Co-founders with a longstanding personal bond have a better chance of building a successful company than those who don’t share, at least, friendship. Of course, there’s no one who knows you better, and with both partners having flexible schedules, there’s more time for the family! But with any business founded by two people, there will be several bumps in the road.
Who is truly the boss
A power struggle that often happens at home, will now become more literal. Establish your roles as early on as possible! This way, you’re less likely to argue be it at home or in the office. Write job descriptions for yourselves and set clear expectations about who would tackle which jobs. And the more you separate your roles, the more you will learn to respect the skill-set your spouse brings to the table.
Indeed, as you decide the direction of your business, it’s good to have an idea of what each person is good at and how to maximise the potential of the skill-sets that each can offer. Although different attitudes to work can sometimes throw a spanner in the works, a range of styles could actually benefit your business.
Business vs personal time
Make sure both of you are getting what you want and need. No shop-talk after 19:00 should be the most important rule. Create clear boundaries that will separate family time from business time. Set days for date nights, and although that might seem unromantic, that quality time together will work wonders.
And even if you love what you do, never prioritise work over your relationship. After all, your relationship will be keeping the business afloat. It might take months, but if you keep delaying time with each other because of work, you’ll start to feel the impact in a negative way.
All your financial eggs in one basket
Always make sure that you have an emergency fund. Why Cash flow tends to be the hardest challenge for new businesses. Because your salaries will be coming from one main source of income, it might be best to be less risk-averse take it slow to prevent debt.
Even then, it’s important to have a written agreement and an exit strategy before you begin. If you want one thing and your partner another, then your business will eventually run into trouble.