Starting a business with anyone is risky, but the risk gets taken to a new level when you’re starting a business with someone like your spouse. Sure, in the beginning, it could seem like a dream come true. You get to spend your days working alongside one another; eat your lunch and your dinner together, make money, and go home together. Though just like everything else, the honeymoon period eventually ends and if you haven’t asked the right questions and prepared yourselves, you could be set up for disaster.
One of the best things you can do when starting out a business with your spouse is identify the strengths and weaknesses you have. When you both have different strengths, your team becomes stronger because you have different responsibilities where you can both excel in the varied areas of business. However, if you share the same strengths and weaknesses, you might need to look outside of your partnership to find help. If you do have the same strong points, make sure that you reasonably divide the work load while trying to keep emotions out of the decision.
Do You Have Good Communication?
Communication is a critical ingredient in all types of relationships, regardless of if they are personal or professional. If you’re honest with yourself when judging your relationship and come to realize that you don’t have secure communication, it’s best that you hit the pause button on your business plans and work on that first. To resolve business conflicts, communication is needed; and it also helps to ensure that disagreements in business won’t negatively impact your personal relationship or your new company.
Do You Have a Work-Life Balance Plan?
Running a business is extremely time consuming and takes a lot away from your personal life. However, when you’re working with your significant other, it might feel like you’re spending a lot of time together, but the lack of personal activities could be detrimental to your relationship. It’s essential that you put your relationship first, and stick to a strict plan that follows business hour protocol, so you don’t put a strain on your life or your relationship.
Do You Have the Right Dynamic?
Couples who choose to partner in business need to make sure that they have what’s required to devote themselves to the company. It’s recommended that you gear your work hours to suit your personality types. Always make sure that your relationship comes first, and always make sure that you include your partner in every decision that gets made, even if it may seem insignificant.
Plenty of couples have successful businesses, and yours can be fruitful too if you prepare. While the questions above aren’t the only ones that should get asked, they are a good starting-off point for those of you in long-term relationships who are looking to branch out into a different type of partnership. Just remember that at the end of the day, you’re partnering with someone you love, and that should always be the most significant factor.