Could you work with your other half?
Filed under: Entrepreneur, Work & Careers, Families
Going into business with your partner has got to be the ultimate test for your relationship and your sanity. Long hours, short tempers and high-flying emotions - not the kind of work environment any relationship wants to be exposed to.So, call me mad, but I'm planning to do just that. It's all very exciting, but also a bit scary too. While we hope it's going to be fun and rewarding, we're prepared for a lot of stress and hard work.
I believe we're a good team though and will work well together, but what should you consider before going into business with your other half?
Business vision – It's essential for any business team to share the same vision. What do you want your business to become? It's important to agree on how big you want to take it, and what your short and long-term goals are. Is it going to be a lifestyle business that you will run yourselves everyday, or are your intentions to build a business to eventually sell on to a large company? If you can't agree on these basic issues in the beginning your business and personal life will suffer later.
Establish roles – It's important to establish clearly defined roles at the start to avoid confusion later on. Utilise each of your skills and strengths, and agree to take on responsibilities you both feel comfortable with. One of you might control your company's website and the day-to-day running of the business for example, while the other takes care of sales and marketing. As with any company, team work and communication is crucial – don't assume that a romantic relationship will work as a business one, it will take time to adjust.
Work ethics – Conflicting work ethics are a common cause of friction in all businesses. If one of you has bounds of enthusiasm and wants to work long hours, while the other likes to take a few too many tea breaks and switch off at 5pm, both your business and relationship are likely to struggle. Look at how you share household chores and financial commitments; if one of you shoulders more duties, it is likely to carry on when you work together.
Financial concerns - With business comes risk, and if both of you are leaving secure jobs to start a new business, it is crucial to ensure you have a financial safety net. New businesses rarely see in a profit in the first 12 months, and it could put a strain on your relationship if you've not planned for this. How will you meet financial commitments such as mortgage payments and household bills? Are there children to be provided for?
Stable relationship – Just like getting a pet or having a baby, starting a business together is not going to fix a relationship that is already experiencing difficulties. Business start-ups are hard work and can take over your life, and are likely to break not make an already rocky relationship.
Recent Posts
- Gonna get yourself evicted? (03/9/2010)
- Don't pay for stuff: the secrets to winning competitions (03/9/2010)
- Smokers and the overweight benefit from special pensions (03/9/2010)
- Open top grannies hit the highways (03/9/2010)
- Improve your credit score in five easy steps (03/9/2010)



Reader Comments (Page 1 of 1)
2-07-2010 @ 8:06PM
ali smith said...
I set up my business 13 years ago and my husband joined me in 2002. We work from home and love it. We live in Cornwall and everyday (weather permitting), after my husband has taken our daughter to school, we put our wellies on and go for a walk. We have a strict rule not to talk 'business' just chat. It clears the cobwebs!! We then work through to lunchtime and take an hour. We tend to make sandwiches and then watch something on Sky+, i.e. an old comedy, 'Good Life' or 'On the Buses'. If the phone rings then we answer and take the call. Don't be frightened of working with your 'other half'. People don't understand how we do it, but we really wouldn't have it any other way. It's a lifestyle.
Reply
2-20-2010 @ 3:31AM
steve dinnes said...
being in business the other half has half of what you make or loose and this after the partner ie inland ravenue etc etc etc has there cut , inreality you may get 15% of what you make anyway ,
Reply