Setting up and/or running a business is a challenge at the best of times. It is also fun and rewarding for those that get it right. I have said over and over again in my articles that no man is an island and no man SHOULD be an island when it comes to business. Businesses need people to survive from customers to investors, from contractors to suppliers.
People are the main and most important asset that a successful business has, and it would do well keep staff turnover to a minimum. One of the questions that I have seen dealt with in Factoidz (and every well I might add . . .) is the issue of family in starting and running a business. Take a look at this and when you are done, take a look at that and if you have time, look here too. These are excellent articles and should help inform, enlighten, guide and inspire you. However, I have decided (as you do) to take it one step further because that is the type of person that I am, and talk about being a couple and business partners. I have not had experience of this myself, yet but I DO have an opinion on it and hope that this inspires some friendly and direct debate.
I have dated someone that I work with (it was one date, he had left the company but it was still a disaster; that is another factoid–maybe) and I can say that it is not what it is cracked up to be. When it comes to setting up business together either as co-owners, or one of you being the owner and the other an investor, there is so much that can go so right . . . and so wrong; so I will look at both sides of the argument. My personal view is that love and business should not mix when it comes to couples. Having a long day from dealing with the issues of setting up your business, the last thing you want when you come home (or come from your office space within the home) is to talk business. You want to just take stock (See what I did there? No. Oh dear, I’ll stick to article writing then, for now, and leave the jokes to Mr. Leland), relax, watch some TV, have a beer/wine/soda (whatever floats your boat–or your stock–ok, I’ll stop now). The last thing you need is to be reminded of is the tricky customer that could have been handled better, the faulty inventory, the computer that crashed and it goes on. That is what CAN happen when couples go corporate–but not all the time. So here goes with the the good stuff . . . and there is plenty of that when couples go into business together…
- You (should) know each other - strengths, weaknesses, skills and talents
- There is a great degree of trust there as well as commitment to each other, your goals, your relationship
- You have effective communication systems and processes in place, so making decisions should be easier and quicker even if you have different personalities.
- If you live together then there are savings that you can make in terms of benefits and taxes. Through the twists and turns of business, working together allows you the flexibility to deal with it better.
However, there are potential problems that you must be aware of if you are considering this:
- Bringing work (problems and issues) home. In ‘normal’ circumstances, when things go bellyup at work and you have a disagreement, you can come home, stew for a bit and then deal with it. When you are a couple you come home and have to eat, sleep, and spend time together.
- Having to decide who the ‘boss’ is. Even though you are partners, this will come up. Deciding roles can be tricky, so think about this very carefully.
So how can you increase the chances of successfully working together and being together? This list is by no means exhaustive but gives a good start to those who are willing to go down this business path. SO here goes…
- Take out time when you do not talk ’shop’ - it could be a few hours a week, it could be a whole day. But make sure that it happens. Outside of work, job, kids (if you have them), you should have something left to talk about.
- Write everything down - draw up an agreement showing who does what, accountability, contingencies etc, you will be glad you did (I mean all you have to do is watch Judge Judy to know what I am talking about)
- Check your motivations for starting a business together - if you are doing it to save a dying relationship, it won’t work; if you are doing it because one of you needs a job and the other needs an employee, again this is asking for trouble.
- Learn to agree to disagree respectfully. Not easy but worth practising!
For many couples, being together day in and day out is THE dream. Working together means a sharing and working towards a shared dream and vision, no office politics to deal with, no nasty gossipy colleagues and no horrible bosses. It can quickly turn into a nightmare mainly because of unrealistic expectations. Remember all you need is love . . . and some common sense.
All the best and take care…
©Ngozi Nwabineli - October 2009
