Should Couples Go Into Business Together?

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Hello Keepers,

I will start off on a high note: When I see power couples who are also in business together its wonderful!

Of course, we all know about successful celebrity couples like Marilyn McCoo and Billy Davis Jr; Kindred the Family Soul; and Beyonce and JayZ who are all married and in business together. But we also know about couples who were in business together and unfortunately were not as successful with their marriages such as Kenny Lattimore and Chante Moore; Vanessa Williams and Ramon Hervey; and Pat and Gina Neely.

We hear about the fact that 50% of all marriages end in divorce, and the divorce rate increased during the height of the pandemic.

So the Question for this Week’s Blog is Should Couples Go into Business Together?

Well…let’s be realistic and talk about the pros and cons.

The Pros of Owning a Business With Your Significant Other:

  • Trusted business partner. Who better to trust than your spouse?
  • Unified front. Both partners are vested in the business outcome and are dedicated.
  • Creating a family atmosphere for the business boosts employee morale.
  • Getting through the tough times strengthens the relationship.
  • Flexibility to adjust for other responsibilities like family and health obligations.
  • Spending more time together. Some couples hardly see their partners due to work schedules. Owning a business together is a guaranteed way to spend time together.

The Cons of Owning a Business With Your Significant Other:

  • Financially putting all your eggs in one basket.
  • When times are tough, they are really tough.
  • Can’t quit, or get fired—even when you want to.
  • Relationship could feel like a business arrangement.
  • Spending all your time together. It can be really hard to work with your spouse, or anyone you have a romantic relationship with, on a day-to-day basis and then go back to the romantic side because you are with them 24/7.

Okay..now that I have shared some pros and cons what do you think?

I am a believer that anything is worth trying…so here are some considerations:

  • Decide specific roles based upon individual strengths and talents.
  • Remember to separate work from life and set restrictions on bringing work and talk of work activities into your personal life.
  • Don’t forget to take the time to communicate with your partner just like you would any other business professional vs. assuming that that know you well enough to know all your expectations.
  • Don’t take things personally. Something your partner says could have an entirely different affect than someone you’re not romantically involved with like a co-worker or employee— especially if it’s taken as criticism.
  • Don’t take each other for granted because you are around them 24/7.
  • Scale back the perfectionist and superhero expectations that you tend to place on a partner. You’ll both make mistakes and miss deadlines so you can’t place a higher expectation on that person just because they’ve always exceeded your expectations as your spouse/ significant other.
  • Take a step back and enjoy the work you’ve done. Don’t let your natural tendency to strive for continuous improvements impede your ability to enjoy your business and spouse/significant other.

Lastly…do not forget to have time set aside for date night…it is essential,

Just Keeping it 100,

Stephanie

Picture Courtesy of @zclairegold

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