Couples in Business. How is life treating you both?
Are you in Business with your partner?
Since covid there are more couples in business together, working from home and going into business together than ever before.
Couples in business – In the wake of the COVID-19 pandemic, an increasing number of couples find themselves not only sharing their lives but also their workspaces. Whether it was the result of job losses during the pandemic or newfound aspirations, couples entering the business world together has become a prevailing trend. While it may seem like an exciting venture, diving into business with your significant other without careful planning can lead to unexpected conflicts.
While going into business together sounds exciting and may seem like the perfect solution, often if you haven’t really worked out the finer details, going into business together can cause genuine conflict in your relationship.
Assuming you have a business plan in place, and you’ve done your due diligence, here are my tips for creating a harmonious and flourishing business life with your significant other.
Talk to your accountant
Before you start, talk to your accountant to make sure your business is financially viable and structured correctly. This early planning can set a solid foundation for your business.
Have a written agreement in place
To avoid future conflicts, it’s crucial to have a clear agreement in place. This agreement can be legally formalised with the help of a lawyer, or created as a written agreement between you and your partner.
Either way, you’ll need this to cover such things as:
- Responsibilities such as who will make the final decisions?
- Who handles what?
- How many hours will you work?
- How much will you pay yourselves?
- What happens if someone wants to leave?
Work out your roles
As a couple in business you need to work out your roles from the outset, define and allocate roles within your business partnership. Create a comprehensive list of responsibilities and tasks, considering your individual strengths and experiences.
First, make a list of what those roles are and what tasks they entail. What experience do you bring to the role? List your previous experience, the roles you were assigned, and the tasks that you carried out.
What were you good at? Be honest with yourself and each other, you may have been undertaking a role for years that you weren’t very good at. Consider also what you enjoyed. Sometimes you can be really good at something, but not like it.
What you are doing here is working out your strengths and weaknesses? If you don’t know, start with an assessment. There are plenty of online tests to choose from. Clifton Strenghts is a popular one – go he
Have you discovered there is something in your business that you both really don’t like doing? Why not consider hiring a virtual assistant to help you out in your business. Feel free to reach out. I offer these services in my business, Blott Business.
Work and home life boundaries
Working together can blur the lines between your personal and professional lives. It’s essential to establish boundaries to prevent work from overshadowing your personal life.
Do you really want to spend all of your social time talking about work? Often as couples, whether we work together or not, it’s natural to want to discuss work, or the challenges we may face, and that’s fine. I suggest you set aside dedicated time for discussing business matters and celebrating achievements, but also agree on when to switch off and focus on your relationship. What about when you become so busy you quickly discuss issues or events as they happen and you don’t really get the time to delve further into your thoughts on something that may have happened that day? Again, make time to dive deeper at a more appropriate time.
Are you both fully committed?
Being is business together and creating a successful business takes genuine commitment and dedication. Are you equally committed to making this business work and are you heading in the same direction? Reflect on whether you and your partner share the same level of commitment and vision for your business.
Regularly check in on your progress and ensure that both of you are fully invested in the journey. Are you happy, comfortable in your role and in each other’s commitment?
Work out your business values
If you’ve been a relationship for a while, you probably have similar values in life, but what about in business? Do your values align?
Discuss how you envision your business operating, your approach to client relationships, and the overall brand identity you want to create together.
Consider these questions together –
How do you believe a business should run/operate?
How will you treat clients and service them?
What’s the feel of your business and how do you want to brand your business according to this?
Ensuring alignment in these areas can lead to smoother collaboration.
Have your own work space
If you are working at home together, I’d highly recommend that you take turns working at a co working space or a coffee shop for a few hours a week or a few hours each day(even better).
This change of environment can increase productivity and provide a much-needed break from constant togetherness.
Navigating the world of business as a couple can be a rewarding experience when approached with thoughtfulness and planning. Remember that communication and adaptability are key to overcoming challenges and achieving your shared goals.
I hope these tips help you and your partner build a thriving business while strengthening your bond along the way.
If you need help in your business read our blog on The 8 benefits of using a Virtual Assistant (VA) in your business.
If you are considering hiring a virtual assistant to help you out in your business. Feel free to reach out. I offer these services in my business, Blott Business.
