Your spouse is your best friend and life partner, so it’s not surprising that so many people also see that person as an ideal business partner.
The benefits of starting a business together with your wife are numerous; you’ll have the luxury of being able to constantly communicate, share finances and most importantly, support each other through the difficult times.
That being said, the stress of starting a business can put extra strain on a marriage if your colleague is also your partner. Follow these five golden rules to ensure your family business gets off to the best possible start.
Get Your Finances in Order
It doesn’t take a business guru to tell you that starting a business is an expensive endeavour. Both of you will have an equal stake in the financial side of things, so getting an appropriate emergency fund together before you start is a key way to avoid conflict. Money worries are the biggest source of conflict in a marriage, so make sure you both know what you’re getting into and that your joint finances are prepared.
Plan Every Step Together
The cornerstone of success is being equally in tune. The planning process is where you’ll be able to jointly solidify what you want your business to be and get more enthusiastic about this new adventure as a couple. Use resources that you can both access and keep track of, such as the monitoring platforms and marketing tools available at GrowthSupermarket, as this will allow you to stay in sync with each other when setting up.
Clearly Define Your Respective Roles
One of the early issues that might arise is that question of “who’s the boss here?”. The answer is – or should be – both of you, but you’ll need to have separate and distinct roles within the company that each spouse can take full ownership of. Fairly delegate key duties between each other, i.e. one of you should oversee finances while the other should oversee the marketing aspect of it all.
Have Separate Social Lives
This one can’t be stressed enough. Having separate social lives has been described by Psychology Today as one of the most important ingredients for a successful marriage. This is doubly so if you’re starting a business together. You’ll be working together all day and constantly in contact with one another, so be proactive in using separate hobbies and social outings as a buffer, so that you don’t end up killing each other.
Clock Off Together
Even though a new business demands 100% commitment, there are more important things in life. Make sure to set a clearly defined time of the day where you both switch off your emails, ignore the myriad tasks and stresses until the next day, and commit to enjoying each other’s company. Some power-couple CEOs have rituals to mark the end of the working day, such as enjoying a glass of wine together or having some reading time. Find your remedy and stick to it.
With the potential pitfalls out of the way, you can both focus on building your dream business together. There are few things more fulfilling in life than seeing something you’ve built with your life partner succeed and grow, so make sure to do it the right way.