Many couples decide that going into business together will be an exciting way of working on a joint project and will ensure that both parties have a say over how their income is generated. However, while this can be an obvious choice if you both have complementary skills and expertise, going into business as a couple deserves as much prior consideration as embarking on a new relationship.
Are you committed to each other?
Before you do anything else regarding your business, you need to think about is how committed you are to each other. If you or your other half has any doubts at all about your relationship, this could make it difficult to arrive at joint decisions and to work together. Additionally, you need to make sure that you are committed to each other so that there is a reduced chance that your relationship will soon end, taking your business – and the money that you have poured into your venture – with it. Then, if you are thinking about going into business with each other, you should consider committing to each other not only through your business but in your personal life. Many couples do this through getting married, and if this is the case, Diamond Nexus offers a range of emerald cut engagement rings for your loved one.
How will you split your finances and labor?
Although going into business may be romantic, the day-to-day toil of running your own company can put pressure on your relationship. Therefore, to maintain both your relationship and your business, you should decide how you are going to split your business ownership, finances, and labor between you. For instance, you should leave one person in charge of your company, and each take on different roles that suit your skillsets. You should also discuss how you will make financial decisions, such as opening a joint bank account for business purposes.
What happens if you separate?
Although you might not think it is possible, you need to consider what will happen if you separate. For instance, who will take control of the business, and will they need to buy the other partner out? If you or they are uncertain of what will happen when your relationship ends, you should consider documentation, such as a pre-nuptial agreement, to ensure that you are both satisfied with the outcome. You should also ensure that you are covered in the event that one of you dies by writing a will that states your intentions when it comes to your business legacy – incredibly important if you have children.
Are you both passionate about the project?
Before you open your business, you need to construct a business plan that will take your relationship into account. As well as the practicalities, such as finances, your plan should also be focused around a project that you are both interested in pursuing. This will ensure that resentment does not build up between you and will allow you both to bring different ideas to the table as your company grows.