Written by: Sam Baitz, CEO Shieldfunding
Is Founding A Company With A Husband And A Wife Team A Good Idea?
Your spouse is your greatest support, your partner in crime, and your best friend. When it comes to taking big risks, you and your spouse usually trudge on the same path together. Anyone who has started a business knows that it’s one of the most risky and difficult endeavors, and you need a lot of the right support to get your feet off the ground. If your spouse is your greatest team member in life, and starting a business is when you need the most support, does this mean that founding a company as husband and wife is a great idea? Here are some of the pros and the cons of starting a business with your spouse.
Pros Of Starting A Business With Your Spouse
You know how to work together.
One of the most difficult aspects of starting a business with any co-founder is learning how to work together. It takes years for some people to finally get on the same page, and sometimes, co-founders aren’t ever able to see eye-to-eye. When you start a business with your spouse, you already have years behind you of learning how to work together.
You have different strengths.
Just as you bring different strengths to your marriage, you bring different assets to the business field. I, for example, am great at coming up with ideas, and my wife is great at organization and execution of ideas. This would be a win-win in the workforce.
You trust each other.
It’s hard to find people you trust, especially when money and business are involved. When it comes to partnering up with your spouse, you are automatically partnering up with someone you love and trust.
You tell it to each other straight.
In marriage, there is no beating around the bush when it comes to how you really feel. You have practiced how to communicate openly and honestly without hurting each other’s feelings. This is the perfect combination for a healthy business partnership.
You’re already on the same team.
When you start a new business, it’s usually to make money to support your hopes and dreams. When you join forces a husband and a wife, those dreams are typically the same. This makes goals setting as a partnership easier.
There can be tax benefits.
Sometimes there are tax benefits for husband and wife teams. Learn more about that here.Cons Of Starting A Business With Your Spouse
Sometimes you need a break.
Truth be told, sometimes you just need a break, even from your favorite person. Tensions can rise when you are with the same people at home, work, and play. Having different jobs can often be the one thing that helps diversify your lives from each other.
If you fail, you both are out of a job.
You may be great business partners, but if your business fails, that leaves both of you out of a job. This can be difficult on your financials and on your whole family.
You need the same days off.
When you need time off, you usually need time off together—for weddings, holidays, family reunions, etc. This means that both of the founders are out of the office at the same time.
There are many different pros and cons of starting a company with your spouse. It can be the best idea, or potentially the worst idea. You just have to individually evaluate your relationship to determine if it’s a good idea for you and your spouse.