Running a business with your life partner or spouse is challenging but can be rewarding. You trust each other, but disagreements are inevitable due to both professional and personal interactions. Many couples struggle to navigate these obstacles, but the pandemic has pushed many to work together, often from the same space, though under different bosses and teams. If you鈥檙e considering starting a business together and want to make it work smoothly, here are some tips to consider.
Working together can save you money. Hiring your spouse for a role they鈥檙e equipped to handle, with the right education, skills, and training, is typically cheaper than hiring someone else. There are no recruiting fees, and your spouse might accept a lower salary than the market rate.
mitigate risks of working together:
1. Set Boundaries Between Personal and Business Life
– One of the main challenges is separating personal and business lives, especially if you work from home. Establish clear business hours and commit to them, avoiding work discussions after hours. This helps maintain a healthy work-life balance. Discuss your strategies openly to manage both personal and business relationships effectively, ensuring you still make time for family, as they are more important than work.
2. Plan Your Goals Together
– Weigh the pros and cons of starting a business together. Understanding both sides can prevent blaming each other or regretting decisions later. Ensure you鈥檙e both on the same page, aware of how business activities might impact your personal life. Set goals together and establish ground rules for making business decisions through open communication.
3. Protect Family Finances
– Financial challenges are inevitable in the beginning. Set aside money for the business separately and have a clear budget with financial boundaries. Plan what to do if the business fails, including setting a limit on how long you鈥檒l keep trying and investing. This helps keep everything transparent and organized financially.
4. Decide Who鈥檚 In Charge Of What
– Define roles and responsibilities based on each person鈥檚 strengths and skills. This helps keep the business organized and prevents misunderstandings. Keep an open mind to your spouse鈥檚 opinions, but respect each other鈥檚 assigned roles.
5. Organize Regular Business Meetings
– Schedule regular business meetings to review goals, accomplishments, issues, and concerns. Assess your business progress professionally, focusing only on business-related topics during these meetings.
6. Communicate to Resolve Disputes
– Maintain a strong relationship through open, honest communication. Avoiding issues can worsen them and harm your marriage. Be receptive to feedback and acknowledge each other鈥檚 efforts. Praise good work and provide constructive criticism. Mutual honesty is key to thriving business partnerships.
7. Trust Each Other
– Trust is crucial. Agreeing on roles and rules can help. Even if you have different views, trust that each person is working towards shared goals. If trust issues arise, address them maturely and find solutions together.
Working together during the pandemic has shown it鈥檚 possible. It might be the right time to start a business together, which can bring opportunities to connect and grow as partners. Follow these steps to ensure a successful life and work partnership, and don鈥檛 hesitate to seek external professional assistance, such as a mediator or business coach, to help navigate the challenges.
