I am sure you must have wondered what it would feel like to start a business with your spouse. It is a really cool and great thing but like many joint businesses, it has its disadvantages too. You need to be well prepared before you venture into a business with your wife or husband.
The idea of co-running a business with the love of your life is both romantic and pleasurable. Isn’t it a good thing to have your spouse by your side on every business day or on plenty of days at least? Of course it is.
After your honeymoon, questions will arise over the venture arrangement. It is usually better to answer confusing questions and make things very clear before you begin a business with the person whom you want to spend the rest of your life with than when you two already begun the business. A wise man once said: “Prevention is a lot better than cure.”
Now that you understand that you need to put certain things in place before starting a business. We need to expose you to 4 life changing questions to ask before you start a business with your life partner.
What are your personal strengths and weaknesses?
Before you make the move to run a business with your lovely spouse, you will need to identify your strengths and weaknesses. This part of business relationship cannot and should not be neglected. It is essential that a business should be handled by people who complement their natural abilities.
If your husband or wife fails to complement your abilities, there is a higher chance you will most likely encounter problems trying to run the business.
Angie Stocklin, an accomplished businesswoman, successfully ran a joint business with her king (husband); their major selling edge was in the minimal differences in their strengths and the way it complemented one another.
According to Angie Stocklin, their business reached its peak because they learned to rely on the one another to perform their portion of the responsibility.
In case you two exhibit the same type of skill, there is no need to be afraid. You and your partner can still go run a life-impacting business together but you have to be more strategic in sharing of responsibilities and duties. If that doesn’t work, you may just need to call for external help.
How is your communication?
Nothing beats effective communication in the business world. It is so important to the success of any relationship to truly work. If by chance you notice you are lacking communication, you should not bother starting a business together because if you do, you are bound to fail.
To truly succeed in a business with your spouse, you will need to give a convincing answer to the question of communication or you will end up ruining everything even before it starts.
It is known that you and your partner in a business will most likely disagree on certain ideas of the business you run together. This is not really a bad thing if it is done for the right reason. It becomes bad if your reaction to these disagreements brings about bad results as a lack of effective communication.
How will you practice work-life balance?
Normally, when you begin a business with an outsider, you just worry “about the work” in most cases. Unfortunately, the same cannot be said for a business with your husband or wife.
Before you decide to start a business with your lover, you will need to know how to balance life and work. To truly count yourself “successful” you cannot afford to fail in one and succeed in the other.
The cold truth is that:
“It takes an effort from you to balance the two to move in the right direction. If your work is suffering, your life will suffer greatly and vice versa.”
Mike McEwan, co-founder of daily deals website Jane.com with his beautiful wife Megan once said that “It’s hard to separate work and home life”. I am so happy for them, why? Because they have found the some of the best ways to balance their life by putting their relationship and marriage first.
Can your relationship produce the right dynamic for the endeavor?
You and your partner must understand that two things are required to make the joint business work. These are:
A Chicago franchise consultant Meg Schmitz, a FranChoice that mentors couples looking to get into business together, said it’s important to truly know and understand yourself and your spouse before delving into the field of entrepreneurship as couples. In her recent interview, she encourages the spouse cover the following:
- Major and minor concerns as regards the financial investment,
- Find out the impact of the business on your lifestyle,
- Discover the management skills and preferences,
- Your children’s ages (if applicable), and cross check long-term financial goals at the start of the business investigation.
Balogun Owomide has a huge passion for spreading motivation, business and personal finance. I often write on How to make money, a finance blog on topics ranging from motivation, startup ideas, to small business financing and loans, business plans, marketing and franchise opportunities. You can reach me on Facebook at Balogun Owomide.