4Sight Coach » Running a Business With Your Significant Other is the Best (or worst) Idea [Pt 1]

I know what you’re thinking. “Brad, are you nuts? That is the quickest way to get a divorce and go bankrupt.” I have thought that way for years. In many cases I still warn people to do not go into business with family and friends. Heck, I’ve got a best friend who did that and both things happened. Divorce and Bankruptcy.

(Before you check out, their marriage was effectively over for a few years and they thought starting a business would bring their relationship closer.) wrong answer

I think this is a polarizing topic. People tend to have strong feelings about this. So I thought I would write about it from both perspectives. It’s a brilliant idea and, you’re nuts to even consider it.

Like most things in life and business, when you take your blinders off you can see a better picture. You can see more detail.

Starting and running a small business with your spouse can be an exciting and fulfilling journey. It’s a great way to blend your work goals with the support you get from each other. Here are some reasons why this can be a great idea and tips to make it work.

Shared Vision and Values

When you and your partner have similar life goals and values, it’s easier to set business goals that match your personal dreams. This makes decision-making smoother and helps create a strong, focused business. One reason why partnerships fail is because each partner has a different long term need. Goal. Aspiration. This shatters the alignment needed to succeed in business.

Strengthened Partnership

Working together on a business can make your relationship stronger. You get to team up, face challenges, and celebrate wins together, which can make both your marriage and business better.Being a partner in business or partner in life…they both require a strong and healthy relationship. There is a strength that a married or long term couple has that typically doesn’t exist in the business world.

Flexibility

Let’s think from a practical standpoint. Having a business with your spouse gives you flexibility. This flexibility helps you balance work and personal tasks, reducing stress and making life more enjoyable. You both know that little Jonny has football practice today. No need to pop up a fake background to zoom your boss while you are at the practice.

Trusted Partnership

In a marriage, you already trust each other. This trust makes business tasks easier. You can confidently share responsibilities and solve problems quickly because you believe in your partner. You can tackle your list of todo’s without having to worry about your partner’s list. You know they’ve got your back. They’ll hold up their end.

Emotional Support

During tough times, having your spouse as a business partner means you always have emotional and motivational support. This unique support system helps you get through hard times. In a traditional business partnership, there can be a sense of holding back. Worried your partner might sense weakness. If you’re struggling with a client or project, being able to put it all on the table with your spouse/partner helps you recover and get back to moving forward.

Legacy Opportunities

Building a business with your spouse can create something that lasts beyond your lifetime. This legacy offers long-term security and shows the results of your hard work together. A business with your loved one is more likely to be passed to children. Seeding the evolution of a generational wealth system.

Truth be told, lines can get blurred when you work and personal life parallel each other. Here are some things to consider.

Keys to Success in Spousal Business Ventures

Clear Role Definition

Set clear roles based on each person’s strengths. This reduces overlap and the chance of conflict, ensuring that both of you can work effectively.

Establish Boundaries

Keep your personal life and work life separate. Decide when and where to talk about business to keep your home a stress-free place.

Regular Communication

Have regular check-ins and business meetings. This keeps both partners on the same page with business goals and aware of any issues.

Conflict Resolution Plan

Agree on a way to solve disagreements that respects both viewpoints. This plan helps prevent conflicts from hurting your personal and professional relationship.

Support Network

Build a network of mentors, advisors, and fellow business owners. This support gives you valuable advice and new ideas, helping you overcome business challenges. It is ALWAYS a good idea to have outside perspective. It’s important you both have a way to get that. (you both can hire a coach)

Work-Life Balance

Make sure to take breaks and spend quality time away from work. Balancing work and personal life is important for a healthy relationship and a successful business.

Starting and managing a business with your spouse brings together the best parts of your work and personal life. By carefully managing roles, communication, and boundaries, you can create a successful business and a deeper, more fulfilling relationship.

I’ll be following up with a post that takes the stance…”you are nuts if you start a business with a spouse or life partner!”