The decision to pursue a business venture and become an entrepreneur is not an easy one, and it can be even more difficult if your spouse is your partner. Many couples simply cannot fathom the thought of spending every waking second together, but for some it could be a fantastic arrangement. Before rushing into entrepreneurship, however, there are several things that must be done if entering a business with a spouse.
As with any business partnership, it is very important that each individual has clear and specific roles. Each party has strengths and weaknesses, and it is important to take these into consideration. For example, a person could really excel in sales or marketing, but may not be very organized or proficient with payroll and accounting. The past experiences and expertise of each individual should also play a part in determining their position and responsibilities. The work load should be distributed evenly, or negative feelings and resentment may become potential issues that must be dealt with.
It is also very important to devise a plan to assist in argument resolution. Because no two people think exactly the same, there are bound to be disagreements and different opinions. There should also be an exit strategy in place for either party, should the need ever arise. If the disagreements become frequent and the arrangement simply will not work, one party should have a plan on how to step back from the business. This plan is perhaps the most important component of the business due to the fact that the lack of one could cause the company to ultimately fail.
Goals and objectives must be developed and clearly laid out in a well formulated business plan. It is imperative that both husband and wife share the same mission. If either party sees the company proceeding in a different direction, trouble is sure to ensue. The business plan should document the mission statement, purpose, and all pertinent financial data. A section should also be devoted to laying out future plans, including any plans to possibly sell or merge with another business. Entering a business must be done in an organized and well-prepared manner, especially when doing so with a spouse.
Going into business with a spouse is not an easy arrangement, and it can become complicated rather quickly. However, some couples maintain that the sense of accomplishment of a goal pursued together is worth whatever obstacles arise in the process. If the necessary steps are taken, the result can be a magnificent success.