She Owns It

Celebrating, Connecting, and Supporting Women Entrepreneurs

Steps To Living a Balanced Life as an Entrepreneur. by @Myowntotell

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by Denise Ingabire-Smith | Featured Contributor

One thing that most entrepreneurs tend to have in common is that desire to create livelihood from a passion rather than an obligation. Most entrepreneurs have followed the famous advice of Marc Twain, “Find a job you enjoy doing, and you will never have to work a day in your life.” Our work, for the most part, is our passion and so then our work doesn’t seem like work to us. One challenge that can come with this blessing of making a living from a passion though is that for some of us work can consume our entire life. We are living our passions and to us it doesn’t seem like work at all. Sometimes this drive and love for what we do can take all of our waking hours and destroy other aspects of our lives. I personally believe that true and complete happiness comes from a good balance of successes in every aspect of my life. A healthy balance of work, family time, leisure, physical and mental health as well as a healthy social life work together to make me a happier entrepreneur. The following steps have helped me purposefully design a life that balances what I truly find important to my happiness and individual success;

Soul searching.

It is very important that an individual understands themselves and be very honest with what is important to them. There can be many things that bring joy and happiness to other people that you may find unsatisfying to you as an individual. Making sure that you understand yourself as an individual and that you pinpoint things that you truly value in life will help you save time and energy and claim your place and your form of happiness. I am one of those people who believe that happiness ought to be personalized. There are many times people look at someone’s life and assume from the outside that such and such individual is happy because of what they believe to be the source of happiness, and oftentimes the reality turns out to be the opposite. It is crucial that we, as entrepreneurs who have managed to understand what we love and what we are passionate about, take time to also understand and pursue that which completes our happiness.

The art of prioritizing.

Once an individual has understood and figured out what truly matters in their lives, what they want to accomplish, and what legacy they want to leave behind, then it becomes a matter of prioritizing that list and making sure that the things that fulfills and bring happiness in your life are being incorporated in it. I find that every time I carve time out of my busy work schedule and devote it to something that I truly love and value, it always refreshes my mind and energize me as a person and it always reflects in my work as well. Happy people run happy businesses and produce happy results.

Quality over Quantity.

One thing that is for sure is that most entrepreneurs find themselves very short on time. With so many responsibilities on their plate it is very crucial that any time that we dedicate to anything be maximize and the best way to maximize time is to be completely in the moment. Learning to be selective about what really matter and deserved my time has become my biggest time saver. It has taught me how to say no without regret and how to say yes without reservation.

Being in the Moment.

We all know the picture so well, leaving work with the intention of playing with your toddler or catching up with a friend or doing something completely work unrelated, you sit down to get to your business just in time for that “did I reply to my last email” thought to sneak in. I am guilty of this and it is completely understandable, especially for people who work for themselves, that we live with work at home and we carry the entire future of our businesses on our shoulder. Being in the moment is an act that takes a lot of practice and dedication to master but it is a very beneficial one once you master it.  I find that the more I learn to give a 100% of myself to the things that I value the most the happier my life becomes. As an entrepreneur I couldn’t agree more with the words of Wayne Dyer “The more I give myself permission to live in the moment and enjoy it without feeling guilty or judgmental about any other time, the better I feel about the quality of my work”.

Having a Satisfied Spirit/Mindset.

This part is one of the hardest one when it comes to entrepreneurs because we always want to give the best that we know we can give. Having a satisfied spirit in this context means knowing when you have done enough for the day and how to turn off the work mode and focus on the other part of your life. It doesn’t mean that you are not able to do more for the day, it just means that you chose to walk away from that project that you know will give you a few extra dollars and focus on the family or another aspect of your life for the moment. I have observed that people who work for themselves or who run businesses are less likely to take a vacation for example, some of the reasons I have heard are the fear of losing out for the week, but if you look at it, If most entrepreneurs really make their own schedule, they should be the ones able to spare those days without hindrance. Having a satisfied spirit helps you manage to say no to that which would defer or alter your happiness and walk away without regret.

Here’s What No One Tells You About Work Life Balance by @valjonescoach

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balance

by Valerie Jones | Featured Contributor

“Take care of yourself. When you don’t sleep, eat crap, don’t exercise, and are living off adrenaline for too long, your performance suffers. Your decisions suffer. Your company suffers. Love those close to you: Failure in your company is not failure in life. Failure in your relationships is.” -Ev Williams, co-founder of Medium and Twitter

Work Life Balance.

