Being a business owner can be a struggle no matter what, but when you add in the extra element of running your business with your significant other, there can definitely be more challenges. Many married or dating couples own businesses together and a lot of times it works out very well. Of course, there are certain things you should know before going into business with your spouse or partner. Here are 3 tips for couples who own a business together.
Plan For Retirement
When you are still young, reaching retirement may be the last thing on your mind, but it is very important to consider what will happen to your business once you get to that age. It can be extra complicated if your spouse is your business partner and you retire around the same time.
Talk to your spouse about your plans for retirement early on and make a plan together. For example, you may agree upon an amount of money you should be saving each month in order to have enough for both of you to retire at a certain age and cover both of you moving into an assisted living community if that is something that ends up needing to happen.
The future is never certain and things can be a little unpredictable, so it’s best just to be prepared for whatever may come. While these aren’t fun conversations to have, they are definitely necessary.
Keep Work And Home Separate
Keeping your work life and home life separate is arguably one of the best tips for anyone running a business with their significant other. For example, if you are having a big fight at home in the morning, it’s important that you drop that fight when you head into work for the day and switch to “business mode”. Don’t let home issues affect your business and don’t be unprofessional by fighting or arguing in front of clients or employees.
Once you get back home and decide to stop working for the night, you can resume your fight until it’s resolved. But try to keep it out of your business.
The same goes for work issues. If you are having an issue with your spouse as a business partner, don’t let it affect your domestic life at home. Try to allow the two parts of your life to be two separate entities.
Give Each Other Breaks
The good news about having a co-owner is that you can take a little time off now and then. While you should try and take breaks together to spend some time as a couple whenever possible, you should also give one another breaks so that each can engage in self care. This will not only help your personal relationship but your business as well.
Owning a business with your spouse isn’t always easy but it can be a lot of fun! Hopefully these tips help make it a great experience for you.