Hello to you wonderful wives who are thinking about joining forces with your honey! Some of you may think that working with your spouse would be wonderful, while others think it could lead to disaster. Well…well…well, if you don’t mind me sharing. Coming on three years of my own personal experience I must say it does require work and a ton of communication, however, good news! It can be done. Granite within in that communication both of you should ultimately consistently be on the same page and having the same GOAL in mind is key.
Had anyone told me three, four or five years ago that I’d be a business owner I would have chuckled; but a business owner with my husband I probably would have died laughing. As we know life has its way of showing us that we are not totally in control. Ironically when we decided to start a business together there was zero hesitation, it felt like this was supposed to be our next step, and every step…well most steps during preparation were smooth sailing. Here are three critical factors we considered prior to officially moving forward:
COMMUNICATION: This was probably the most important thing we discussed and agreed on. As a married couple or any couple in a relationship you must communicate effectively and often. This was an area we had to work on in the home, but also agreed that when it came to business we needed to see eye to eye on everything.
OWNERSHIP: Seeing that in our specific situation my husband was the expert regarding the industry our business would be we both agreed he’d hold the more actual percentage, however, we are both owners. And, since we both are owners we had to decide whether we would be LLC, Corporation, Sole Proprietorship, etc. Determining your business type is essential especially when it comes to filing taxes.
DEFINED POSITIONS: Coming fresh out of corporate America the only position I figured I’d become would obviously be is management seeing I had an MBA. We had to discuss what that really meant and entailed. Creating defined roles and positions was another important piece in building our foundation and being comfortable. Having specific responsibilities help keep us on track and prevents any confusion.
Although the listed factors are minimal, they are significant to the success of your business and relationship with your spouse. Establishing a foundation for your business with both parties committing to communicating on everything is essential. Agreeing on the type of business and ownership while creating defined roles and responsibilities will eventually set the tone. Starting with these three factors will be a great starting point, and enough to get you excited. Happy planning!