It’s a buzzword these days. A mantra. An elusive ideal that we all want to achieve. The nirvana of life, where everything magically falls into place, and we experience the ultimate bliss of having perfect balance in every area. We spend the proper amount of time at work and our business is thriving. We have quality time with our family and friends. We exercise regularly, eat healthy, and meditate daily. Everything is ticking along as it should, and we are happy!

And guess what?

It’s bullshit.

It sounds good though, right? Work Life Balance. We should all want that. It’s the holy grail of modern life. What’s wrong with wanting balance in our lives? Isn’t that what will bring us peace and happiness?

Nope. Here’s why.

It holds up a standard of perfection that is unrealistic. It is a subtle yet powerful message that constantly reminds us that we are not quite measuring up. We haven’t yet gotten it right. Falling short. Failing. Not good enough.

This ideal will keep you in a place of perpetual discontentment and constant frustration. It will drive you to make decisions from a place of ‘not good enough.’ And when you make decisions from that place, it doesn’t line up with your truth, and therefore isn’t going to satisfy you. Rather, it can build resentment, anger, and regret, which will keep you from being present.

Think of it this way. You have been working on a big project and busting your butt to meet a deadline. You know that your workdays are long right now, and you are feeling guilty about it. You see the messy house. Your kids are whining and grumpy because you’re not available. Your husband is whining and grumpy because he’s eating yet another frozen dinner. Your mom calls again, and again you send it to voice mail. You can feel the tension mounting, and every hour you spend at your desk, your guilt increases. The voices in your head are screaming at you:

“What are you doing? You’re neglecting your family. Your children are growing up without you. Your husband is going to leave you, and you are a terrible daughter! What kind of life is this? Slaving away at your desk, day after day? Where’s the balance? You’re a failure!”

So you listen to this voice and set aside the project. You immerse yourself in your family, driving the kids to soccer, making home cooked meals, cleaning the bathrooms. You feel great! The kids are happy, hubby is happy. You had a long lunch with Mom and she’s happy. The house is sparkling. You’re a rock star!

Then you walk by the office and glance at your desk. See the pile of papers you were supposed to have dealt with yesterday. Work is piling up. The project is still waiting, and the deadline is looming. You are flooded with guilt. Anxiety and panic sets in, and a cold sweat breaks out on your forehead. The voices start up again:

“What the hell are you doing? You can’t just ignore the work. It’s piling up, and you won’t ever catch up now! You’re such a slacker. You’re business is going to fail. Oh, but your house will be clean! You are irresponsible and lazy! Get back to work!” 

Sound familiar? 

This is the Work Life Balance crazy train. It’s the guilt trip of all guilt trips. It will keep you running in circles, trying to create ‘balance,’ yet always falling short and always failing. You end up stressed out, burnt out, unhappy, feeling like a failure, and every area of your life suffers. You never catch up, never relax, and never feel like you are enough.

It’s time to get off the crazy train!

What’s the truth?

The truth is, life is messy. Life is never fully in balance, because life is not perfect. You are not perfect. And so, sometimes we are out of balance in areas.

And it’s okay. 

It’s okay to not have balance.

It’s okay to give more in certain areas of your life at certain times, because that’s what life is all about. Seasons. There are times when one area of life requires more attention than others. It just happens. And it’s okay.

Perhaps you just had a baby. You need to be home and focused on this new little life that requires a lot of attention. You take some time off work. It’s not the end of the world! For a little while, work might suffer. But you are spending time with your baby, because that’s what your heart wants right now. Enjoy it!

Perhaps you are launching a business. You need to focus on it, work hard, and put in the hours to get it off the ground. It requires a great deal of your time and energy. Meanwhile, the kids don’t see much of you, your husband is lonely, and your friends are wondering if you dropped off the planet. It’s okay! They will all survive, and you are doing what you need to be doing, and focusing on what your heart wants right now. Enjoy it!

Do you see what I said there? “What your heart wants.” That’s really the key to everything. Forget about balance. Listen to your heart. Your heart will tell you what’s right, every time. Those voices in your head? All lies, designed to keep you trapped in guilt and fear. Turn the volume down on the voices, and turn the volume up on your heart.

When you are feeling stressed about being out of balance, check in with your heart. What’s it saying right now? Maybe your heart is telling you to walk away from the computer and take a walk, or make some soup, or play with your kids for fifteen minutes. Do it.

Maybe your heart is telling you to get that project done, and leave the laundry, call a sitter, or ask hubby to cook dinner. Do it.

