The concept of going into business with a spouse or life partner is a hugely divisive one – some people could imagine nothing worse, while for others the idea is a dream come true.
Recent research suggests there are currently 1.4 million companies run by couples in the UK, so it is clearly working for a large number of people – in fact they make up more than a quarter of all family-owned UK businesses.
Whichever side of the fence you’re on, it’s easy to imagine what some of the potential problems might be; and it’s not just the business at stake if things go wrong, it could be your personal relationship too.
But it can and does work. While all couples and situations are different, there are some ‘golden rules’ for running a business with a spouse which can help you along the way.
So, whether you’re thinking of starting a new venture with your life partner, joining your spouse in their existing business, or already in business together, here are our top eight tips to help you on the road to success.
Business planning is key
A comprehensive business plan is important for all companies, but especially for couples, it’s vital you both share the same vision for where the business is going. By creating a vision and setting goals that will help you work towards it, you can ensure you stay on the same page where company direction is concerned. It can help to include performance indicators and targets to make it easier to hold someone accountable for their area of the business.
Don’t forget financial planning
One of the biggest challenges that can be faced by a couple in business together is that all your financial eggs are in one basket, so to speak. Running a business is challenging and risky enough as it is, but when the entire household income relies on the same company, the stakes are higher. As money is a strong trigger for arguments and stress anyway, this can add even more pressure. To that end, it can help to have a financial back-up plan in place, before you get going. It could be that you save enough money to pay the bills for six months or so before starting a new enterprise, or perhaps you agree that one of you will stay in paid employment, even on a part-time basis, to boost the savings and support the household while the business reaches a certain level.
Assign roles
It can be useful to assign roles early on. Write job descriptions if you have to, just as you would if you were working for another company. Play to your strengths and work out who will be responsible for what. This way, you – and any other people who might join the business – will know who to go to for what, and importantly, who has the final decision-making power.
Create your own workspaces
Although it might not be practical depending on where you’re based, it can help to have separate working areas – even if that means one in the home office upstairs and one at the dining room table. That way, you won’t feel you are together 24/7 and you’ll still have elements of your day to discuss in the evening. If the nature of your job means you have to work side by side, then perhaps you can structure your day differently. Take separate lunches, work different patterns or take it in turns to attend meetings or networking events, for example.
Keep it professional
Although you’ll be spending your working days with someone you are extremely familiar with, it’s best to keep things professional at work. Approach problems and issues as you would if you were working for someone else and keep personal discussions for when you’re off the clock. Especially if you have employees, this will be important for setting the tone and level of professionalism in your business. If an issue is stewing it can help to table a time at which you will discuss the matter in private and agree to stick a pin in it until then.
Maintaining a work/life balance
We’re all striving for a better work/life balance, but this is often one of the main motivating factors for people to start their own businesses. When you each have your own jobs, you might come home, vent to your partner about work woes, then put it aside and carry on with your evening or weekend. When you’re in business together, taking a break from shop talk can require a more concerted effort. As tempting as it can be to brainstorm late into the night, it’s important to take time to just be a couple. That could mean deciding work is off the agenda after a certain time of day, or you have a weekly date night. Keeping hobbies together outside work is important to the personal relationship so that it doesn’t become all about the business.
Take time out for you
Personal interests and hobbies are more important than ever for couples in business. If you see each other all day at work and all evening at home, not only can that get tiring, but you’ll soon find you have nothing else to talk about. By enjoying your own social activities and pursuits, you’ll have new and interesting discussions to bring home.
Celebrate the successes
Working together can be challenging, but it can also be hugely rewarding. Because you’re both so closely involved, it can be difficult to recognise and celebrate success. If you have set effective goals and targets, then make sure you reap the rewards when you achieve them. Whether it’s a champagne toast, a meal out, or a spa day, rewarding yourselves for that shared passion and commitment can be incredibly motivating.
If you can overcome the challenges, running a business as a couple can be very rewarding. There may be more to lose, but that means there’s also more to gain. Hopefully, by following these golden rules, you can gain a better work/life balance being your own boss, making your own rules and achieving greatness with the person you love. If you would like any additional coaching, please contact Gary Wagstaff ActionCoach to find out more.
