How to Decide if a Spouse Would Make a Good Business Partner

Having a spouse as a business partner can be an inviting proposition, but it should be carefully evaluated before taking the plunge.

Difficulty: Moderate

Instructions

Things You'll Need:

• Business Loans
• Small Business Credit Cards
• Business Plan Software
• Business loans

1. Determine whether your spouse wants to work with you. Does your business interest him or her?

2. Evaluate whether combining both your energies into one business makes financial sense, especially where benefits and retirement funds are concerned.

3. Understand that your spouse's work habits may be different than your own. Honestly assess whether you can respect that. Can you share power and control?

4. Determine whether spending a lot of time together on the job will affect the time you spend together outside of work. Will it affect the time you have to spend with your children? Will your intimate life together suffer because you are business partners?

Tips & Warnings

• Look at your history of working together on small, not necessarily business-related projects - it's a good predictor.
• If you are really worried about whether you can work with your spouse, it's a clue that partnership might not be a good idea.
• Try it on a part-time basis; test-drive collaborating on a project before working together full-time.
• The business must hold interest for both of you and take advantage of your unique skills and talents. Otherwise, one of you may become bored and less productive.
• Learn how to separate work and personal conflicts.

Who Can Help:

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[cherry668]

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[geebee]

on 5/28/2009 These are great ideas for married couples to think on. I've seen marriages destroyed because there was an illusion that everything would be ok running business together.The many variables involved put unique pressures on anybody, and especially a husband and wife. There should really be a taking of inventory and an honest look at each others' strengths and weaknesses before taking this journey together.

[317consulting]

on 2/17/2009 Working with a spouse is fun, engaging, and with both vested in the same goals can make it more successful. If you're both competitive, that's even better because it will drive you to work harder to exceed your goals. Caution - don't take 2nd place too hard. To paraphrase a great line from the movie Backdraft: "You win, we win Bull!"

[317consulting]

on 2/17/2009 Working with a spouse is fun, engaging, and with both vested in the same goals can make it more successful. If you're both competitive, that's even better because it will drive you to work harder to exceed your goals. Caution - don't take 2nd place too hard. To paraphrase a great line from the movie Backdraft: "You win, we win Bull!"

on 11/22/2005 You would have to be exceptionally skilled people buddies who are able to leave work at work, separate your private selves, and be completely committed to succeeding in business and in your relationship to be able to work successfully together.