When you listen to your heart, you will feel good about your choice, whatever it is. You will be able to be present in the moment and fully engage in whatever you are doing, because you will know it’s right. You won’t be resentful, or angry, or feeling like you should be somewhere else doing something else. You can embrace the moment, knowing that it is right.

It’s okay to not have balance. 

Sometimes we are a rock star in one area of our lives, and sucking in another area.

It’s okay.

Life is uneven.

Let go of needing Work Life Balance. Embrace the uneven. Accept that you can’t be all things to all people. Forgive yourself when you fail. Listen to your heart, and do what it’s calling you to do, in that moment. And when you do, show up with all your heart, and give all you have. Love fiercely, work diligently, and above all, have great compassion  with yourself. You are awesome and a gift to this planet. Your uneven, messy, imperfect life is exactly what it’s designed to be, so stop fighting it and embrace it!

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Valerie JonesValerie Jones is a Life & Transition Coach. She is passionate about helping women create the lives they’ve always wanted – not the lives they think they ‘should’ be living, but a genuine, authentic life that is a full expression of their birthright.  She brings humour, compassion and wisdom to her coaching and to her writing, and creates a safe space for others to express their truth. She is also a corporate coach, working with the United Nations and eBay.  She lives in British Columbia, Canada, and has three amazing children who are bridging into adulthood, which is a whole new ball game as a parent. Valerie loves good red wine and travelling whenever and wherever the opportunity arises.
You can connect with Valerie on social media here: Facebook | Twitter | Instagram

Do You Have Creative Regret? by @ArtistThink

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Do You Have Creative Regret? | Carrie Brummer on She Owns ItSomeone I was friends with found out they were dying.

I won’t lie, while I appreciated their humor, I knew they weren’t the easiest person to get along with; many colleagues struggled to work with them at their job. I enjoyed their company but I also knew it was an acquired taste.

I was thinking about them the other day and something they said has really stuck with me:

“If I knew how short life is I would have been less of an a**hole.”

It is perhaps, one of the most heartbreakingly genuine things I’ve heard someone say about themselves. I admire them for those words.

There are so many lessons we can learn from this person. It makes me wonder: what in their life led them to have a more abrasive nature? Were they harboring other regrets while still living?

Bronnie Ware is the nurse that wrote The Top 5 Regrets of the Dying. Two impact our discussion today: (1) “I wish I’d had the courage to live a life true to myself, not the life others expected of me,” and (2) “I wish that I had let myself be happier.”

Countless people continue to tell me about the novel they wish to write, or about the art class they took in college and how happy it made them. They tell me these stories in wistful, sorrowful ways, looking at a distant memory. They explain it away with work, family obligations, life, etc. I’ve lost count of the number of people who tell me this because so many people have a story when I mention my mission on Artist Think, or that I’m an artist.

Do you want to build your list of last regrets?

The world of entrepreneurship comes with so much hardship, filled with all kinds of uncertainty. I just read an article that finds entrepreneurs have much higher rates of anxiety than the general population. There is a price that comes with the freedom we crave.

Would we feel that way if we allow ourselves the creative outlets we need for release?

The proverbial “life is short” is true. It is fragile and unpredictable, so as Jim Carrey said, “I learned many great lessons from my father, not the least of which was that you can fail at what you don’t want, so you might as well take a chance on doing what you love.”

It is such irony to me that in entrepreneurship we can take such risk and embrace it with love, but to pick up an old paint brush? “We just don’t have the time!”

Not a single person Bronnie Ware interviewed said, “I wish I worked more.”

All of this, makes me think of my friend. They realized the changes they wished in their life, and in themselves, just before they died. Because they understood the immediacy of their death. In some ways maybe it was too late, but they had a choice with the way they spent the remainder of their time on this earth. And so do we.

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Carrie Brummer – Educator, Creative Play Advocate, Arts Empowerer – living in Muscat, Oman (for now!)

Carrie Brummer Carrie Brummer is an artist educator nomad. Teaching and leading in school systems for 9 years in the USA and the Middle East helped her see the gap in education that prevents people from accessing interests they love. She has tired of the countless stories from people all over the world saying, “I’ve always wanted to learn how to draw,” or, “I wish I could write a novel someday.” It’s become her mission to share her passion for the arts and encourage everyone to take creative risks in their lives.

