Having a spouse as a business partner can be an inviting proposition, but it should be carefully evaluated before taking the plunge.
Steps:
- Determine whether your spouse wants to work with you. Does your business interest him or her?
- Evaluate whether combining both your energies into one business makes financial sense especially where benefits and retirement funds are concerned.
- Understand that your spouse’s work habits may be different than your own. Honestly assess whether you can respect that. Can you share power and control?
- Determine whether spending a lot of time together on the job will affect the time you spend together outside of work. Will it affect the time you have to spend with your children? Will your intimate life together suffer because you are business partners?
Tips:
Look at your history of working together on small, not necessarily business-related projects – it’s a good predictor.
If you are really worried about whether you can work with your spouse, it’s a clue that partnership might not be a good idea.
Try it on a part-time basis; test-drive collaborating on a project before working together full-time.
Warnings:
The business must hold interest for both of you and take advantage of your unique skills and talents. Otherwise, one of you may become bored and less productive.
Learn how to separate work and personal conflicts.
See also…