Owning a business with someone else comes with its own set of advantages as well as challenges. When the business partner in question is your spouse, the list of pros and cons does indeed shift and change a little.
While some believe mixing business with pleasure isn’t the best idea, others feel they wouldn’t trust anyone more than their life partner. If you’re planning to start a business with your spouse, you should definitely look into the positives and negatives of it all before making a decision.
ReGain, the premier online relationship counseling platform, can help you work through the pros and cons of having your spouse as a business partner. For now, read on to learn more.
Pros of Having Your Spouse as a Business Partner
Let us first look at the benefits of owning a business with your spouse:
1. The money stays in the family
The very first obvious benefit of co-owning a business with your spouse is that all the profits stay in the same household. Whereas owning a business with someone else entails having to share the profit, the situation changes when it’s your better half who is partnering up with you. If the two of you start a business particularly to improve and secure the financial future of your family, the shared profits come in especially handy.
In addition to having the same financial goals, the two of you also share the same values and principles as business partners. Both of you know what you would or wouldn’t do for your business, and share a common ground in terms of morals and ethics.
2. Healthy communication
A good marriage and a good business partnership have one thing in common – healthy communication. It can often happen that business partners don’t agree on different things. When those points aren’t communicated effectively, it can lead to tension and downfall in the business. However, when you have your spouse as your business partner, communicating becomes much easier.
Even if the two of you don’t agree on certain things, you can definitely talk it out and reach a neutral ground. Honest and open conversations eventually help the business flourish.
3. The Trust Factor
Sharing a business requires you to place all your trust in your business partner, and who else can you trust more than your spouse, right? Businesses often fail because the business partners lose their trust in one another, which then leads to more issues and further conflict. However, with your spouse around, you both know you can trust each other, being fully aware that you have each other’s best interests at heart.
Cons of Owning a Business with Your Spouse
Along with the positives, there are also a few downsides to partnering up with your spouse in terms of business. Some of them are as follows:
1. Relationship stress
While it’s an advantage to have a spouse who knows exactly what it’s like to have a strenuous day at work, it can often add more stress to your personal relationship. You could end up bringing the work pressure to the dining table, or catch yourself debating household issues in the workplace. Balancing work and your relationship could become tricky, and spending all that time together can lead to some tension as well.
2. Financial pressure
If your business begins to face financial problems, your entire family has to face the brunt of it, since you’re both involved in the company. When you have another person bringing in extra income, you know you have some amount of financial security to fall back on. However, with both of you being involved in the same business, the risk of financial pressure can be pretty strenuous.
3. A double-edged sword
There are plenty of risks you have to undertake while opening a business. The impact of those risks is doubled when you’re in it with your partner. With both of you so emotionally and financially invested in the business, handling failures can be extremely stressful.
The point that makes this a double-edged sword is the question of what will happen if the relationship gets strained in the future. If you and your spouse go your separate ways, it could deeply impact the future of your business as well. Although some couples do manage to amicably run a business even after splitting up, not everyone is lucky enough to have that kind of clarity.