Running a business is an enriching experience. Running one with your spouse can be all the more interesting. Here are a few things to remember when your spouse is your business partner-
- Keep personal and professional lives apart
Disputes in personal life should not be considered while making business decisions. And any disputes that occur with respect to making business decisions should not be affecting your personal life.
- Know and acknowledge each other’s strengths and weaknesses
The best of businesses run by couples would involve the couple getting to know each other’s strengths and weaknesses. Besides knowing these you should also learn to accept them so that you can complement each other instead of competing with each other.
- Keep the finances clear
In terms of allotting the incomes and profits be fair. It should be clearly defined as the terms would have been if an outsider was the business partner. Do not take your spouse for granted while fixing the income and profit sharing models.
- Share a common dream
The real deal begins when you share a common dream. Whether you choose to sell unique products like LovePlugs or even the most common ones there should be a strong motivation and passion that is driving the business.
It is the early days when it is the toughest to handle a business along with your spouse. But once you learn to create a balance you can both together make substantial profits. You would also be able to collectively set your financial goals and work towards them. The kind of cooperation that exists between you and your spouse can be a great tool that creates a better collaboration. Though it is alright to share responsibilities, one of you taking up a huge burden would be unfair. So it is good to have clearly laid out responsibilities.…