How To Manage and Run a Successful Business With Your Partner

Running a home business is hard, but it’s always great to have a partner heading it up with you. Even better is to have your partner with you side by side. Starting a home business from the beginning is a lot of blood, sweat and tears as you may well know.

Having your partner there can be the ultimate adventure for you. You’ll have your biggest cheerleader and supporter with you step by step. You’ll really get to see where each other can shine. One of you may be a whiz with numbers, calculating the year’s budget in seconds.

The other can be the ultimate people person, wheeling and dealing their way through negotiations and business deals while greeting every customer with that enthusiastic smile.  Don’t underestimate how far customer relationship management can go in a small business!

Even though you may be living and experiencing both marital and business bliss, there are certainly going to be bumps in the road. One of the biggest arguments among couples is regularly about money but don’t worry, those that argue more tend to stay together. 

But mixing both your personal and business finances can create a map for an extra few blunders. How do you manage your finances when your personal and business life are so intertwined? If your marriage needs work, you should address this before getting your finances together. Below are some tips to help you work it out.

Have the Same Big Ideas

Hopefully, both of you have agreed on the type of home business you are going to be doing together. If one of you wants to open up a bakery while the other is focused on selling home goods, well then it may be time to get back to the drawing board.

By big ideas, we mean the big goals for your business. Are you planning on expanding? Are you going to hire more staff? Will there be a new product down the line? Should you launch a website?  Should you buy or rent new equipment? Do you both agree on the budget and strategy?

Walking hand in hand through the big steps will make all other decisions come easier. 

Don’t Hold Onto the Small Things

Just like real relationship advice, you don’t want to hold that annoying thing your partner did four months ago at the neighborhood barbeque over their heads. That will only lead to more resentment and an eventual “he said, she said” type argument. 

There are going to be small financial mistakes along the way. One of your purchased the wrong color to paint the new sign. You slightly overpaid on cleaning supplies. This stuff will happen, but it’s nothing to completely break down over. Both of you can own the mistake and move on.

Be in the Loop

When it comes to budgeting and exact money management, one of you will probably be taking over. You could be great with numbers, calculating digits in your head faster than a calculator while your partner struggles with long division.

It’s fine if one of you is the more dominant financial person, but both need to know what is happening at all times. You both should have access to the numbers and full budget picture. Not only so one of you won’t feel like something is being hidden, but so you both will feel in the loop and important about changes or updates.

Listen and Be Flexible

Wow, what a surprise! An article about relationships that includes the advice to listen to one another.

But this is incredibly important in a small business as well. Both of you, even though you may have been together for years, still can have different visions and ideas pop into your head. Just like each of you have different ideas for birthdays and anniversaries, you could have different, beneficial ideas for your business.

Be willing to hold your tongue and listen to your partner even though you may be dead set on a plan. Sometimes even the best and brightest can have tunnel vision, not seeing any potential problems or separate solutions to an issue. 

At the end of the day, it can be incredibly fun to run a home business with your partner. You both will go through many ups and downs but grow stronger as a couple, building something together. And who knows, you may have some future family members working in the shop at a later date. That’s an article for a different time!