Many successful duos are happily married and run a business together. While there are many advantages to opening a business with your significant other, there are also a few risks and factors to consider before taking the plunge. Here are a few of the most common yet important issues to keep in mind.
The Added Pressure To Your Marriage
When opening a business with your spouse, you need to make sure your marriage is rock solid. For example, if you and your partner already have communication problems within your marriage, you will need to improve your skills accordingly before opening a business together.
Once your new company is up and running, any preceding marital issues will only be exponentiated because you are not just life partners but business partners as well. Before considering this new adventure, have an honest and open conversation about your stress thresholds and whether or not you will be able to resist channeling redirected frustration onto your partner.
You Must Have A Plan B
It is never fun to think about worst case scenarios but it must be done. Before you sign any business loans or start a branding campaign, you will need to ask yourself if you are comfortable dividing your business in a divorce. Or if you are ready to declare bankruptcy should your financial plan not cover your expenses or if your business does not take off in the way you thought it would.
Don’t let this mental discourse dissuade you from pursuing your dreams of opening a business with your partner, but you need to prepare for the worst and hope for the best. What’s more, dividing your business in the event of a divorce does not mean that the business has to close or that it will go under. It simply entails a change to your management style. Remember that creating your plan B will help you be more adaptable and solution-savvy in the future.
Be Ready To Make Sacrifices
Being a business owner is a double-edged sword. You have many advantages such as the freedom of setting your own hours and choosing who you will and will not work with, just to name a few. However, it also requires rather consequential sacrifices that can look like many different things.
You and your partner should ask yourselves if you are ready to give up certain parts of your lifestyles. If you do not have children, you will need to discuss whether or not you will put off having a family. And if you do already have children, you will need to accept the fact that you might miss out on some family time. When managed properly, these sacrifices will seem miniscule and will be worth it in the long run.