5 Disadvantages of Running a Business With Your Spouse
Running a business with your spouse may seem to be a dream come true for you. But it isn’t as idyllic as it sounds. It is no bed of roses just like your life and relationship. The reality is, you’ll have to work twice as hard to save your relationship and the business. After all, you’re not just married to the man, you’re also married to the business. If your business succeeds, you’ll join the league of successful “co-preneurs”. But if it doesn’t, you’ll either have to sacrifice the relationship or step away from the business. Check out some of the disadvantages of running a business with your spouse right here.
1. Your partner may not be equally dedicated to the business
Your partner may have been equally excited when you started the business with you but is he fully devoted even now? Does he put in his whole soul into the venture? If he doesn’t, you’ll soon land into trouble. Partnerships in business work only when both partners promise equal commitment. Both partners have to work at the same pace so that the business prospers. If your partner falls short of the commitment, and you put extra efforts, arguments, resentment and quarrels are bound to occur.
2. Your partner and you may not share the same goals
Your partner and you are two different individuals, no matter how in-sync you are as life partners. Your individual personality determines how big you will dream and how challenging your goals would be. For a business to grow, co-preneurs should share the same goal and vision. Both partners should have the vision to take the business to a certain level. If differences occur with regards vision and goals, your business’ growth will be thwarted.
3. Your personal finances may get over utilized
Starting and running a business can be financially taxing. Of course, you can rely on financial institutions to lend you money for the business. But at some point, you’ll have to repay the funds. If your business does not derive as much profit as you had expected, you will have to dig into your pocket to salvage your business. Such a situation arises mostly during a crisis or when you are experiencing a financial crunch. And it is only during such situations that differences arise. If you aren’t ready to over utilize your finances, your dream of running a business with your spouse is shattered.
