Your spouse is the person that you trust most in the world; the person you have chosen to share the journey of life with. If you are searching for a business partner, then it seems only natural to consider your husband or wife as your perfect entrepreneurial partner. After all, you’re already on the same page in so many areas, you know you get on, and your futures are linked together – who could possibly be a better choice?
In many ways, the decision to go into business with your spouse is a sensible one. There are a number of benefits you can look forward to enjoying, including:
- A shared outlook. It is safe to assume that you and your spouse see the world in a similar way, which lends itself very well to the process of deciding how a business should operate.
- Shared interests. One of the issues that plagues many business partnerships is one partner not seeming to be as invested in the business as the other; this can lead to resentment and feelings of inequality. If you and your spouse are working towards the same financial future, you will both be as dedicated to ensuring that the business is as successful as it can possibly be.
- A pleasant working environment. You and your spouse already know that you coexist well, which often translates to a positive, supportive, and encouraging working environment.
- You already know one another’s strengths and weaknesses. Any business venture requires sound knowledge of both positive and negative attributes related to the individuals involved – and you and your spouse already have an insight into this. This should allow you to work together well with an appreciation for areas and topics that may be difficult for one another.
As the points above prove, going into business with your spouse can be a worthwhile endeavor for a number of reasons. However, it would be remiss not to mention the simple fact that there are a number of challenges spouses-come-entrepreneurs will inevitably face.
Challenges you and your spouse may experience
- The risk of your personal and working lives becoming entangled. Unless you set strict rules for when business is discussed – and both adhere to them stringently – then there is a genuine risk of your work day continuing long into the evening, when you should be settled back and relaxing.
- Personal issues becoming professional. Imagine a scenario where you and your spouse disagree one morning prior to beginning work; a simple marital argument, the likes of which most couples will have cooled down from by the end of the day. However, if you work with your spouse, you won’t have this freedom: you will have to then sit down to work, potentially with resentment still simmering, between you.
- The problems of business continuity. In a world where nearly half of marriages end in divorce, it is important to consider the implications should you and your spouse eventually go your separate ways. If the split is amicable, you may well be able to find a way to work together. However, many divorces are not amicable, and can lead to huge problems. These problems can be difficult to manage in terms of personal animosity, but can also cause substantial legal issues; the likes of BartonWood deal with once-married couples disagreeing over child custody issues constantly – this is a very charged issue, should you go through a similar process, the chances of keeping this dispute away from your professional life are slim.
- Financial implications. If you go into business with your spouse, your futures are tied together. As discussed, this can be beneficial in terms of motivating you to work hard to achieve your goals, but it can also be damaging: if the business experiences turbulent times, then your entire household income will be impacted as a result. This, in turn, could negatively impact your relationship on a personal level.
As you can see, the potential issues that can arise from choosing to work with your spouse can substantial – but can they be overcome?
Options to ease common problems in spouse/business partner dynamics
- Don’t go full-time too soon. This places a huge amount of strain on both your personal and professional lives; you may find it beneficial for one, or both, of you to continue working part-time until you are certain your business is viable.
- Setup a plan for business continuity. While it can be difficult to contemplate, it’s worth discussing your exact plans for business continuity in the event of divorce; for example, agreeing your child custody arrangements. The most useful part of this process is the discussion itself; how well do you and your spouse cope with it? Do you agree on how things would progress? If you disagree at this point, when the idea is only theoretical, that could be a bad sign.
- Plan periods of “me time”. If you start a business with your spouse, you will see one another constantly throughout each day. As a result, it is important to agree – and potentially even outright schedule – a designated amount of “me time” for you both every week. “Me time” is important for any relationship, but particularly if you plan to work with your spouse also.
- Ensure the business is a joint endeavor. If you want to start a business with your spouse, it’s important that your spouse is as committed to the idea as you are. There is always a chance that your spouse will agree to a partnership out of a desire to ensure you are happy, rather than due to their own wish to be an entrepreneur. A simple agreement to open a business isn’t necessarily sufficient; your spouse has to match you for enthusiasm and passion about your business idea.
In conclusion
There is no doubt that starting a business with your spouse can be challenging, but it can also be immensely rewarding, and can help to ensure your family’s future. With the right preparation and a willingness to embrace the need for frank discussions, going into partnership with your spouse could well be the right choice for you.