5 Tips for Running a Business with Your Partner
Are you considering running a business with your partner?
You will not be the first couple to attempt to run a successful business together. One one end, running a business with your partner could work well and on the other, it could be a bad idea.
Here are a few things you might want to do to succeed while running a business with your partner for the rest of your life.
1. Spell Out Roles Clearly
The best thing about starting a business with your partner is that you can split up tasks based on what your skills are. Identify each of your strengths to decide what you will contribute to the business.
If you are good at operations and people management, take up that role. Your partner can take up marketing if they are adept at customer service. Once the roles are spelled out, allow each one of you to do their job freely with absolute trust.
2. No Personal Issues In The Office
It is a mistake to bring personal issues to the workplace even if you are working with your spouse. You could be going through a rough patch at home but bringing those issues into your business is a no-no.
Establish a rule to leave personal issues and conversations at the door when working on your business.
Avoid relating inappropriately with your partner in the office. That will only make you and your team feel uncomfortable.
3. Respect Each Other’s Decisions
You are in business with your partner because you know they have a lot to offer. It’s important to apply the trust and respect you have for him or her when it comes to making business decisions as well.
As you determine roles, you’ll also want to determine what type of ownership each of you will have along with your decision-making power. For example, if you are doing a 50/50 partnership, you’ll want to run all decisions by each other and compromise and discuss your plan.
4. Make Sure Finances Are In Order
Starting a business can be expensive and some see it as a financial risk. There may be start-up costs for licensing, certifications, and materials. You’ll also have to consider paying taxes, ongoing business costs and hiring team members.
It’s wise that entrepreneurs save up a pretty solid cushion of funds before starting a business. If you’re going into business with your partner, you’d want to be even more financially prepared.
Income from your business can fluctuate making it stressful for families without a steady income source. One of you may even want to hold onto your full-time job and work on the business on the side for some time.
Whatever you decide, create a solid plan that you will both agree on.
5. Don’t Forget About Teamwork
There are times when you will have disagreements and miscommunication, but you should always remember you are all part of the business team. Are you always arguing about decisions or taking work-related stress home? The best thing you can do is to find out why that’s happening and make sure you’re focusing on teamwork and effective communication.
Running a business with your partner is not for everyone, but if you’re looking forward to the idea, follow the tips mentioned above to make the venture run smoothly.