The decision to have a business as a couple may provide the flexibility, personal freedom, and financial security needed in economic downturns. However, both members need to examine factors which may prevent future problems within a marriage. Here are a 5 things to consider when choosing your spouse as a business partner:
- Decide on your desire to work with your spouse. Each partner should create a list of reasons why their partnership will be successful. For example, if the husband is a web designer and the wife is a children’s photographer, he may maintain the technical aspects of the business while she maintains the creative side.
- Determine if the business will be a new business or an existing business. A new business provides a chance for each spouse to provide equal control from day one. Meanwhile, an established business may take time for the newer partner to reach a comfortable level.
- Sit down and review new/updated business ideas for your business. Each person should list 4-6 ideas for the business and consider factors such roles of teenage children, costs, and business location.
- Establish a business plan which include the role of each spouse. For instance, the spouse who handles the household budgeting may want to perform the bookkeeping and the spouse with strong communication skills may want to handle client and vendor relationsips. Likewise, each partner should be aware of the other partner’s duties (ex. possible illness/injury).
- Schedule non-business activites the same as business activities. Also, be willing to accept a period of adjustment for each spouse’s new/updated role. Allow each partner time to speak and respect that a business is a joint venture the same as a marriage.
It may take time to adjust to your spouse as a business partner so allow time and take things slowly.