Carrie’s current creative baby is to encourage creative play for adults; everyone can use an opportunity to slow down from their hectic lives. Creative play is not only important for children, it makes adults happier, healthier, and more fulfilled human beings. Carrie actively exhibits her artwork worldwide and teaches courses in art history and the arts.

When Carrie isn’t painting, doing yoga or baking chocolate chip cookies, she is playing board games with her husband, looking for new learning opportunities, or planning their next trip. You can read more about her adventures in travel and the arts on Artist Think.

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80 Ways to Enjoy Creative Release by @ArtistThink

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80 Ways to Enjoy Creative Release by @ArtistThinkby Carrie Brummer | Featured Contributor 

I want to reach as many busy business women as I can to share a message of self-love and self-care. This message is often at odds with our actions. (I mean, shouldn’t our children/spouse/family/friends always come first?) The arts are a release and opportunity for self-care.

I’ve asked you in my previous articles to make a choice: to choose burnout or balance. I offered 4 steps for creative release to encourage your life towards that balance. Then, I asked all of us to reframe the way we perceive our use of time: it’s actually selfless to take time for ourselves, not selfish.

Wait no longer.  Start your creative play today. Making time for creative expression gives you more energy for your family and work, not to mention more ideas for your business. Some of my best ideas come to me while I’m painting!

Here are 80 different ways to incorporate creative play into your life:

  1. Carry a wee sketchbook and pencil with you; when you are caught in a line, at a doctors office, etc. take it out. Don’t play more (insert that addictive and useless gaming app on your phone here)… draw.
  2. Buy an embroidery kit and learn how to cross-stitch.
  3. Buy a paint-by-numbers kit. Paint with it.
  4. Take a class via Craftsy.
  5. Take a class via SkillShare.
  6. Take a cooking class.
  7. Supper club share group: make meals with friends, try new recipes, and eat them.
  8. Buy a puzzle book. Use it.
  9. Carve designs out of potatoes. Paint on them. Print them on paper.
  10. Make bracelets out of embroidery thread.
  11. Carve a figure out of soap.
  12. Crochet a potholder.
  13. Hand letter your own cards.
  14. Learn guitar.
  15. Have dance parties while you clean.
  16. Join a local urban sketchers.
  17. Use your smartphone camera and take photos as you go through your normal day.
  18. Start a garden.
  19. Doodle on your to-do lists.
  20. Draw a still life of objects in your home.
  21. Buy beads to string your own necklace.
  22. Learn to weave.
  23. Learn quilling (the art of paper rolling).
  24. Create a small quilt.
  25. Make origami.
  26. Make a watercolor resist (draw with wax crayons, paint over them with water colors).
  27. Learn how to whistle.
  28. Make a cartoon about your day.
  29. Take voice lessons.
  30. Salsa classes.
  31. Make a book club.
  32. Read.
  33. Write a poem.
  34. Go for art scavenger hunt walks: find little bits and pieces during your walk to incorporate into an artwork.
  35. Make a collage.
  36. Scrapbook.
  37. Go linedancing.
  38. Draw the animals you see at the zoo.
  39. Get a set of notecards. Draw one thing on a notecard every day.
  40. Print designs on fabric.
  41. Draw a design on cardboard with glue. Let it dry. Use a roller to coat it with paint. Print with it.
  42. Make a stencil and spray paint it on a surface.
  43. Decorate a cake.
  44. Build a sandcastle.
  45. Make a paper dress.
  46. Get a blank canvas and paint. Play on it.
  47. Play with your photographs on GIMP or Skitch (both free).
  48. Outline the idea for a graphic novel.
  49. Draw your favorite childhood cartoon character.
  50. Make a toothpick sculpture.
  51. In winter weather: build a snowman.
  52. Make nature art on your next hike: try creating patterns out of leaves, rocks, etc. (Leave them for the next hiker).
  53. Design fashion: do fashion drawings.
  54. Make a purse.
  55. Do a friend’s makeup, or your own.
  56. Find quotes to illustrate your photographs, use something like Canva to create a visual to share with others.
  57. Create a how-to book for a skill you possess to share with others.
  58. Make paper beads from strips of colored magazine. Make a necklace from it.
  59. Make your own paint from egg white and pigment powder.
  60. Design a brand logo for your favorite company.
  61. Decorate a postcard with a secret and mail it to PostSecret.
  62. Write your memoir.
  63. Listen to a podcast about the arts while you exercise.
  64. Create a storyboard for a movie you want to make.
  65. Film a day in the life of your family.
  66. Try taking photos from your newborn or toddler’s point of view for an afternoon.
  67. Tie dye some old sheets or a t-shirt.
  68. Go to a botanical garden and draw.
  69. Learn the harmonica.
  70. Paint models.
  71. Buy a car kit and build a real car.
  72. Build a model airplane.
  73. Design your dream home.
  74. Build something out of legos.
  75. Complete a puzzle.
  76. Learn how to play piano.
  77. Join a local theatre group.
  78. Write your own comedy sketch.
  79. Write a fictional story based on your favorite famous figure in history.
  80. Handwrite a letter to someone important. Share drawings in it as you write. Mail it in a decorated envelope.

