A lot of people have very strong feelings one way or another about mixing business and pleasure, and for some people working alongside their spouse or partner in building a business together is either the greatest thing that could ever happen or a nightmare runaway train that needs to be avoided at all costs.
Obviously, the reality of working with and building a business with your spouse or partner is usually somewhere in the middle of those two extremes. There’s a little bit of good, there’s a little bit of bad, but when you understand exactly what you’re getting into it becomes a lot easier a situation to navigate than going in blind without any kind of game plan.
Let’s highlight the pros and cons of working with your spouse or partner!
Pros of working with your spouse or partner
There’s just something to be said about building something very, very important to you alongside the most important person in the world to you – pulling in the same direction, striving to accomplish the same goals, and putting in the sweat equity to produce a better future and bring your dreams to a reality.
It also becomes a lot easier to split responsibilities with someone that you know as well as your spouse or partner. You’ll know what their strengths and weaknesses are – and they will know the same about you – and both of you can maximize this inside information to split responsibilities more effectively and get a lot more done.
The odds are also pretty good that you both have a really, really good idea about how to communicate with one another. Any couple that has been together for more than a few years has gone through a rough patch or two where communication broke down, but for the most part you should have a pretty solid idea of how to communicate, how to have some pretty tough conversation, and how to push each other forward without putting each other down.
Cons of working with your spouse or partner
On the flip side of things, it can be very easy to begin blending your business life with your personal life and allowing both worlds to compromise one another. It’s really hard to have a romantic relationship with someone when you are feeling the stress and pressure of running and building a business crashing down on you, especially when they are right there in the trenches and experiencing the same kind of stress and pressure.
Power struggles can also happen, especially if you have two people with dominant personalities, two people that love to take charge, and two people with very specific ideas about how to run the business that may not align.
It also doesn’t help that when you are both building a business together – the same business together – there’s a lot of financial risk that wouldn’t have existed if one of you had a more stable job or career. Any lean times in your business aren’t going to be offset by one of the partners working somewhere else, which can put a lot of stress and pressure on a relationship, too.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like 62% of Singaporean Firms Plan to Increase Global Investments and How To Successfully Grow Your Business In The Age Of The Customer and all topics related to Business and Economy, if you are interested setting up company in Singapore contact us or visit our website for more information.
Company: Singapore Company Incorporation Consultants Pte Ltd
Address: 10 Anson Road International Plaza #27-15, Singapore 079903
Telephone: +65 66531211