Money is an important yet uncomfortable subject to discuss, especially with your significant other. However, as a couple, discussing and understanding your financial goals and patterns is equally vital to developing financial intimacy – which refers to the transparency and comfort between a couple regarding money matters. Research shows that starting a business together is highly recommended as one of the ways to develop and maintain financial intimacy. Although you may be skeptical about this decision, you would be among the 3.3 million jointly owned couple businesses in the country. This clearly shows some perks to owning a business with your spouse. Here are a few benefits to consider if you start a business with your spouse.
- You already have conflict resolution strategies in place
Disagreements are a part of running a business. Naturally, you and your business partner would share differing opinions on a number of issues. You can usually cool off from these issues when you get home. But what happens when the one you’re arguing with shares your home with you? The issue of conflict is the main reason why several couples refuse to start a business together. However, these conflicts are easy and quicker to resolve when you are already a couple. This is because you have existing strategies to resolve conflict in your relationship. Whereas with someone else, such conflicts could last over an extended period and require third-party intervention to ensure it is resolved.
- You learn new things together
An interesting aspect of starting a business is that you learn something new every day. For instance, assuming you want to implement updated technological solutions like wireless credit card readers. In that case, you and your spouse would need to learn how this would benefit your business and how to use it efficiently. Learning these new things, according to experts, further deepens the bond between you and your partner. This, in turn, leads to increased intimacy, a sense of shared purpose, and increased confidence in the business.
- You share the same values and goals
For a business to be successful, its employees must share in the values and goals of the business. This unites the team and keeps them on the same page, as everyone works towards a particular goal with the right values in mind. With a team, you must make time to train and implement such values and goals, which does increase costs for the business. Fortunately, with your spouse, you don’t need to worry about this. Your partner already knows what you like and dislike, and how you feel about various subjects. Besides, one of the reasons they are your spouse is because they share similar goals and values. Therefore, when starting a business with your spouse, you don’t need to worry about teaching them the values and goals. This ensures you are always on the same page, leading to the success of the business.
There are several benefits to starting a business with your spouse beyond the abovementioned points. Therefore, you should consider starting a business with your spouse to deepen your relationship and financial intimacy.