Everyone who has ever run a business knows that it can be tough to do and get right. To run a business with your spouse, you can be sure that there will be unique challenges to overcome. If you’re dedicated, however, it’s possible to get it right and enjoy an amazing relationship and business partnership. Keep reading to see some tips that can help give you the chance to succeed.
Stay Committed to the Business
The first thing that you need to do is to commit to the business. Doing this will entail making sure that each one of you is on the same page and that your goals for the business align with each other. A good partnership is the main basis of a good business if you want to be sure that the business has the best chance of succeeding. That’s because, according to data from the U.S. Bureau of Labor Statistics in 2021, an estimated 20% of new businesses fail in the first two years of being in operation, 45% in the first five years, and 65% in the first 10 years. With this in mind, it’s a good idea to spend some time aligning each other’s values and checking whether each one of you is willing to give their best to the business so that it has a chance to thrive.
Put Some Rules in Place
You need to have rules to govern your business, even if it’s basically a family affair. With rules, you’ll have an easier time defining what each person should do in various situations and in their capacities. All the details of your operations need to have rules governing them, which is something that can help you achieve goals and avoid failure. These rules should be realistic and have the interests of the business at the forefront, especially if it’s a business that will grow and be passed down generations. This way, you can safeguard the wealth that you accrue and not end up being part of the 70% of wealthy families that end up losing their wealth by the second generation, according to Money.
Set Boundaries and Define Each Person’s Role
Give your business the chance to do well by defining each person’s roles clearly. This should make it easy to set boundaries, and it’s also going to help you run operations in an orderly way. Once this is done, it’s best to try and avoid micromanaging your partner, since this can build resentment both in your marriage and in business. You want to make sure that things are stacked in your favor as much as possible so that you can avoid serious issues, something to be careful about based on the fact that nearly 45% of first marriages in the United States end in divorce, according to Divorce.com. Make sure that roles are allocated based on each person’s strengths and weaknesses so that there’s a good chance of success because you’ll work as a team.
Balance Business with Your Personal Lives
Finally, remember that your business and personal lives are ideally two different things, and treat them as such. This is something that rules and boundaries can help with, so you could come up with another set of rules to govern this. Set aside time to spend with each other as a couple, remembering that in the middle of all this, you also each need some personal time. By taking care of yourselves in every aspect, you may be able to maintain clear minds and run your business in the best way possible.
Keep an open mind and be prepared for a considerable number of highs and lows which you should be able to handle with a good plan. Remember that each person has to pull their weight, but still make sure that you support each other through the process. As a result, you can increase your chances of building a successful business that will give you a great foundation as a family.
