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6 tips when starting a company with a spouse

On Behalf of | Feb 2, 2018 | Business Formation & Planning |

Starting a company with your spouse sounds like a great idea. You already enjoy being around each other, so why not use that strong relationship to start a successful company? It may give you both more freedom and allow you to follow your dreams.

Running a company with your spouse can also be challenging. There are certain things you should do before starting that business.

Consider your personalities. You may love each other, but that doesn’t mean you’re the same. Break up work roles based on what you each do best.

Rent an office. Working out of the house can become draining because you’re always at work. Having an office gives you a distinct work space where your relationship focuses on business.

Create an emergency fund. Don’t put every cent you have into the company. Extra money can help pay the bills while your company grows.

Schedule time that you’re not with each other. The reality of working and living together is that you don’t get breaks. Scheduling some time apart and finding new, separate hobbies helps keep the relationship strong so you don’t feel burned out.

Focus on praise and criticism. If you never tell your partner what he or she does well, the relationship can grow strained. However, criticism is still needed in a business relationship so that the company can improve.

Talk about risk. Some people don’t mind risking it all and hoping for the best. Others want more of a slow and steady plan with low risk. Talk about it up front and make sure you’re on the same page.

As you launch your new business, be sure you know exactly what legal steps to take and how you can best set your company up for success.

Source: Forbes, “8 Rules For Starting A Business With Your Spouse,” Allie Siarto, accessed Feb. 02, 2018