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July 19, 2010 / Tony Arena

Secrets to Starting a Business With Your Spouse

The idea of going into business with a spouse can sound perfect, after all what can be better than working with your partner in life. But it can be tricky business, we’ve seen many couples try to be business partners only to find their finances and their relationship can’t survive the shift. So to help couples navigate through a husband and wife venture, we have put together some tips to making a spousal business work.

1) Equality – Before you start any kind of business venture you must be equal as a couple, eliminate the idea of someone being a subordinate. It does not work for one person to be the boss and tell the other what to do. You must maintain a level playing field, make sure you’re both on the same page, you must make decisions together. Identify and understand each others ideas, outlooks, strenghts, and weaknesses before you start your business.

2) Research – As a couple you must know what’s really involved in starting up a business. There are many aspects to starting a business, and the beginning is doing your research and making sure you understand that business. You need to know your business industry, trends, marketing, etc., you don’t want any financial surprises. You don’t want to treat this as a romantic venture, but as an actual business.

3) Emotions – Keep your emotions out of financial decisions by keeping the guess work out. Set up meetings on a weekly and monthly basis, so things can be discussed openly. Whether your business is doing well or very bad, you must maintain these meetings and set real expectations. By having these meetings you will find things will move much smoother and your relationship will stay intact. Be on the same page and make financial decisions together.

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