If you wish to pursue your own business but lack the necessary capital to do so, forming a partnership seems like the best idea. With divided responsibilities and risk, a partnership ensures an inflow of diverse ideas as well as added capital. And when it comes to forming partnerships, what’s better than to start a business with your life partner.
However, while partnerships with your life partner may seem smooth on paper, the chances of things going wrong are far greater than the possibility of attaining success. As it often turns out, most businesses started by couples not only end up in failure, but also put the marriage/relationship at risk. Here are the top 5 issues which couples face when starting a business together. For helpful tips and practices to overcome some of this hurdles, consider purchasing “Confessions: The Truth About Perfect Timing”, a book about real life accounts of starting a business as a couple. Buy your copy today by clicking here.
1. Not Having a Strong Relationship
It is often said that the integrity and strength of relationships are tested best when hard times occur and there is nothing more stressful on a relationship than running a business with each other. No matter how much you think you love your partner, problems are bound to occur when money comes into the picture. Therefore, before even thinking of starting a business together, you need to look into your relationship and decipher whether it is really as strong as it looks. Remember, saying you love someone is easier than actually proving it!
2. Starting a Partnership Just For The Sake Of It
Running a business with your partner may seem great, but real life situations have the propensity to go wrong in no time. If your partner is not experienced in doing business and lacks the required skills (or cannot make a positive contribution), then it is advised that you do not enter into any joint venture. Sympathy aside, businesses and relationships should be kept apart all the time. A business’ goal is to make profit, not to serve as a sympathy institute.
3. Not Having Clear Responsibilities
Most partnerships end up in failure majorly because the partners involved do not take responsibility or a sense of ownership. If you are starting a business with your life partner, it is integral to ensure that responsibilities are clearly divided. It is recommended to clearly assign roles and responsibilities in the beginning (preferably prior to forming the partnership) to minimize ambiguity later once the business is up and running.
4. Earning Like a Business, Spending Like a Couple
Although this may sound cliché and a bit stereotypical, all successful couples involved in business keep a sound check on their finances. If you are running a business together, it is essential that you spend accordingly to your inflows. Spending twice of what you earn will not only lead to financial problems, but would also create a lot of other problems as well.
5. Not Treating the Business as a Separate Entity
Majority of couples working together fail to treat their businesses and families separately. Regardless of how bad situations get at home, it is essential that the problems are not carried forward or hurt the business in any way. Similarly, no matter how bad situations get at office, they should not affect your family life at home either. It is important for both the partners to not only achieve greater control over their emotions while doing business together, but to also try and be more patient and treat their home and business lives separately.