My partner and I registered our business name not long after we went on our first date. We’d been close friends for a while and connected through our shared interest in travelling and a yearning to escape the 9-5 grind.
Luckily, we found entrepreneurship at the same time that we found each other, and since then our business and life partnerships have developed very closely alongside each other. For us, our business opportunity presented itself in the form of ecommerce. Now, three years into our business journey together, we have established a small empire of stores that provide us with income and more importantly, the freedom and time to spend more of our days with each other.
So what exactly are the benefits of building a business with your loved one? I think there are many and I’ve compiled a simple list of some of the best ones below:
● Shared values and beliefs – Being on the same page as your business partner is essential and given the amount of time that couples spend together means that it is highly likely that you share some very similar core values and beliefs. These will make all the difference if (and when) the going gets tough and will help you to make better decisions when moving your business forward.
● Two heads are better than one – Ever grappled with a problem or searched for an idea on your own? Having the ability to bounce ideas off someone you know well, and whom you probably feel very comfortable around, should not be underestimated. It’s a magical feeling being able to ask for help or offer an idea without fear of judgment or loss of ego.
● Motivation and support when you need it – It is inevitable that there will be times of struggle and frustration with your business. Those working on their own must master these by themselves while those working with a business partner may feel the need to conceal their true feelings in hope of preserving their pride. Having a loved one who understands you well as a business partner means that they will likely be able to read your mood effectively and be able to respond and support you in the right way when the chips are down.
● Shared bank accounts – Whilst working with someone else on a business project can potentially be financially rewarding, there comes a time where the profits of the venture must be split. Instead of waving goodbye to the other share of the business’s earnings, watch them accumulate in your shared bank account! Sharing income together is incredibly motivating and means that you will reach your financial goals sooner and be able to channel more capital into future growth opportunities.
● More time with each other – Assuming that you’d actually like to spend more time with your partner, building a business together can provide you with a wealth of time alongside each other. Many couples in regular 9-5 jobs part ways early in the morning and meet only again for a few fleeting, tired hours in the evening. When you work closely together in a business you own, you have the opportunity to get to know each other really well. Now this may not end up being a good thing for some, but for many it will help to create a strong connection and the journey together will likely bring you closer than ever before.
● Test your limits – Starting a business together with your partner is a fantastic way to test your own and your relationship’s limits. Now I’m not saying that starting a business is a great way to see if your partner is marriage material but I do think that working together in this way will help you to see qualities within each other that you may miss if you were to continue down the typical ‘his and hers’ careers paths. Couples rarely see each other’s true abilities when they trudge off in separate ways to their day jobs. In a shared business however, you quickly learn each other’s strengths and weaknesses and this greater understanding of each other can have positive impact on your relationship.
So these are just some of the benefits of starting and running a business with your loved one. Personally, we have learnt and grown immensely over the past 3 years and I can honestly say that running a business with my partner has added a great deal of depth to our relationship. Yes, there have definitely been a few struggles, however, working with someone you love can be a wonderful thing both for your relationship and your bottom line!
Carl England is the co-founder of www.simplycushions.com.au and www.simplycushions.co.nz. Simply Cushions is one of the leading retailers of cushions in both Australia and New Zealand. He and his partner, Sophie, have made it their purpose to curate the largest range of premium cushion covers in the region.