Being a solo entrepreneur is a good thing and being an entrepreneur with your partner is better. It would be a good fit when you merge the close relationship with your spouse, shared goals, and constant support with running a business. Sometimes, people do complain that merging personal and professional lives can lead to unwanted complications. Here are some tips on how to successfully run a business with your spouse.
Ø Set the Right Operating Norms
It is a smart idea to discuss, finalize and
document the right operating norms. It will help define how you will honor the other
person's needs and assist in clearing up assumptions. Discuss how you will make
decisions and how the future is planned.
Ø Get the Legalities Done
You should also ensure that all legal and
contractual measures exist even when you partner with your spouse. It will
ensure that the business has a foundation that is independent of your
relationship. It will also ensure that personal conflicts don't impact personal
life and vice versa.
Ø Be Clear with Roles and
Responsibilities
When hoping to run a business with your spouse,
make sure you define each person's roles and responsibilities. If the roles and
responsibilities are not defined clearly, one spouse might end up doing more
than the other, leading to more conflict.
Ø Set the Limits
It is also essential that you set the limits
for each of you. For instance, you can choose to make the financial decisions
yourself while your spouse takes care of hiring decisions. You cannot interfere
in their decisions, and they cannot overrule yours. Setting boundaries is
healthy for each person in a relationship.
Ø Focus on Non-Work Activities
Keep the work at the office and during office
hours. Do not bring work home or discuss the business over dinner. Make sure
you maintain an adequate work-life balance. Please switch off the work phones
after work hours every day or put them in silent so that you can give each
other the quality time marriages are all about.
Ø Get Some Me Time
It is also wise to spend some time away from
each other and with other people. You can take one weekend off from all work
and home responsibilities and give the next weekend off to your spouse. It will
help avoid burnout and combat stress.
Ø Recruit an Objective Advisor
It is also vital for you to hire an objective
advisor who can tell you both that you're mistaken. The person should function
as an intermediary when both of you collide and always give unbiased advice. Make
sure you listen to this person and respect them to follow what they say.
Ø Accept that Conflicts Will Happen
Lastly, it would help if you remembered that
conflicts are a part of life and will occur. It would help strengthen your bond
enough so that the business conflicts don't impact your personal relationship.
Good Luck!
by Shruti , BNS Business News
Sources:
https://www.forbes.com/sites/forbescoachescouncil/2018/03/09/running-a-business-as-a-couple-heres-how-to-tackle-the-biggest-entrepreneurial-challenges/?sh=ae648cb636c8
https://danlok.com/the-dos-and-donts-of-running-a-business-with-your-spouse/