Starting up a business with your spouse can be a real tough challenge in terms of maintaining family and finance. It can also bring great results to you if both of you are ready to take the challenge and risks. But if it does not work out well, then you will result in spoiling your business and marriage altogether. Here we will tell you about the pros and cons and the simple ways which you can follow to maintain your professional and personal lives together.
Pros and cons of business with spouse:
• Your spouse is the person whom you can trust the most, which is applicable in terms of business and finances as well.
• You both are aware of the strengths and weaknesses of your counterpart, which makes it easy for you to divide and categories your work accordingly.
• When you and your business partner (your spouse in this case) share a family, it is easier for you both to manage your schedules and work timings.
However, there are some drawbacks of such a start-up as well:
• Firstly, if you start your business with your spouse, the finance of your household gets dependant on a single source. If the business didn’t work up well, you can end up with a financial crisis.
• Also, it is more difficult to manage the dominance of one partner both at work and at home. One of the either spouses is always the bossier one.
Here we are providing you with some ways to escape the potential headaches of managing a business with your spouse:
1. Arrange for some backup emergency funds : When you are thinking of starting up a business with your spouse, do not involve all of your funds in the business. If it doesn’t work out well then you can end up in a financial crisis. To avoid such a situation, always have a backup.
2. Understand your personalities : Some people find it more effective while working in the morning, and some find night peace best to work. Also, some people can work better while interacting with some more people; on the other hand, some people need peace to work. Understand your personalities and divide your working times accordingly. By doing this, you can best explore your productivity and have positive results.
3. Defining roles : After understanding your personalities, it is equally important to divide your works and roles in the office accordingly. Divide the schedules according to your best working times.
4. Have time for yourself, separately : When you work with your spouse, you have to spend all the time together, while at home or in office. Find out time for yourself and your own hobbies, interests and friends. Take out time apart from each other so that both of you get the required space and freedom.
5. Understand your potential to take risks : When both of you indulge in the same business, you are more likely to have a financial crisis. So discuss and understand your capabilities of managing and tolerating risks in the business.
6. Explore your humour : When you are working for the whole day, you need to take your life lightly and have a sense of humour. A serious working environment tends to be less productive and increases the chances of tiffs between you and your partner.
7. Avoid arguments and cold war : When you people are not in talking terms to each other for a particular period of time, this leads to a huge mismanagement of the office work and can cost you in losing clients of your company.
8. Manage your own lives : When you put the burden of managing the home and office both on your wife, it makes her feel more frustrated towards all sorts of work. Being a husband, try to manage your works on your own, and also allow your wife to take decisions at home and office both. This will make her less frustrated and more productive for the work.
9. Arrange for separate workplaces : Do not have a common working place or office. Initially it sounds good to hear that the work places will be closer and will help in communicating better, but later on it results in a heap of arguments and nothing else. A small common working place for both of you can make you feel claustrophobic to the environment in some time. Set different working places or cabins so that you have the independence of handling your piece of work in your own way, and can reach up to the other person only when required.
10. Listen to each other: While having some discussions, do not try to overpower your partner (spouse) on some argument or decision. Have a proper conversation where both of you can put up your own points of view and can solve out the problem accordingly.
11. Vision for your company : Before setting up the business, discuss and figure out the expectations that you have from your company. A difference in opinions for the future of the company can lead to unavoidable and unnecessary arguments. Have a clear outline of how to go along the journey of managing your company before starting working together.
12. Be truthful to yourself : Before starting up a business with your spouse, ask yourself that if he/she weren’t your spouse, would you still like to work with him/her as your business partner? Sort out the question in your mind, and compare the qualities of your spouse with the ones that you wish to have in your business partner.
13. Set rules from beginning : Set your own areas of work, areas of interferences and non interferences. Decide everything from your work timings to decisions to family management. Later, just abide by the set rules to avoid clashes and arguments. Do not interfere with each other’s decisions or space.
14. Keep home and business separate : It has a simple rule- do not talk about your family or home or relatives while at work, and do not talk about work or office while you are at home. When in office, invest yourself completely in working, keeping the household topics aside, and when at home, enjoy your family time and forget about the business deals and discussions.
15. Handling disagreements : If you both have disagreements regarding a particular thing, try to resolve it swiftly, before the disagreement moves towards turning into arguments. Try to understand each other’s point and solve the problem in a mutual way.
Handling business with your spouse can be simplified by following these set of rules. If you can manage to get out of the cons, you are just left with the huge benefits of working with your spouse.