Starting a business with a spouse is a great way to convert a shared passion into a source of income. However, it comes with its own set of complexities because your spouse is much more than your business partner. There can be some power dynamics or even tension in how things are run in the company. Any disagreements in the running of the business are also likely to affect your relationship. However, that does not mean that running a business with a spouse is impossible. A lot of couples have started businesses together, and they have turned out to be successful. If you and your spouse are interested in starting a business, here are a few things to keep in mind.
Discuss Your Visions
From the start, discuss the vision each one of you has for business. It ensures that you are on the same page on how things will be running. Statistics show that about 70% of most business partnerships fail. This is mostly because partners share a different vision. To avoid this, sit down with your partner and discuss the future of the business. Things you may want to talk about include what you both want to achieve within a certain period and measures to put in place to get there. Also, discuss the right location for the business. If you start running the business from home, look at various home trends for home office ideas.
Setting boundaries can start by defining each person’s roles in the company. Evaluate each other’s strengths and weaknesses and allocate roles based on that. For instance, one partner may be good with customers and managing the business, and the other may be good at accounts and logistics. Note down the responsibilities of each partner so that each of you knows what is expected of them. After highlighting each person’s job description, trust your partner with the position given instead of trying to micromanage them. Micromanaging shows that you do not think your partner can handle their responsibilities.
Have Regular Team Meetings
It does not matter whether it is just the two of you without any other employees. Hold regular meetings and discuss the progress of the business. What are the challenges you have faced, and how well were you able to handle them? Are there measures in place to prevent running into similar challenges again? This is also the time to discuss new business ideas one may have. For instance, if you are in the leisure industry and are thinking of a new entrepreneurial pursuit, consider buying a campground. Six in every ten households report that one or a few members of that home have gone camping. If you have a lot of work, discuss bringing in new hires. Meetings are great for checking that things are going well.
Make Time for Activities Outside Work
You deserve to spend some quality time together and discuss things outside work. Look at your hobbies, such as hiking, dancing, cooking, etc. Also, ensure you go on dates as much as possible. Your personal relationship is just as important as your work relationship.
Make Decisions Together
It is called a partnership because it involves more than one person. Therefore, when it comes to making major decisions, both parties need to be involved. For instance, if both of you feel that you need a bigger home to accommodate the business needs, you need to sit down and discuss this. Look for a home together and settle for a great space. If it needs to be fixed, discuss whether it is a business or personal expense. Most homeowners pay about $4,640 to fix foundation issues. If you take such an amount from the company’s account, how do you plan to recoup it? All these are decisions to be made as partners.
Most couples hold back from starting a business partnership with a spouse because they are afraid it will strain their relationship. But with the above recommendations, you will be able to grow up with your partner with little conflict.