Each year, millions of couples decide to start a business together. While this shared endeavor can sometimes enhance a relationship, it can also bring its own set of challenges. Financial risks, hectic schedules and family responsibilities are typical stressors for any entrepreneur, but tackling these with a partner can add extra tension, creating the potential to break even the healthiest of relationships. So what can couples do to thrive as joint-entrepreneurs?
Running a business as a couple has unique challenges. With North America’s high divorce rate and most businesses failing in the first year it can feel like the odds are stacked against us. The good news is that according to a study conducted by IZA (Institute of Labor Economics) on Entrepreneurial Couples “Co-entrepreneurial couples are not more or less happy than other couples… related outcomes are also similar for co-entrepreneurial couples and their counterparts: the hazards of separation, divorce, weddings, and childbirths are all the same.” In order to safeguard our marriages and companies, there are effective structures, strategies, rules and work habits that can be implemented to help entrepreneurial couples prosper in both love and business.
Following are 7 tips to help manage the business of love.
Communication plan: Creating a solid plan to resolve conflicts and disagreement will help prevent a potential breakdown in communication. As the venture develops and the complexity of the business increases, adapt the plan to what has proven to be most effective and let go of strategies that have failed. Keep communication open. Avoiding conflict and confrontation can actually cause anger and frustration to build to an explosive point. Designate personal timeout periods or 15 minute walks to cool off if need be. For those of us who work from home, it’s easy to mix our personal life with business. It’s important not to blur the line. Recognize that disagreements at work are not related to your marriage or love for each other.
Create a clear division of labour: A demarcation of labour should be established from the beginning that clearly defines roles and responsibilities. As the business progresses and additional roles and responsibilities arise, the division of labour should be readjusted. With these duties divided, trust the other to get the work done and hold each other accountable. Avoid hijacking one another’s authority on issues. Set clear professional boundaries to avoid hurting feelings and eroding the relationship. Using a digital “office manager” such as task management software like Trello and Asana, can be a valuable way to manage projects, schedule jobs and avoid forgetting important events or deadlines.
Be respectful to each other: Establishing respectful etiquette is important to maintaining a professional atmosphere. Give your partner the same respect you would others in any work environment. Treat each other with courtesy, mindfulness and kindness. Never forget the importance of gratitude and expressing pride in your partner’s accomplishments. When you establish shared goals, communicate openly, and genuinely appreciate each other’s contributions, you are setting yourselves up for entrepreneurial success.
Maintain your individuality: Working alongside your spouse or partner can quickly make your life and entity one dimensional. Put in the effort to maintain your individuality and unique personality, by cultivating interests outside of your partnership. Alone time is necessary for mental wellness, and everyone needs a little space.
Set a schedule that separates work and family time: Fundamental to a healthy work/family life balance is setting both fixed work and family time schedules. Refrain from discussing work over dinner or family activities. Be sure to spend quality, personal time together that is completely void of work discussions.
Furthermore, make time to enjoy each other’s company alone to cultivate intimacy, harmony and positive companionship. Being out in a different environment together helps stimulate conversation into a different direction from the everyday. Lastly, be mindful of not allowing the business to overtake your relationship so that nothing is left of value to hold the relationship together.
Create your own special space: Create separate work spaces and limit interruptions. Setting your own routine and workflow helps to solidify a sense of independence that facilitates the accomplishment of set tasks. Consider breaking the monotony by working off site once or twice a week. Most coffee shops and libraries have WiFi and offer a unique vibe that can be stimulating and increase productivity. Finally, never work from the bedroom, according to a Harvard Sleep Study if you actively establish a disassociation from the peace and passion of the bedroom it can have ill effects on your personal relationship.
Take the time to celebrate: Working with your partner can have a be a wonderful way to grow together, after all you are witnessing the growth and success of the seed you planted together. Celebrating milestones and achievements is richly rewarding and motivating. Enjoying accomplishments together compounds the solidarity of goals, develops a successful mindset and helps solidify a strong relationship personally and professionally.
