Owning a business with your significant other can be rewarding but there are studies that show in 90% of coupled-owned businesses, a split is bound to happen.
Relying on each other seems convenient at first, and always works well because the two of you love each other. However, when it comes to sharing finances, having opposing viewpoints, and wanting time alone, sweet attitudes quickly disappear.
Want to know why starting a company with your partner is a bad idea? Review the list of common problems that most couples face when trying to build up a lasting career together.
When creating a business, it’s impossible to avoid disagreeing and compromising. Working with your spouse will not allow you to be completely honest and complain because you care for the person’s feelings.
A prosperous business requires being honest and knowing all the problems. It’s really difficult to separate professional and private relationships when working closely.
Once you start having misunderstandings and miscommunications at work, you won’t feel as comfortable spending time together off work since avoiding topics on the professional matter is almost impossible.
Expectations in the relationship aren’t being met
Naturally, you will expect your partner to treat you fairly in and outside of the relationship. Couples who worked together say that their expectations have been rarely met plus their efforts were rarely acknowledged. What can become a real disaster is that you will have to fire your beloved or you will be fired because one of you doesn’t do well to make a business grow.
It Can be Difficult to Create Clearly Defined Business roles
The majority of relationships are formed organically, which means that there are no predetermined roles or structural rules. The same cannot be said for business partnerships, which are forged by choice and created to include individual roles and responsibilities.
This almost always requires one partner to take an authoritative, leading role, which can create an imbalance in an existing romantic relationship and ultimately cause unrest.
There may be a tendency among partners to avoid this entirely, but this may expose the business to a critical lack of leadership.
Being around each other 24/7
Dating and working together at the same time will soon make you tired of each other. Sharing the same bed, having breakfast together, traveling to work, solving problems concerning your business ideas, and spending free time together after work will become annoying very soon.
Instead, you should give each other space and let each other enjoy doing things on their own. This way you will miss each other and will look forward to spending time together again.
Your Business Goals May Differ from Those of Your Partner
Your motivation for launching a business may differ from that of your boyfriend/girlfriend/spouse.
For example, while you may aim to realize the long-term goal of launching a successful business, your partner may want nothing more than to earn some additional money to supplement their existing income.
Such a gap in expectations can be devastating, as it can trigger arguments, undermine business growth, and compromise friendships.
The Cost of Failure is Higher
According to industry statistics and successful entrepreneur Theo Paphitis, an estimated 50% of all small businesses fail during their first 24 months of trading.
Such failure often comes at a considerable cost to small-business owners, although this is often restricted to financial losses.
For those who partner with a spouse, the failure of a business venture can create a strain that even established relationships are unable to cope with.
This means that the cost of failure is even higher, as it can compromise both your personal and professional lives.