Women entrepreneurs are becoming increasingly common in today’s business world, yet many women face difficulty finding the support they need to succeed. Husbands, in particular, can play a crucial role in helping their wives to make their entrepreneurial dreams come true.
This blog post will explore why more men should support their wives’ entrepreneurial goals and discuss how they can do so. We will look at the advantages of doing so and the role that husbands can play in providing their wives with the support they need to succeed.
Motherhood requires flexibility – entrepreneurship can provide that
When I decided it was finally time to make a significant shift to become a full-time entrepreneur, I presented the idea to my husband, detailing the value. One of the most important was that I knew we’d start a family soon, and I’d need to be flexible to be there for them as my mother was for me. It was essential to my story that I wanted to be close to my kids rather than utilize daycare full-time.
At the time, neither of us fully understood the magnitude of that decision, but two kids in, we’re both still not ready to send them away to daycare and praising the blessing of my flexible career.
I can accommodate activities, schedule doctor visits, and be with my kids daily. Events for them aren’t limited to the weekends, so we can go places when they are less trafficked. I hear complaints regularly from parents who struggle to have enough PTO to get basic childcare tasks taken care of, so I know how privileged this life is not to have a time clock to dictate my day.
I acknowledge that many men fill this role as well, so entrepreneurship can be a boon to a person of any gender who wants to be flexible to be an involved parent.
Success is shared — you both win when she does
While fears around failure are always valid, there’s a fear on the other end of a wife who becomes so successful that she towers above her husband in accomplishment. As partners, when either person succeeds, it’s a win for both of you.
Knowing that your wife’s success doesn’t diminish your accomplishments is essential. I have unfortunately witnessed women with thriving businesses give them up because their partner doesn’t support them, mainly out of spite. This meant that man lost money in his household because of his own ego.
As a supportive spouse, you win when she does, so being a partner in her growth helps the entire household win overall.
Taxes work differently, and it could benefit everyone
When you are self-employed, the tax deductions associated with business expenses can be a significant advantage. Business owners can deduct expenses like office supplies, travel, and business meals. They can also write off any losses their business incurs, which can help them keep more of their income. Additionally, self-employed individuals may qualify for certain credits or deductions on their income taxes, such as the earned income credit or self-employment health insurance deductions.
The flexibility of being your own boss also means that you can take advantage of potential tax savings by creating a retirement plan, such as a SEP or Solo 401k. You can invest money in these plans and pay lower taxes on the income earned from the investments. This is a great way to save for retirement while taking advantage of the tax benefits of owning your own business.
Finally, entrepreneurs may have access to grants or funding from the government or private organizations to help them start and grow their businesses. These grants can provide additional capital to help entrepreneurs get their businesses off the ground or keep them running during difficult times.
This is truly one of the benefits that my husband has appreciated, and some of the grants allowed me to compensate my support staff while the pandemic made things much more challenging.
Let your wife retire you!
I once attended a networking event where a woman announced that her goal was to retire her husband. That was the most exciting concept I’d ever heard.
Both women and men live under the pressure of insane beliefs about what a man or a woman should be. The concept of a woman bringing in enough income to allow her husband to retire is inspiring.
My own spouse has a written plan for the exact amount of recurring income that will be required for him to stop working one day or at least be free to take a year or two off if he’d like to regenerate and take a growth break. The concept comes from the FIRE movement, where many people have been able to create income streams that allow them to be free from needing to work full-time.
Our business endeavors and investments have already covered his first goal, and we’re working together to keep pushing to new levels. The opening for this achievement started with a call from work when I told my husband I felt it was time for me to take the leap and trust my business mind to support me. Entrepreneurship brought new mindsets to the table and a sense of freedom to create the life we wanted. It opened our journey to flexibility, freedom, and being the best possible partners and parents.
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This Post is republished on Medium.
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Photo credit: iStock