How does the saying go? “Don’t mix work with pleasure.” Whilst this may be true for a lot of scenarios, it is just a saying and not a rule you HAVE to abide by. There are plenty of successful businesses that have been started by couples.
Eventbrite
Forever 21
Sweaty Betty
Wild Nutrition
The Art Of Shaving
To name but a few. So it’s definitely possible, but running a business with your partner doesn’t come without it’s fair share of risks and challenges.
The fact is relationships are hard and starting a business is hard. Combining the two could be a recipe for disaster. There’s no denying that the pressures of trying to get a business off the ground can impact your relationship. And if your relationship goes through a rough patch, that can affect the business.
I don’t want to be all doom and gloom. Starting a business is SO exciting and a huge step in your professional and personal development. And if you’re starting a business with your partner, there are also plenty of pros to this too.
Pros Of Starting A Business With Your Partner
Before we get into it, let’s discuss all the benefits of starting a business with your significant other.
- It’s easier to tell your partner if you don’t like something or don’t agree with a certain aspect of the business.
- It can strengthen your relationship and provide opportunity to practice key skills that will only benefit you as a couple, such as communication skills.
- Starting a business comes with a heavy workload, you and your boyfriend can spread this out
- Having someone hold you accountable (and vice versa) can stop you from slacking or giving up so easily
- Whether the business is a success or not, all the time and effort that goes into it can bring you closer together
- You both understand when it’s been a stressful, long, exhausting day and you both experience the highs together
Cons Of Starting A Business With Your Partner
- Leaving work at work can be difficult. You might end up spending all your time talking about the business.
- Work disagreements can become emotional- and business decisions should rarely be made with an emotional influence.
- You will end up spending all of your time together and you might not be used to that if you’ve previously had different jobs and offices. It’s a bit change to get used to.
- If the business doesn’t work out will this put financial pressure on your relationship?
- The stress of starting a new venture could have serious implications on your relationship.
Starting A Business With Your Partner - Reducing The Impact On Your Relationship
1. Set Boundaries
This means separating work and relationship life. Of course they are going to cross over, but agree to go on dates where you don’t talk about the business.
It’s also healthy to set aside time where you do things separately. As a couple who works together, you will spend a lot of time in each other’s pockets. Make sure you get that essential alone time.
If one of you doesn’t have the capacity to talk about the business in the moment, don’t push it. It’s going to be a stressful time and is often all consuming. It’s okay to (gentle) push back and say ‘I don’t have the capacity right now.’
2. Communicate & Listen
I mean, it’s the foundation of ALL relationships but I can’t stress enough the importance of this when starting a business with your boyfriend.
Communication is key, being open, responsive and honest at all times. BUT you also need to listen and give each other the opportunity to talk.
You never want to find yourself so far down a project to be told something isn’t right or one person isn’t happy. Check-in constantly.
3. Finances Will Be Your Biggest Relationship Pressure
Finances can be a destroyer of any relationship. It’s crucial to have open and honest conversations early on BEFORE you even start the business. Because when it comes to actually running the business, the pressure and stress can double. Before starting your business ask each other these questions:
How much money are you each putting in to the business?
Once you start earning money how will it be split?
What happens if the business doesn’t work out?
Are you both comfortable with the above answers and agreements?
You will go into more detail than those questions but they are a good place to start.
If you’re not entirely ready to quit your job and go all in on a new business, read our post How To Start A Side Business Whilst Keeping Your 9-5.
4. Time Will Be Your Next Biggest Relationship Pressure
What I mean by this is how much time each of you puts into the business and what your respective roles are. We all know that when it comes to work, Time = Money. So this conversation is just as important as talking about finances.
If one of you ends up putting in more time than the other, will you become resentful? Who takes on which roles and responsibilities. If you iron all of this out at the beginning it can really help create a smoother start.
5. Fail To Prepare And Prepare To Fail
Preparation is instrumental in launching your business and protecting your relationship. Having all (or as many) ducks in a row early on will aid in the set up and launch of your new venture. As well as laying the foundations for a strong and healthy relationship that will be put under additional pressure.
Should your business not go to plan and things don’t work out, always have a back up plan or at least an idea in your head of what you will do. Your partner needs to as well.
Should We Get An Official Agreement Written Up Incase We Break Up?
It’s understandable that you would both want to protect yourself financially should your relationship not work out. However in the very early days, it’s unlikely you will start making any money anyway.
At the beginning, have a loose conversation about what you think will be the right course of action should the relationship not work out. Of course you can’t plan how your break up will go so emphasis on the word ‘loose’.
Once your business starts making money and you have long term projections in place, it is advisable to seek legal advice so you are both protected in the event of your relationship breaking down.
But it’s worth remembering that just because your relationship doesn’t work out, doesn’t mean your business has to end. Actually, the successful brand, The Natural Deodorant Company, is run by two ex’s that started the business as a couple. Read their story here.
So, you might be better off as business partners and not life partners.
Wrap Up
Ultimately, success in both business and love requires effort, compromise, and a willingness to adapt. While starting a business with your partner may not be the right path for everyone, with careful planning, communication, and mutual respect, it’s possible to build a thriving business while maintaining a strong and loving relationship.
Good luck and let me know if you have embarked on the relationship-business journey in the comments.
Amber
P.s if you’ve been putting your business idea off for a while, read our post: 9 Lame Excuses You Use To Avoid Pursuing Your Business Idea. It just might be the push you need.