this new series there is TWO things that we would love for you to do.
1// Let us know what you're curious about! If you have a particular question or topic that you would like us to cover in this series, please share them below!
2// Be part of the post! As we post Make it Happen topics we encourage you to contribute to each post with your additional tips and advice. As well, if you have further questions based on the topic, leave your questions and we will do our best to answer!
The idea of "Making it Happen" in our lives and careers has been a huge catalytic thought in our day to day lives. We are so passionate about what we do and we are so passionate about encouraging that same drive and "do" attitude in others. Our hearts are to share tools, recourse and advice with you in order for you to chase after your passions and make it happen! Let's do this!!
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