It’s a reality that many couples today like to do business together. Whether it’s a local restaurant, shop or online retail shop, a growing number of couples, married or not yet married, are venturing into business as partners. In the U.S. alone, reports say that in the year 2000, 3 million of the 22 million small businesses in the country were owned by couples.
While some are quick to say that business will not prosper when couples are involved, there are others who have proven this belief otherwise. There are many factors to consider and among them are the trust, respect and goals of the partners involved.
With digital and internet technology in our midst, it is easier and more convenient for couples to set up and sustain a small business whether a brick and mortar one or an online venture. What matters is the commitment to pursue the enterprise and meet the customers’ needs.
Reasons of Going into Business Together
A new study done by the Institute for Study of Labor showed that a couple usually decides to put up a business together when one spouse, usually the wife, is not able to find a steady job. It also found that this setup proved to be beneficial to couples as it reduced income inequality in the home.
Another thing noted by the researchers was the fact that couples experienced the same level of happiness than those who are not in business. Additionally, the risk of separation or divorce remains.
Experts also pointed out the issue of gender inequality which often occurs if a husband and wife are involved in business. For instance, the wife would normally take on a secondary role even though she founded the business and the husband joined only later. Wives were also seen to be as not independent as the career women.
It’s natural for a business to encounter problems and sometimes, this can be the cause of conflict among couples. The most common issues normally involve money, differences in opinions of the partners and lack of time for each other as husband and wife.
When a couple do not agree in money matters, there’s a chance that this will cause an issue. It is, therefore, recommended that before starting a business, a husband and wife should sit down and discuss their respective roles on the financial side. It is a must to discuss how you’re going to manage your profits, how much you’re going to save and how often you should replenish your stocks.
When spouses fail to agree on many things concerning the business, this can lead to a rocky marriage and even divorce. Should the inevitable happens, a couple needs to find a good divorce lawyer to help them settle everything about the business. Some sell what they have started while the others maintain it and simply gives the spouse his or her rightful share depending on the terms they have agreed upon.
Running a business as a couple will not be an easy road to take particularly when you have small children. Experts are suggesting that couples need to consider other career options but if this is not possible, they have to talk openly about how to share responsibilities both at work and at home.