Thinking of Starting a Business with Your Spouse? Follow These Simple Tips for a Successful Partnership at Home and Work.
The thought of going into business with your spouse could seem like a dream come true or possibly your worst nightmare. If you’re thinking about going into business with your spouse, a franchise can be a great option to lessen some of the challenges that typically cause friction between business partners. Thanks to franchising, couples can go into business together with the support and resources of a proven system.
But even with the help and support from a franchise, it still takes a lot of work to achieve success. There are definite tips and tricks to run a successful franchise business with your spouse. When going into business with your spouse, consider the following:
Have an Emergency Fund
A cause of many failed marriages and businesses is money. Cash flow is the number-one concern for new business owners, so be sure to have cash in reserve until your new business gets off the ground and is profitable.
Get an Office
While with some businesses you may not need an office right away, it is wise to budget for an office as soon as possible. This allows the couple to have a space to focus solely on the business. A clear distinction between home and work makes for a better balance.
Know Your Personality Types
Knowing your personality types will help spouses determine what to do in the business. If the wife is more extroverted, for example, she might be better with customers and vendors. The more introverted husband can keep tabs on the books and order inventory.
Define Your Roles and Responsibilities
Similar to the above, each spouse should clearly state what they will do for the business. Your role should be defined before going into the business. For example, while the husband focuses on operations and finances, the wife could focus on human resources and marketing.
Get Your Own Hobbies
They say absence makes the heart grow fonder. The opposite is true as well. A married couple in a business partnership could potentially be in each other’s presence all the time. Both spouses should have activities they like to do separately so they can have something to call their own.
Discuss Your Risk Tolerance
Starting a business comes with a lot of responsibility and risk. If your business will be your main source of income, consider the pros and cons before diving in.
Balance Constructive Criticism and Praise
In a business relationship, people are bound to make mistakes and do things worthy of criticism. As spouses, you can’t be afraid to give each other constructive criticism. Similarly, don’t be afraid to praise your spouse for a job well done. Honesty and support is the key to a blissful partnership.
Have a Good Sense of Humor
Always find a way to laugh at the little things and don’t take yourself too seriously. Running a business with your best friend and life partner should be enjoyable.
Don’t Be Afraid to Ask for Help
A good tip in life generally is to not be afraid to ask for help when you need it. There is no shame in asking for help from your spouse, who has personal and professional reasons to see you succeed.
Make Sure You’re on the Same Page
Before starting a business, it is important to establish your vision for the business. Spouses should have similar goals regarding what they want to do with their business.
There are endless success stories of spouses running thriving franchises together, doing everything from running vending businesses to window cleaning franchises and more. With the right strategies in place, a family business could be the ultimate way for a husband and wife to share passions and goals as they journey through life together.