Many people like the idea of having a family business. They believe that it makes the business stronger, because it’s all run from the same place. So long as the co-owners are on the same page, that’s usually true.
Of course, there are problems that can arise from working with your spouse. You might have an argument or allow personal issues to influence your work. Similarly, you could bring the stress of work home to your relationship, which has the potential to cause its own problems.
Should you start a business with your spouse?
Whether or not you should start a business with your spouse depends on a few things. First, do you both have skills that complement one another’s? Are you both prepared to put the same time and effort into the job, and will you both invest equally? Realistically, you should consider if you both have the same work ethic and intentions for the company.
It is possible for just one person to open and run the business while the other helps out casually, so if you want to open a business and your spouse isn’t quite in the same place as you, then ask if they want to work as a consultant.
If you do decide to work together, it’s important to put together all the basics for a good business, like your business budget, business plan and business hours. Make sure you stick to those arrangements and have a good understanding of what each of your roles is in the business. That way, there is no confusion about who is in control of the budget, marketing or other aspects of the business.
Talk to your attorney before you get started
Working with your spouse can be complicated, but what can help is working with an attorney to set up the business in a structured, professional way. Having strong contracts will also help you stay on track with your business and understand what is expected out of each of you. A contract can also address what happens if you or your spouse wants to leave the business, which is something you should address.