Many couples passionate about providing products and services that meet people’s needs are often successful in running their own business. Although they may assume different roles, their support for each other keeps the business in good condition. Those who work as a team are more likely to sustain their enterprise for the long term.
In the U.S., about one-third of all family businesses are managed by husband-and-wife teams, according to a report by the Wall Street Journal. But analysts warned that difficulties are part of this kind of business situation notably as couples need to juggle between their work and personal life and face the trials that come with operating a business. A study done by a North Dakota State University small business specialist revealed that stress is a major problem faced by “copreneurs” and this has led to the closure of their enterprise and the end of their marriage.
Couples, therefore, need to exert an effort to not only maintain their business moving forward but also to protect their personal relationship, said Los Angeles Divorce Lawyer Rozanna Velen. It’s not ideal to be complacent because in business, situations can change easily. And when problems arise, your own marital relationship could be affected.
Lack of Trust and Commitment
Couples who don’t have the trust and commitment to each other and their business are bound to fail. But those who know their specific roles in the company and are dedicated to sustaining the enterprise are more likely to succeed.
Trust, respect and open communication are vital in both business and personal relationships. When partners are confident about what the other is doing and they openly discuss their situation and issues, problems can easily be avoided. Mutual respect also enables partners to agree on the ways they can run the business right and stay away from difficulties.
Keeping Money Secrets
When one partner starts to keep secrets about money, problems can crop up. There have been cases when husbands who assume a bigger role in the business would invest money in other things without the knowledge of their wives. If this continues, it could lead to the breakdown of trust and worse, in the couple’s marital bond. Transparency is, therefore, very important.
Ideally, couples must also keep the profits of their business in a separate account. This way, they will know the cash flow and the profits they gain.
Financial advisors advice that married couples should only have a joint account for their household expenses. This account should be the one they contribute to and from where they get funds for their personal expenses.
Failure to Plan for Emergencies
Copreneurs must also plan for emergencies that can take place unexpectedly. Amidst a favorable business situation and comfortable life with little or no debt to think about, it is still best to be prepared for any eventuality. This way, you don’t panic when some things go wrong unexpectedly.
Having an emergency savings account would really be helpful. At least when you know you have funds available, you won’t have to be stressed too much when problems come your way.