Since most couple will always dream starting a business with spouse. It will be of great importance to ask this questions before putting that dream to work. Families and couples working together has always been the norm, from family farms to mom and pops to Walmart. And there are plenty of couple founded business success stories, e.g kate spade and flick Before the founders slit.
But today, most of the challenge around erasing that work/home line terms from couples unclear working roles or lack of Define working roles. Apparently, one reason why VCs may be reluctant to invest in a husband-wife startup and the need to also balance family responsibilities.
Every couples that has been there confess that their has always been a triangular relationship between each other and the business. And the last thing you’ll want is for the third part of that triangle-your-business to ruin your bond.
And since it’s of no use to permit a business ruin your relationship. You need to ask yourself this questions before starting a business with your spouse.
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How will you and your spouse practice work life balance?
It’s hard to separate work and home life balance. Any body that has run a business before knows what it can be, running a business when you and your significant other are both on the same team. It can even be more challenging to find the time to devote to personal activities.
And like any business can’t survive without time. So can any relationship survive without time? The best way to balance this and get your relationship and business safe are to practice what I called work-life balance. Some entrepreneurs much especially those that both significant others are on the team, see missing out on family time as the necessary sacrifice.
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That is not how it has to be. I truly believe there is enough time in any given week to build your business along with having your day job. (If you are running it on the side) you just need to be intentional about how you spend your time if you spend 40 hours per week at your day job, 40 hours sleeping, 10 hours to eat and shower and take care of other bodily functions, you still have 62hours left to spend with your family. Take time for yourself, and work on your Business.
Have outside hobbies to allow both of you to step away from the business, physically and mentally. This works wonder because it allows the relationship to each other and the business to stay fresh and in creative space.
Is our vision the same?
That both of you as been join as one doesn’t mean your visions are one and when starting a business with a significant other. you need to get your visions all together on same boot.
In order to reach a shared vision, three task must be completed —-creating or eliciting the initial vision into the necessary physical actions, articulating and selling thee vision to others, and holding true to the essence of the vision when reality changes the plans.
Talk with your spouse about their vision and your own. Clarify where you are united and where you are opposed basically, you have there options.
- Sometimes, it’s possible to divide and redefine aspects of the business. That each of you can lead a segment of business.
- You may be able to reorganize or recreate how you operate so that one of you has ultimate control and the other takes a back seat. And finally.
- Sometimes it is best to have one person take the reins while another steps aside.
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Is it financially viable?
When one spouse decides to starting a business, generally the other one may be in a position of financial stability. But what if you both want to go into business together? Can you both afford to start a new venture? Talking about your ventures before building your startup is very important. You may not be able to both quit your jobs and set off on your new enterprise without first discussing your plans for startup capital.
Most business don’t see profit right way, sometimes not for a couple of years before making any moves towards a business of is own, be sure to have business plan and also discuss personal finances with your spouses and now you plan to fun the passion.
Do you effectively communicate.
Communication is one of the the most important parts of every relationship, personal and professional, if you’re lacking in this department, you should rethink starting a business together.
By communication, I do not mean always agreeing on everything. It is vital to be able to have a difference of opinion and work through those differences to come to a solution that is best for the company,” he said. Strong communication also helps establish each individual’s role in the company, dividing and conquering to allow the business to run smoothly and successfully.