Life partner, business partner?

There are advantages to working with your spouse. You share financial goals. Scheduling flexibility comes in handy when juggling business and family. And, of course, there’s that shared sense of accomplishment, those feelings of teamwork and gratification when you build something successful together.

The downside? When spouses start a business, professional and financial success is rolled into one basket, which can be scary – and stressful.

Setting some ground rules beforehand can make all the difference between the success and failure of your business and, maybe, your marriage. Here are some strategies for working together successfully:

Be sure you both share a passion for the idea behind your business, and have the same vision as to how it should unfold.

Discuss each other’s strengths and weaknesses. Use that information to determine a clear decision-making process and division of labor so your business will run more smoothly.

Maintain a sense of humor. It can be the key to keeping little problems from turning into big problems.

Always communicate clearly, openly and honestly. Settle differences quickly and fairly. Don’t let issues fester until you boil over.

Learn the art of compromise. Being right is not always smart, but being smart is always right.

Leave work at the office. Be sure to schedule family time – and alone time for yourself, as well.

Set up an emergency fund before starting your business. It’ll take off some of the pressure and lessen the stress as you build your future.

 

Want to talk to a financial expert before getting started? Visit your local Northwest office or call Northwest Direct at 1-877-672-5678 to make an appointment.