How to Run A Business With Your Spouse. 4 Tips From an Entrepreneurial Power Couple.
My husband and I have worked together in many capacities over the years – as executives at the same company and as investors. When people discover that much of my career has been intertwined with my husband’s, their eyes widen. Especially considering we’re both very Type A. But while most people couldn’t imagine working with their spouse (let alone owning several businesses!), our relationship is one of the things I credit to our professional successes.
We are both executives, highly ambitious and extremely opinionated. Sounds like a recipe for disaster, doesn’t It? In fact it is magical. We thrive off each other. We challenge each other, we love to talk business, we help each other to sort through issues and we have the utmost respect for each other. Sure…we have conflicts like all couples but we have built our relationship on trust, open communication and mutual admiration and IT. JUST. WORKS. I recognize it may not be for everyone but I also would not dismiss the idea just because many say it doesn’t work because it most definitely can!
If you’re thinking about starting a venture with your partner, here are four tips for success from an entrepreneurial power couple.
- Make sure you’re business compatible. Running a business is tough under any circumstances, so make sure you and your spouse both have similar work ethics and ethos.
- Have a process for handling the setbacks. COVID has wreaked havoc on our businesses and it has been financially and emotionally devastating for us. We have been through our share of difficult times but this definitely ranks up there toward the top. The best way to get through these rough patches is to talk A LOT, because open dialog is key to better and informed business decisions and nips any bad feelings in the bud.
- Physically separate your workspace. When your business life and personal life are so intertwined, power-couples run the risk of always being in business mode. Having separate home and work spaces is a great way to trigger the brain to make the switch. How are we doing that right now? We have spent a lot of time traveling in our RV. Getting out of the house that we now live and work in 24/7 creates a break and allows us to enjoy some downtime.
- Make time as a couple. Companies come and go, but your marriage is sacred so make sure you’re tending to it as much as your business. We have a date night once a week – when restaurants are open we go out – when they are not we get take-out and watch a movie in our room.