The point of this extensive list is you need a creative outlet to help you separate from your work. Find something that interests you and take that first step forward. Do you want burnout or balance? I know your answer. Be selfless, not selfish: take the time and enjoy your creative expression.

********************

Carrie Brummer – Educator, Creative Play Advocate, Arts Empowerer – living in Muscat, Oman (for now!)

Carrie Brummer Carrie Brummer is an artist educator nomad. Teaching and leading in school systems for 9 years in the USA and the Middle East helped her see the gap in education that prevents people from accessing interests they love. She has tired of the countless stories from people all over the world saying, “I’ve always wanted to learn how to draw,” or, “I wish I could write a novel someday.” It’s become her mission to share her passion for the arts and encourage everyone to take creative risks in their lives.

Carrie’s current creative baby is to encourage creative play for adults; everyone can use an opportunity to slow down from their hectic lives. Creative play is not only important for children, it makes adults happier, healthier, and more fulfilled human beings. Say yes to creative play and learn more here. Carrie actively exhibits her artwork worldwide and teaches courses in art history and the arts.

When Carrie isn’t painting, doing yoga or baking chocolate chip cookies, she is playing board games with her husband, looking for new learning opportunities, or planning their next trip. You can read more about her adventures in travel and the arts on Artist Think.

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A Raw, Emotional Letter To My Kids. I’m Doing The Best I Can. by @ginnyzaparcohen

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best i canby Ginny Cohen

Dear Kids,

I’m doing The Best I Can…

I know I’m not always perfect but please know that I’m really trying to do the best I can for you. It may not always seem like it, but I promise you I am trying my hardest to keep all things balanced—kid time, family time, work time…really, just time in general —balanced. It’s all just one big heap of minutes and seconds that are flying by me as you get older and move closer to the gates of college.

While it’s whizzing past me, please know these things:

Just because we have cereal for dinner doesn’t mean I don’t love you.

I know it’s not the best thing in the world to make, but sometimes after dealing with clients all day, returning a plethora of emails and fulfilling every business need that hits the front burner all I want to do is spend time with my family, not in the kitchen. And cereal is fast. Let’s slow down and play our high-low game and talk about our highs and lows of the day. I love that more than anything.

Just because you don’t get to go to Taco Bell as often as you would like doesn’t mean I don’t love you.

Quite the opposite. It’s easy to equate food with love. Because I’m not feeding you that GMO and chemical sh** storm it actually means I do love you. But it does worry me that you sometimes choose all that junk over the good stuff. Please eat your vegetables.

Just because I don’t let you do something doesn’t mean I’m a horrible, mean parent and it doesn’t mean I don’t trust you. It means I love you.

And I worry about you. And I promise I really do trust you completely it’s everyone else that I don’t trust. There are creepy people everywhere and if anything ever happened to you I don’t know what I would do. I know slowly but surely I need to loosen my grip but it’s all really hard. I’ve lost so many people who I love and the worst thing in the world ever would be losing you. So I panic. I promise you it’s not because I’m trying to be mean or a bad parent. I just don’t know what else to do other than say no. But I’m trying to figure it out as we go along and as you grow up.

I don’t choose to work because I don’t want to spend time with you.

I work not just to contribute to the household but also to show you the value of the dollar and that you can’t just expect people to go out and work for you and bring money and nice things home. Work and ingenuity are in your blood just as it’s in mine. I want to lead by example and show you that hard work brings good things. I know I miss out on a lot of things. We don’t get to pack up in the summer and head down to the beach all day. I don’t often make it in to the cafeteria to eat with you during your school lunch. Sometimes in the summer you spend more time on the computer than I would like. But remember when we went as a family and stood at the top of the Colosseum in Rome? Remember when we went to Santa Land and road the Rudy Coaster until it overheated and they finally kicked us off? I hope this is the way you remember me one day and not just me sitting behind a pile of papers with the computer screen glowing in my face. I wish I could figure out how to have more balance to all of this but I’m still working on figuring that part out. I’m doing the best I can.

