When it comes to starting a business with your spouse, you should know the right steps to take. This is because it is not always easy for couples running a business together.
While starting a business with your partner is a great idea and can be a chance for couples to spend more time together and share the experiences of running something that brings in money, it may also be a double edged sword if care is not taken.
If you are thinking of going into business with your spouse, bear in mind that there’s added pressure to succeed in such venture. Some marriages have hit the rocks because couples couldn’t handle the pressure of being spouses and business partners.
So, you have to weigh your options well and learn how to run a business with your spouse and still remain married.
Here are 10 things you should know about starting a money making venture with your significant other.
Respect each other’s unique work practices
Remember that you can’t treat your spouse like your employee. If you two must have a successful work relationship, co-manage your duties carefully. It is important to understand the concept of what you do and be aware of each other’s tasks and workloads.
Play up your strengths
You are both individuals and you will have different strengths and weaknesses. You both don’t have to do everything together, learn to designate work according to your strengths.
Don’t forget to be nice
Don’t forget to praise your other half when they do a good job. It is important that in order to maintain proper job satisfaction, you should constantly compliment your spouse.
Have your own space
For couples working together, sharing an office can be fun and productive, but you should remember that you need your own space to work. Set up your own desk and set a limit to the sharing arrangement.
Understand how your relationship affects others
A couple can be intimidating at work. It is your responsibility to put your workers at ease. It’s important to be upfront about your relationship so that there won’t be workers overstepping their boundaries.
Leave your domestic prejudices behind
Don’t take your domestic prejudices about your spouse with you. You obviously know your spouse well but you don’t know them in a work environment. Don’t miss out on great inputs in your organization by overlooking your spouses’ talents.
Don’t take work home often
There are limits to how much work you can bring home. If you must discuss work issues during dinner, remember to include your children in the discussion. They can learn a lot from being a part of the money making discussions.
Remember that not everyone is family
While family and friends gets attracted to what you do because of the informal setting, you must put in place a professional set up, employment benefits and proper management as well as periodic training. As you start to hire employees, adjust infrastructure accordingly.
Don’t forget that you have another life
Your domestic and professional lives now co-exist in the same arena. Don’t neglect one aspect in place of another. Understand that domestic life such as chores, children, market trips, go on regardless of your venture and these need to be attended to as well. Striking the right work-life balance will help you both in the long-term.
Stop when the fun stops
Check in with your spouse from time to time to make sure that your goals are aligned. Don’t forget that the most important thing is each other. You may need to tweak your money-making goals. You both can go on a short vacation to restrategise if it is necessary.