It’s been more than a year since the COVID-19 pandemic forced the world to stop. Little by little, businesses are reopening, and industries are starting to recover. Data from April 2020 to March 31 shows 516,754 newly opened businesses in the United States. Of these, 69,001 are from the restaurant and food industries. Meanwhile, 272,749 new companies were from local, professional, home, and auto industries.
This could be the perfect opportunity to start a small business. Economists see signs of local economic recovery now that vaccinations are already rolling. They believe that more enterprises are sure to open this year.
Are you and your spouse interested in opening one? With a bit of capital, you can start your small business with your family. Know which small businesses economists expect to boom as the world is nearing the post-pandemic:
Delivery services are, no doubt, in demand right now. In fact, the total revenue of four leading delivery companies amounted to $5.5 billion from April to September 2020. These figures are double their combined revenue in 2019.
You might want to team up with the local stores around your area. If you have motorcycles or vans that you can use to deliver goods, this business is for you.
Residential Cleaning Services
Another excellent business idea is providing residential cleaning services. Build a team that you can tap to offer cleaning services in your neighborhood before expanding your reach. Invest in cleaning equipment and materials. For a small business, the initial investment can range from $2,000 to $6,000. This is enough to cover legal processes, insurance policies, and cleaning supplies and equipment. You also need to cover labor costs and marketing plans.
Online consumption has been on the rise since this pandemic. Experts believe e-commerce will hit $4.2 trillion in the coming years. You can start small by selling some of your items at home that you don’t need anymore. Gather your old stuff as a family and start posting them online for your friends to see. You may also buy old things from friends and resell it.
As your audience grows, you can start selling other items depending on your target market. Create a website, invest in digital marketing, and get more items to sell. This way, you will attract online consumers aside from your family and friends.
Some Legal Paperwork
Starting a small business with your family may be simple in the beginning. But if you are planning to expand your business with your spouse, you might have to prepare some legal documents.
For one, you have to be clear who will own the business and who will manage the business. This will affect whose names you’ll register on legal documents. The positions on financial papers and tax documents will also be crucial.
Whosever names you write on each legal document will also matter, should decisions be made within the business. This is why expertise and experience are essential when choosing who owns and manages the business. Will the husband work full-time? Will the wife be more hands-on on the production? Or will either focus on marketing and accounting?
You have to sit down with your spouse and settle these matters. Else, you might have to deal with something more pressing with your marriage. Worse still, you find your business in trouble.
How to Divorce-Proof Your Business
Understandably, you are hesitant to start a business with your spouse. You invest capital, you share assets, and you share profits. But what if, for some reason, you decide to cut your marriage? Who will own the business? Who will have the shares? Here are some ways you can divorce-proof your business before even starting one:
- Have a postnuptial agreement ready. A lawyer will facilitate the signing for both parties. You should both agree that the business is a separate entity in case you both decide to divorce.
- Separate personal finances from business finances. Identify who is the business owner and employer.
- Sign partnership or shareholder agreements. This will identify you and your spouse’s position on the business.
- You might also want to consult with lawyers who specialize in divorce and business law. They can give you legal advice on how to divorce-proof your business. Make sure you properly divide your assets in case either spouse files a divorce.
Planning a business is not only about capital and investment. It is also about legal procedures and preparations. This should also not be an issue with you as a married couple. While you wouldn’t want any problem with your marriage, it is still good to be wise over family business matters. As they say, business is business.