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Business August 21, 2021 2 mins read

Expanding your Business As a Married Couple? Here Are Few Advices from Experts

Business ı By Rochdi Rais

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Couples

Expanding one’s business isn’t a simple task. It includes so much thinking and planning. What makes it harder, is when partners disagree, and it gets even worse if the business partners are a married couple.

That’s exactly the case for Chris and Emily Elias. A married couple who owns a mobile dog-grooming business, Massapequa, New York-based the Ruff Life.

 “Taking this nationwide, you are talking about hundreds of millions [of dollars in sales],” 37-year-old Chris Elias said on CNBC’s “Money Court.”

The company is on target to bring in $1.4 million in sales this year, he noted.

However, his wife believes there is still more money to be made on a local level.

“We know our clients love us already. I know the demand is there. National is not the way to go,” Emily Elias said.

Marriage partnering isn't different than others

When it comes to partnering with your other half in a start-up, you should expect disagreement now and then. It’s the same case for any other business partner and it has nothing to do with the marriage. This gets more complicated when it comes to small business expansion says business expert Barry Moltz.

 “The key to success is not making any fatal mistakes that are going to kill your business,” he said.

In other words, investing money more than you can afford to lose is a bad idea when testing out new concepts and strategies says, Moltz. Before expanding, you should at least secure some extra profit or cash so that you can reinvest it in your business says, Moltz. 

It’s also important to figure out your “why.” Why do you want to expand? Are you willing to grow your profits, or diversify in order to sell the business, said Moltz, who has worked with married partners who had the same case as the Elias family. 

 

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Rochdi Rais

Rochdi Rais is the Head of Growth and financial and legal writer at USA Herald. He has been writing and editing financial, legal and U.S. news for years with over +4000 articles published during his career.

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