If you happen to marry a person who is also an entrepreneur at heart just like you, then at some point two of you might think of starting your own business venture together. Your married life may be sound, going smoothly but when you both run a business together, it’s a complete different story.
Couples start their business on high hopes of success and everything appears perfect until they discover their business odds are bleeding their home life. The whole idea to have a joined business venture appears wrong. Before you jeopardize your married life by starting a business with your partner, its better you first ask the following questions to yourself:
Can you be with Your Partner 24*7?
In traditional successful marriages, both the spouses don’t see each other all day, hence they feel happy to meet each other in the evening. Such reprieve is not enjoyed by couples when they own a business together. If you work together, be ready to spend the day with your spouse and living the evening with your business partner. Will you able to split the two lives?
Who is the Real Boss?
Studies reveal that the most successful business are those in which one spouse is a boss and other just assists in business matters. If you both own 50-50 ownership, then you be ready to accept challenges, especially when two of you hold different viewpoints on some business. Better way to win over it is determining the strength of each other and based on it deciding the job description of each other. Sometimes, it gets difficult to keep aside ego but ultimately what is best for business is to look at things rationally.
What do you Prioritize More – the Marriage or the Business?
If your business is going on backslide and as a result your marriage is also facing hardships. What will you choose to do in this situation? Will you prefer putting an end to your business and working on revamping your married life or vice-versa? And if you belief that this will never ever happen to you venture then you are not rational; you need to look at things realistically. If you stay unprepared, it’s quite possible you lose out both. Decide early what takes priority in your life, before things begin to turn sour in the relationship or the business.
Are you Prepared to Gamble Everything?
When both partners are indulged in different businesses, there’s a financial security if one’s business is on the verge of failure. When both partners are into the same business, the risk enhances by many folds because if the business crashes, you could lose all.
So, before starting a business with your better half, do talk over uncomfortable but important topics, such as what if one partner quits the business and how much shares (in terms of equity) each partner have in the business. Consider all the possibilities and also formulate the exit strategy.
Can you keep your Both Lives Separate?
When both spouse work together, the line between their home life and work life tend to get blurred. As a result, business affairs become dinner conversations and personal arguments harm the business day. Only by separating your personal and professional lives, you can make you partnership work.
If the answers of the above questions inspire you, then only…. you should go ahead commencing the business with your spouse.