There are entrepreneurs out there who founded their startup with spouses. In the initial phase, it all looks perfect since couples spend more time together and generate income together. But, it gets messy when things are not going right in either personal life or professional life. There is a high probability that it can ruin both work and family. So, startup with spouse as a co-founder a good idea or not? Well, you must know the consequences of working with your spouse. So, we will discuss when you should have a co-founder spouse and how you can make things work.
Co-founding Startup with Spouse
Most people reading this article are thinking about onboarding their spouse because they are in love. Well, I want you to keep your love aside for 10 minutes and think straight about why you want a co-founder. If it is just because they are your spouse, do not involve them in your business. A startup needs a co-founder with core skills for running the business. In our previous article, I have explained how to pick a co-founder. You must apply the same formula here. You will get a clear understanding about choosing your spouse as a co-founder in the first place.
Once you are sure about establishing a startup with spouse as a co-founder, you must be aware of the consequences that may occur in the future. Of course, we will talk about the effect on business, but you will also understand the impact on personal life. So, let’s look at how we can avoid conflicts for a better future.
Real-life partners as Founders
Honestly, having a spouse in business is just like any other relationship. There are good and bad times, and it is about how you handle them. The same goes for couples when they are working in their startup. There will be phases when their family is good, and business could have never been better. But, be prepared for times when you suffer from a financial crisis, family problems, individual roles, or any uncertain events. Here are four things you should do for successfully launching your startup with spouse.
Separate Personal & Professional Life
When I was studying accountancy, the first thing I learned was the business entity concept. It simply means that the owner and the company are separate parties. The owner cannot utilize the company’s funds for personal use. Similarly, when you work with your spouse, you must keep your family relationship at home. Your family matters must not affect your business in the short term or the long term. I understand that there will be times when the office talks will ruin your family environment. Try to avoid them by keeping work and family separate from the initial stage of the business.
Define role in the business
The main reason for defining the roles and responsibilities is to avoid arguments. It also gives a clear understanding of the authority of a person in the company. It is the same as having multiple co-founders, but the CEO is only one. The CEO decides the ultimate decisions that the company is going to take. In case of a mistake, you know who is responsible. I mean, if something goes wrong, I want to know why it went wrong and make sure it never happens again. Defining roles keeps you focused, and decision-making becomes easy. One personal piece of advice, do not interfere in your partner’s department in the company. Ultimately, it decreases the chances of friction between the couple.
Set ground rules
When one works in a company, he or she maintains only professional relations with colleagues. But, when your personal relationships are involved, you need to set some ground rules in the office. These rules are crucial for balancing work and family time. Establishing ground rules can be working hours, work distribution, decision-making power, etc. The point is to continue working in the office without damaging your marital relationship. These small things might not matter first, but trust me, they can begin mass destruction of the startup. So, ground rules are a must for startup with spouse working together.
Talk to experts
There will be times when you will find yourself stuck in some area. The reason can be disagreement, different ideas and thoughts, and many more. Rather than taking this into your hands, I suggest you go for a third opinion. You must go and talk to the expert in that particular subject. This advice applies to both your personal and professional life of yours. It will reduce friction between you, and you two will finally come to a solution to the problem. The best approach is to take advice periodically.
In conclusion, I would say that choose your spouse as your co-founder only if they are bringing the core skills to the company. Try to avoid having personal grudges in the office and set rules. The best way to balance work and personal life is by separating them. When you are stuck at some point, look for an expert that can pull you out of the situation. I hope that this article was helpful. To start your journey, share this article with your spouse and see what they think about it.