Many couples choose to work together; in fact, 80 percent of businesses are family-owned. Unfortunately, while running a business with your spouse might seem appealing, it easily can kill the romance—and possibly end the relationship altogether—without the right strategy and planning. The following is a step-by-step game plan, designed to ensure that married couples and families who own a business together can thrive in business together.
Step 1: Set Goals
Every business should have a written business plan. In the beginning, that plan might be only a few pages—a business plan always is a work in progress, and you should continue to tweak the plan as the company grows. First, the plan should state the overall goals that each of you wants to accomplish with the business. Perhaps you want to grow your company from a local to a statewide company; perhaps you dream of becoming a franchisor one day. Whatever it is, the overall goal of what you hope to achieve with your business is the main element of the business plan. Also ask each other how you will let customers know you are open, and what you will do to advertise and market your goods or services. In addition to being a smart business move, a business plan helps you to avoid future conflict with your spouse because it shows what each person expects out of the business and what you, as a couple, need to do to make that happen. Once all of this is worked out on paper, it’s time to sit down together to determine a budget. Discuss how much money you will need to accomplish all the goals you have discussed in the business plan, and stick to it—this is another way to avoid future arguments.
Step 2: Assign Responsibilities
Your business plan clearly states what is needed to run your business. Now you must determine who will be in charge of what duties. Is your spouse better at finance and numbers? Then let him or her be in charge of fiscal responsibilities. (Note: Whoever ends up with financial duty should also be responsible for government reporting and all functions related to accounting.) Once the job functions are designated, each of you must trust that the other will make the right decisions in their duties and respect the fact that they are in control of this aspect of the business. As the company continues to progress, make sure each person is able to handle their specific responsibilities. Checking in with one another on a regular basis fosters open communication and offers an opportunity for you to address any problems as they arise.
Step 3: Communicate Effectively
Everyone has a different style of hearing and learning. Pay attention to how you speak to one another. Some people hear what you say but they may need a little time to process what was said. Be patient with one another. Whenever you have a disagreement, do not discuss the issue in front of others. Always go behind closed doors or somewhere else to discuss the problem. In addition, avoid acting or appearing as if you are the boss of the other—nobody likes being told what to do, especially someone who is supposed to be an equal. If applicable, refer back to the written business plan as a reference guide for how to deal with business-related issues.
