The number of couples who also work together as successful business entrepreneurs is certainly on the increase although it’s difficult to measure exactly how many there are because these partnerships are formed differently.
Some business couples are equal partners with an equal share of the business whilst at the other end of the spectrum, only one of them may own the business but the partner helps out and works in it. There are a whole lot of other variations inbetween.
What is certain though, is that couples in business have their own unique set of circumstances.
Owning and running a business together has many advantages including being able to share a dream and co-create something together, being able to share in the successes of the business and, if children come along, being able to be flexible around family time.
No wonder so many people are tempted to run their own businesses together.
However, the road to becoming successful business entrepreneurs is often challenging, requiring long hours and a lot of hard work, especially in the early years and this can put pressure on the relationship.
Most business partnerships require effort to maintain the working relationship between you as you confront these challenges, and none more so than in the case of co-preneurs. There’s a lot at stake – if the working relationship crumbles for couples it spills over in to their personal life too.
Communication is vital to maintaining good working partnerships and even if couples think the communication in their relationship is good and healthy, it’s unlikely to be sufficient when they’re in business together.
All couples who are successful business entrepreneurs have to learn to be very honest in their relationship, even when the stakes seem to be high.
The top 5 tips for protecting your personal relationship as you run a business together
Sometimes the trust between couples in business can be eroded. Follow these tips to make sure you maintain the trust between you.
Even though there only be two of you it is important to do an organizational chart to make sure you're no duplicating work. It is also important to understand each other strengths and how to allocate roles.
One of the ways that business coaches can help couples in business is by giving them a greater understanding of their relative personalities. Understanding why your partner operates the way they do and how this helps the business can help bring you together and avoid frustrations about the way you do things.
All business partnerships need to have regular meetings to discuss business goals and ensure that all partners are still on board with the direction of the business and their involvement in it. This is especially important for successful business entrepreneurs who are also couples.
What happens if you started a business together and now one of your wants out? This ebook is a step-by-step guide to negotiating new roles and responsibilities when one partner is no longer happy working in the business.