Here are some tips that can help take husband and wife-owned businesses to the next level.
It is interesting to note that out of the 28 million small businesses in the US today, 52% are home-based and many of them are owned by husband-and-wife teams. In addition, couple-owned businesses were reported to have an average life span of 24 years, with 40% of the businesses being able to survive to the second generation, according to Intuit.com.
The Pros and Cons of Running a Business with Your Spouse
Husband-and-wife business partnerships can be extremely appealing and challenging at the same time. On the plus side, you will be working with someone whom you can totally trust. Running a business together also means that you will get to spend more time in each other’s company. And since there will always be someone who will take care of the business while you are away, you will have the flexibility to perform other responsibilities during the work day.
However, this setup also has its own share of disadvantages. When you are running a business with your spouse, you will have to spend a lot of time together. For some couples, this may not be a good thing after all. In some cases, too much familiarity caused by being together most of the time leads to boredom and irritation. Some couples even find themselves falling out of love and losing the intimacy they once shared.
Running a business together also means that you will have nothing to fall back on in case the business fails to deliver. Thus, you may need to explore other options to handle any financial setbacks that you may encounter along the way.
Some Tips to Make It Work
Despite the apparent disadvantages of running a business with your spouse, you can increase your chances of having a successful business together by following these simple yet effective tips.
- Have a plan. Before launching your business, you and your partner need to be on the same page, especially when it comes to executive and financial concerns. You should have clearly established roles and responsibilities depending on what you do best and what you enjoy doing.
- Make a commitment. You should agree that no matter what happens, you will be in it together and will do everything it takes to make it work.
- Take some time off. Establish strict working hours and leave your work at the office. Take a much needed break from time to time and have some fun.