5 Reasons Couples Make The Best Business Partners
When Glenn and I tell people we own a small business together we get a variety of reactions.
From the matter-of-fact:
“I could never do that!”
To the extreme:
“We would kill each other!!”
In this blog, I want to address why working with your spouse can actually be the perfect partnership!
Small Business = Big Impact
According to the U.S. Small Business Administration, a small business employs under 500 people. But the majority of small businesses have fewer than 20 people. And 3.7 million businesses employ just 1 to 4 people. That’s US!
The report also noted that family-run businesses (which often include husband and wife teams) comprise 64% of the U.S. gross domestic product and include 1.4 million businesses nationwide. We are small but mighty!
“Starting a business as a couple is more common than you may think. According to the U.S. Census Bureau’s 2022 Annual Business Survey — 297,778 employer firms or businesses were jointly owned and operated by spouses.”
Link for complete Yahoo article.
We already knew there were a lot of couples out there who own businesses together. It’s the reason we created the Couples Inc Podcast. But it’s always nice to see the research that shows that it’s not unusual to want to work with your spouse.
In the 15 years that we’ve owned a marketing communications firm together— and the 3+ years that we’ve co-hosted our podcast—we’ve found that working with your spouse can strengthen your connection as a couple and help you build a stronger business.
Below are 5 reasons couplepreneurship works.
You Trust Each Other
Trust falls are problematic, to say the least.
Just search for “Trust Fall Fails” on YouTube and you’ll see what I mean. (I’ll wait.)
They are ineffective and can, ironically, reduce trust levels, according to most team building experts.
But the idea is sound: TRUST is an important component of working together.
And, in this way, couples in business have an edge.
There is an inherent trust between couples (and I can’t stress this enough) in healthy relationships that might not exist with other business partners.
This list will NOT apply to couplepreneuers who were struggling with trust even before they started their business.
You have a shared history and are committed to a shared future, which can help with long-term business planning
You know each other’s strengths and weaknesses, which can help you determine your ideal business roles
You can count on each other when it comes to the business’ finances, so no one is getting cheated out of profits
A Built-in Shorthand
Glenn and I have found that when working on a project - like a photo shoot for a client - we often rely on our own shorthand to communicate.
It could be a look, a reference to a past project or an inside joke - but you and your spouse often know what each other are thinking.
Your “couple’s shorthand” is invaluable in business.
This shared language could include an entire glossary of words, phrases or text abbreviations that mean something JUST to the two of you. It can save time and make you a more efficient team.
You might also use this shorthand to ease tensions during sticky situations. For example, if either of Glenn or I are feeling overwhelmed or rushed and worried we might miss something, one of us simply has to say, “We’re laughing,” to indicate that we have more time than we think or that a solution is closer than we realize. It’s a reminder that we aren’t alone and that our partner is ready to help.
You might not ALWAYS be on the same page in every case, but it usually doesn’t take long to find your groove. That’s because you know each other SO well.
Shared Goals
As a couple in business, your successes and failures are intricately tied to each other.
You both want the same thing (or should) and are committed to making it happen.
Shared GOALS are a huge part of why owning a business together can be great!
But, you can’t forget the other part of the equation: shared RISKS. And this is where a lot of couples stress out.
For example, relying on ONE employer (yourselves), ONE source of income and ONE healthcare plan can make a lot of couples anxious. It’s the “don’t put your eggs in one basket” analogy in overdrive. This is where trust (see above) and being open with your spouse about the risk and your tolerance for such risk is vital before starting or expanding your business.
From our experience, the risk is most definitely worth the reward.
Support/Understanding
Life happens.
When I was dealing with my second of what would ultimately become four bouts with cancer, Glenn had to take on more. Another business partners might not have been as supportive.
Over the course of your business ownership, one of you might need to take time off due to illness or your schedule will need to be adjusted to provide care for a sick relative or to manage childcare.
As a couple, you are there for each other. Which means there is no resentment from the partner who has to pick up the slack because he/she knows how important that extra task is.
Understanding and support are foundations to a great relationship as well as a great business partnership.
Companionship
There are many emotional ups and downs in business. But as a couple in business you don’t have to go through them alone. You are a team.
You can celebrate the wins, vent about the frustrations and handle any challenge - together.
And having a business partner who is also your romantic partner isn’t just a benefit emotionally. Your spouse can be a great sounding board to work out ideas or discuss situations at any time (day or night). He/she can provide advice and support.
I opened a PR/Marketing firm in 2010 by myself. But after a few months as a solopreneuer, I realized that I would be much more successful with a partner. I needed a brainstorm sounding board, someone to help with the overwhelming number of tasks and, most important, someone who I could talk to openly about my hopes and fears of business ownership. That’s why I asked Glenn to join me.
Lean into the fact that your business partners is a true partner, in every sense of the word.
There are probably many other reasons that couples make the best business partners. (And, perhaps, just as many against the idea.) But when you find the right person to build a life and business together is just feels right.
