7 tips - Should I start a business with my partner? | Crunch
Choosing the right partner for you and your business is a hard enough decision - but when the partner you’re considering is your spouse, it can make it even more difficult.
Traits to look for in a good business partner are:
This’ll reduce the chances of surprises later down the line.
So, why not consider a business with your loved one??
We’ll guide you through what you should consider and what challenges you might face:
1. Plan and prepare
There are a lot of considerations to make when discussing going into partnership with your loved one. For some, under the right conditions, it can be a wonderful idea and actually improve the business’ growth.
For others, it may not go as they hoped.
Planning each stage and what each person's job will cover will help to prevent any miscommunication. It’ll be helpful to clarify if ideas can be shared and discussed, and how much input everyone will have in any processes or any changes.
It could be worth considering a business prenuptial agreement to be put in place. This plans for any potential things that could go wrong and provides a safe partnership. To find out more about this, Crunch have got an helpful article on how to produce a freelance agreement, which talks about this further.
2. Support and encouragement
Having a spouse means that they’re there to support you. But having them as a business partner can mean that when you need support and encouragement when business has been tough, they’ll understand what might be causing you to feel down. As they are now involved in the workings of the business, they’ll be aware of issues, stresses or problems occurring and can offer help or a listening ear.
As they’ll understand your way of thinking, they can give advice and create solutions altered for how you work best. They’re around day or night and understand what you’re dealing with in both your personal and work life, which allows them to be there for you whenever you need it.
3. Fresh ideas
Bringing in someone new to join your team will always come with fresh eyes and a new perspective. If you’ve been in the line of business for some time, you may not see things in the same way that someone new might.
Bringing in your spouse to your business will probably come with some ideas and opinions being shared. The positive is that as you’re in a relationship, you’ll usually have very similar views on certain topics. So, any ideas and opinions will hopefully not be too crazy and more with your tone.
This being said, having some ideas which may be out of your comfort zone can add some much-needed light to a business that may be stuck in their ways.
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4. Personal space
When you’re working together so closely each day, spending more time together after work gives you no breathing space from your significant other. It’s important to get some personal space.
Scheduling some time weekly to carry out a hobby outside of work or have an evening to yourself will allow a break for you both.
Business environments can be stressful and intense at times, so it’s important to take time alone to gather your thoughts. A bad day at work can easily impact your home life, especially when both parties are living under the same roof.
5. Understanding
Making it clear from the start when you’ll be needed at home will make it a lot easier to know if you’re going into a partnership with the right person.
If this is your spouse, you should have similar goals and commitments outside of work. Whereas working with an outside partner could mean they aren’t as considerate about how important your home commitments are. Having the same understanding of what’s needed of you at home to work can make a work-life balance a lot easier.
As you and your spouse will be on the same page with work expectations, you shouldn’t have to worry about the business or your home life taking priority.
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6. Creating boundaries
It can be difficult to dial down chat about your personal life to work topics when you’re working with your spouse. You might find your home life events drift into your conversations during working hours.
It’s recommended to create some boundaries from the beginning. Talking about what topics you’re or aren’t allowed to bring up inside work will prevent any crossovers.
Working with your partner can be amazing and exciting if it’s done correctly and rules are created. Having an open conversation with your other half and talking about the issues that you might face (so you can prepare and plan strategies) will help you avoid disagreements and keep things clear.
7. Use your strengths
Everyone has their own strengths and weaknesses. Utilising your respective strengths can be an effective way to help grow the business.
For example, if you’re a ‘people-person' and quite talkative, you might find client-facing tasks work best for you. Whereas if you prefer numbers and money handling, working with accounts and behind-the-scenes work may be more suitable for you.
If you use your skills and establish your own set jobs, you can be more efficient and organised. You also get the added benefit of enjoying the tasks you’ll be doing.
To find out more on how to find your perfect business partner, take a look at Crunch’s helpful article about how to choose the right business partner.?
Checklist for starting a business with your loved one: