Being in Business with your life Partner. What you need to know

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You live with your partner, you love your partner….but should you go into business with your partner?

As long as there have been businesses there have been couples who have worked together. From ‘mum and dad’ retail businesses to high level professional service firms.

The trouble is, not many people have actually thought about the business of running the Business with their life partner. Many have just ‘fallen’ into the role of working with their partner because their partner needed some help with some part of running the business. Others joined together because they have a skill set that they can sell and make an income from. And things took off from there.

In my experience, very few couples actually thought about what they may need to set up in order for them to work well together.

Every business needs disciplines and rules. Even more so when two people are investing in it for theirs and their families’ livelihood. The strains and the stressors can be even greater when all your eggs are in one basket.

The key is to remember to approach this business like any other business but with additional dollops of focus, discipline and maturity…and a whole lot of planning.

So how do others do it? Run a business and a successful life together?

In short;

  • Get agreement between you about what this business is about and where it is going.
  • Ensure you both understand each other’s approach to money and how to manage and control it.
  • Have some rules around communication and ensure you get together often to plan – not just chat in passing and on the fly.
  • Put structures and processes in place, systems will help you manage, control and grow.
  • Agree the roles and work that each of you will do within the business.
  • Agree who is in charge, and over what . And when do you need to get together to agree things.

Want to know more? www.speakupspeakout.co.nz/freestuff

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