It’s not just the big things you do that make me love you, it’s the small everyday things that make me love you.

Because life is not made in the grand gestures that are dreamed up, but rather in the quiet moments when it is just us sitting on the couch or laying in bed watching a movie together. It’s not laundry being done, it’s the things we did to get the laundry dirty. It’s not in having a big, nice house, but having a shelter for us all to go and to be ourselves.

Even though I don’t say it every day, I’m so proud of you.

If I could take all the kids in the world and throw them in a pile and pick the perfect kids, I would pick you guys out every time. You are my perfect. And, even though I’m not perfect, I hope that you always know that every day when I get up, whether I wake up on the right or the wrong side of the bed, whether I break down and cry because you said something and I’m being emotional, you are my perfect. And I’m so proud of all that you are becoming and all that you are.

Love,
Mom

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Ginny Zapar CohenGinny Zapar Cohen is a blogger, an entrepreneur, a freelance graphic designer, a mom and a chronic overachiever fueled by life, family losses and her coffee addiction. She is an activist for children with disabilities as co-director of Surfers Healing Virginia Beach, taking kids with autism surfing, and a runner for Team Hoyt VB, which pushes children with disabilities in road races. Through her blogging and writing she strives to capture the inspiring slices of the human spirit with her raw and heart felt prose. Her accomplishments include a brief stint as the third grade spelling bee champion, her recognition as one of the “Ten Most Beautiful Women of Hampton Roads” in 2011 for her contributions to the community, and paddle boarding 26 miles around the island of Manhattan.

How to Choose a Business Partner by @DeborahSweeney

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by: Deborah Sweeney, CEO of MyCorporation.com | Featured Contributor

A business partnership is a very unique sort of relationship. Not only do business partners have to work through the usual disagreements and disputes that all people in relationships go through, but they have to do so while running a new company. Their livelihoods are tied up in this venture, and because of these stakes, a business partnership can also destroy what was an otherwise solid friendship. Before you decide to team up and go into business with a partner, no matter what the nature of your relationship together is, keep the following areas in mind in order to do it properly.

Don’t rest on the laurels of friendship

Most business partnerships start organically. Two friends come up with an idea over dinner and decide to try their hand at turning that idea into a viable company. While going into business with a friend sounds great on paper, a pre-existing relationship can often complicate a partnership. For the owner of a start-up especially, it is extremely difficult to keep business separated from personal affairs, and any friction caused by business will inevitably bleed into your personal life. For two people that were, until recently, good friends, this can create friction and disagreements within the decision making process and the resulting fallout will hurt the company. If you are thinking about going into business with a friend, you first need to figure out what type of a businessperson they are, and whether or not they exhibit the qualities you want in a business partner.

Aim for balance

Each person should bring something positive to the partnership – something that the other person wouldn’t be able to provide. Many successful business partnerships have an inside-outside dynamic. One person is much more outgoing, and is the one who secures loans and recruits the best and the brightest employees to work for the company, while the other partner focuses inwardly and makes sure the business is operating like it should. This allows each partner to focus their efforts on one, important aspect of running the business, and keeps each partner from stepping on the other’s toes. Of course your partnership doesn’t have to follow that trope – just make sure that there is some semblance of balance. Few things end a partnership quicker than one partner feeling like they are doing more work than the other.

Formalize the partnership

Slamming down a contract in front of your friend and asking them to sign it might make you feel uneasy, but it has to be done. Running a business requires a heavy investment of both time and resources from both partners, and a contract protects that investment. The most basic formal partnership is created with a partnership agreement in place. This agreement should define the responsibilities of each partner, lay out who owns what, determine how each partner is paid, and detail a plan for mediating conflicts and for exiting the partnership. If you choose to incorporate or form a limited liability company, this partnership agreement should be set into your bylaws or operating agreement. Just make sure that you have an experienced attorney review your partnership agreement so it includes everything it needs to.

Opening up a business with another person is a great idea, as long as each partner brings something unique to the business. Friendship can blind us to the follies of potential partners, so stay objective and clearly lay out what is expected from each party. Then formalize that agreement with a legal partnership. That way both partners know exactly what their responsibilities are, and they can feel confident in their roles as they work to grow the business.

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About the Author:

Deborah-Sweeney-HeadshotDeborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best. Follow her on Google+ and on Twitter @deborahsweeney and @mycorporation.