Co-entrepreneurs are husband and wife teams that jointly own and operate a business. Co-entrepreneurship is one of my favorite topics. I find the combination of entrepreneurship and the marriage relationship fascinating. And, I myself am a co-entrepreneur.
According to the US Census Bureau’s 2002 Economic Census, more than 3.6 million businesses in the US are run by co-entrepreneurs. Certainly no single model fits all of them. Some are part of a revolution that is starting a new model of marriage and business equality. For others, their business is an extension of a traditional marriage where mom is behind the scenes and dad runs the show. The recent growth in co-ventures has been attributed to a wide variety of causes, from the availability of new franchises to the high cost of childcare.
For many co-entrepreneurial couples, no part of life is separate from the rest; their financial, spiritual, professional and family lives are intertwined. As such, co-entrepreneurs face some unusual challenges and reap some great rewards.
As a result of both my work with co-entrepreneurs and my personal experience as one, building my own business (A Friendly Divorce) with my husband, David, I have come to see that there are no easy answers. What works for some will be a disaster for others. However, some key concepts are essential for the co-venture to work. Here are my top six tips for working with your spouse.
1. Be patient. You need to learn to work together. So when you start a new business, be prepared for a learning curve. It takes time to establish the right relationship and pace of work. So what you decide today may not be what you will do tomorrow. Starting your new venture will involve trial and error. So don’t be discouraged.
2. You will make business decisions based on your priorities and values. Find and define your vision and shared values. Shared vision and values are necessary for success. It is important that the co-entrepreneurs agree on the purpose of their business; Is it a way of life or a way of earning income?
3. Divide the work. The more distinction you have in your tasks and job descriptions, the better. For many couples it’s difficult to divide tasks based on ability, not gender stereotypes. But this is what often works best. As with all business partnerships, co-ventures will work best when the partners possess different skill sets.
4. Communicate. Find out how your partner really thinks and feels. Have you considered how this effort will affect your marriage? Take about it. Write about it.
5. Fair fight. Listen to each other. Keep all arguments focused on the current dispute rather than returning to old hurts and disputes. And, when you disagree, give yourself a period of reflection before making the final decision.
6. Put the saver, not the spender, in charge of money, finances and budgets. The spender can go kicking and screaming, but this is almost always the best business policy.
Co-entrepreneurship can destroy a marriage. So before you take the plunge, honestly assess your situation. You already know whether you and your spouse operate as a team or as two people sharing a space and a future. If you regularly struggle with control issues in your marriage, running a business together is not a great idea. Remember, you cannot walk away from your coworker when you are married to him or her.
