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August is Black Business Month, and an estimated 43 percent of small businesses are family-owned.
If you start a business with your spouse, that’s technically a family business. We hear family business, and we may first think of being a son or daughter working for mom and dad, but remember that it all started with mom and dad – husband and wife – starting a business together.
There are many famous duos who are partners in love and business. But it’s not for everyone.
If you have made a romantic relationship work for years, then you probably have certain skills that pertain to business, like being good communicators and good compromisers. But running a business together will turn some of those concepts on their heads, and bring out sides of you that didn’t have to be a part of your romantic relationship. For some, running a business with their partner can bring them closer together, but for some, it can put the relationship at risk.
Here are things to consider before starting a business with your romantic partner.
Do you like his business personality?
You’ve probably seen how your partner is with his business contacts. You’ve heard his work calls. You’ve been nearby when he had Zoom meetings. You’ve attended professional events with him. You know how he is when he’s in work mode. Do you like it? Would you like to work with that personality? You’re going to, so it’s important that you like it. You might tell yourself that your partner will be different with you than he is with other colleagues because you’re also his love, but you’d be surprised how much men can switch off parts of their brain (like the lovey-dovey parts) when money is at stake. You will get the business version of your partner when you do business with him, so make sure you like that.
