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

By eHow Business Editor

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

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Instructions

Difficulty: Moderate

Things You’ll Need:

Business Loans
Small Business Credit Cards
Business Plan Software

Step1

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

Step2

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

Step3

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?

Step4

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.

Comments

Anonymous said

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on 11/22/2005 Working with a spouse and sharing a company 24 hours a day could be too much of a good thing. Could you stand it? What kind of business are you planning? Would you have to spend this much time together?

Anonymous said

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on 11/22/2005 If it does not work out, you lose your job, career, livelihood, and possibly your love relationship and home. You could be landed with unforseen hidden bills, unexpected expenses, even liens and liabilities on your collateral, business or home.

Anonymous said

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on 11/22/2005 Working together works best when your skills and styles aren't too similar, but complement one another's. Don't even try it if both of you are intensely competitive.

Anonymous said

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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.

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