How to Open a Company with Your Spouse

Business of Being Married: How to Open a Company with Your Spouse

Today, many entrepreneurial couples are lending their talents to their own businesses by building the American dream with each other. The combined challenges of building a successful business and maintaining a harmonious marriage can become rough terrain to navigate, but for those who are able to manage it, the payoffs are tremendous. Here, we will offer practical tips on how to avoid pitfalls that can happen so that you and your spouse maintain balance in business and at home.

Before You Begin

Any business you start will take a great deal of commitment–both in time and resources. Before getting caught up in the romantic notion of building an empire for your family, you will want to sit down and have a real heart-to-heart discussion about it. For example, what are your goals for the business? Are those goals similar in direction and scope? The business will likely become “another baby,” so to speak–are you both passionate enough to care for it in that way? Communication that focuses on as many issues as possible–up front–can really help ward off problems down the line.

Involving Third Parties

Both you and your spouse enter into the partnership with skills you’ve learned through education and experiences. Knowing how those skill-sets will relate to your new business will help with the division of labor, with each spouse focusing on the things he or she does best. In the early days of your business, you may have to spend time on tasks you’re not terribly comfortable with, or things you may not do well. However, as your business grows, the “jack of all trades, master of none” approach becomes counterproductive and often eats away at the time you could spend performing those tasks you are great at.

Money Matters

Statistics clearly reveal that financial hurdles are the primary cause of marital derailment; however, in business, dealing with money matters is imperative. According to a 2009 report published by the University of Virginia’s National Marriage Project, “Couples who fight about money once a week are 30% more likely to divorce than those who only quarrel a few times per month.”

Therefore, in business, unless one of you is especially skilled in the area of finance, outsourcing to an accountant or tax professional may be best for both your business and your marriage. If you’d rather do the accounting yourself, check out Liab Collat School of Business. You could gain a degree in accounting which would be extremely beneficial for your business. If your budget won’t allow for the services of a CPA, cloud based accounting is an affordable option. Cloud based accounting allows you to track your expenses in real-time, create invoices and monitor your sales/income. If you’re not sure how to create an effective invoice, check out these editable bill templates to give you some ideas. And, because the services are cloud-based, you and your spouse can readily access your records from any device and your records are always backed up.

Major purchases and big financial decisions should always be discussed by both partners ahead of time, just as you would if you were making a major purchase for your home. That way, you both feel that you remain “on the same page,” thereby reducing conflict.

The Relationship Side of Things

Although you’re working together in business, you will still have to put forth effort to maintain your relationship. Plan out a date night regularly, and talk about fun things. If you decide to actually have a business-related discussion, limit the conversation and table heated discussions for another time. Relationship experts Gene and Julie Gates of the Working Couples Network says they are presented with the question of how to make it work by many couples working together. Their suggestion: Use what’s successful at work, like goal-setting, in your personal life as well. The Gates have worked together successfully for years, but admit that it’s not always easy, but it is doable. And the greatest reward is building something special with the person you love most.

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