Question: What do I need to know if my wife and I want to partner in starting a business?
Answer: There is no easy answer. You have to enter the partnership with your eyes open and with a clear plan that includes scope and division of responsibilities.
Business relationships don’t save personal relationships. Make sure your personal relationship is sound before thinking about forming a business partnership with your “life partner.” You need a trusted business partner, your spouse or significant other is the best partner you can have so long as you and your partner have a clear understanding of your business objectives, your strengths and weaknesses and how you will make decisions.
Having a partnership is stressful, but having your life partner as your business partner can even be more stressful if you don’t keep the following in mind:
Define your roles – who will do what and what decisions will be made by whom. One of you needs to be responsible for sales, marketing, personnel, financial and
Don’t make it totally about money. Start the business with enough money in the bank, so you are not struggling and therefore arguing about money from the get-go. Once you start making money, decide what to do with it – retain it for growth, pay yourself a
Prioritize your relationship – make your personal relationship come first. Being in business is stressful and can suck up all your energy. Keep your personal and business lives as separate as possible. When the office door closes, at the end of a day, turn off the business discussion. Make a date night to keep the personal flames
Source: Launching With a Loved One? Five Lessons from Successful Startup Couples by Rebekah Iliff AIRPR