In our last article, we focused on the situation when couples' entrepreneurial spirit takes hold leading to the idea to extend the living arrangements to working together. But what if you share 50 to 100 percent of the financial responsibilities of your family and you want to pursue your entrepreneurial dream?

Consider the following pre-planning ideas:

Get managerial experience.

It takes more than having a good idea to run a business. Among other things, business owners need to know how to take a project from start to finish as well as know how to evaluate the end result.

Take a course (or two).

Although you don't need to be a qualified accountant to run a successful business, you will serve as the chief financial officer until the business is large enough to support one. Take a few courses in financial management and accounting. This will help you ask yourself the tough financial questions about what you are planning to do and the viability of your idea.

Enlist mentors and develop a network.

Develop a network of business contacts that can provide you with advice and feedback, as well as those who can help develop your new idea. Join the Bermuda Chamber of Commerce, trade associations and business networking groups - and if you can't find one, consider creating one via your network.

Write a business plan.

Develop a plan that lays out the problem that your business will solve and how it will accomplish its goal, the marketing and sales strategy and complete it with a financial forecast.

Get feedback.

Communicate your thoughts and ideas about the venture, together with your plan for ensuring your agreed upon portion of the family finances are met. Including your spouse in the process is important. If your partner is totally against your entrepreneurial desires, you have to decide what is most important to you. Business is a hard enough - you don't want to fight battles on two fronts.

Set a time horizon.

If you are largely responsible for the financial security of your family, consider setting a time limit for getting your opportunity to the point that you are at now. This will typically require a clear business plan with clear financial projections as well as savings to support your family during the business start up phase identified in your business plan.

Raise money.

See if you can get a few people who believe in your idea to invest in it - creating start-up capital. In addition, if your business is service oriented try to get contracts in advance.

Start part-time.

Consider phasing into your business. This can offset the financial burden of a new business to your family, allow you the ability to gain any necessary experience as well as test the market.

This article is part of a series reflecting on some of the 'best practice' issues and considerations relevant to owners of privately held companies. For more information, visit www.asgillpost.com or contact Kumi Bradshaw MBA, CBA, BVAL via e-mail at kumi@asgillpost.com or phone 295-3301. Patterson Partners Ltd. provides Bermuda/US cross-border tax, estate and investment planning services. For more information, visit www.patterson-partners.com or contact Jennifer A. Patterson, CFP®(US), CIMA®, TEP via e-mail at info@patterson-partners.com or phone 296-3528.