Being in love is one of the best things that can happen to a person. It’s complete happiness, joy, and a sense of contentment and peace. When you’re in love, you feel right.
Sometimes, people who are in love are willing to take more risks. One of the prime risks they would take is starting a business.
Couples run some small businesses in the United States. However, some of the biggest companies are also run by couples. An example would be Whitestone Partners, which is run by partners Doug and Polly White. The company has a net worth of over $34 million and is going strong.
Sadly not every couple-ran business succeeds. Many of them fail. There are a variety of reasons why this happens. Here are five of the most common reasons:
Divorce is one of the main reasons why couple-ran businesses fail. Unfortunately, it’s also one of the reasons why many Americans file for bankruptcy.
The United States is currently going through a divorce epidemic. The divorce rate is now at its highest since the early 1990s.
When a couple gets divorced, they must go through the process of dividing up their assets. It can be a highly complex process, especially if the couple has a lot of assets.
Couples running a business together will have to go through the process of dividing up the company. This can be a challenging and complicated process. However, one of the best ways to stop your divorce from ruining your business is through divorce mediation services. This service can help you, and your spouse agrees on how to divide up the company, which can help the business survive.
Lack of Communication
Another common reason why couple-ran businesses fail is because of a lack of communication. Couples who are running a business together need to be able to communicate with each other effectively.
There are a variety of reasons why couples might have a communication problem. One of the most common reasons is because of a lack of time. When you’re running a business, finding time to talk to your spouse about important things can be challenging.
It’s also common for couples to have different communication styles. For example, one person might be more direct, while the other might be more passive. This can lead to misunderstandings and conflict.
Couples need to find ways to communicate with each other effectively. One way to do this is through weekly meetings. During these meetings, you and your spouse can discuss what’s happening in the business and come up with solutions to any problems you’re having.
Not Having a Plan
Many couples who start businesses together don’t have a plan. They might have an idea for a business, but they don’t have a plan on how to make it successful.
Creating a business plan is one of the most important things you can do when starting a business. This document will outline your goals, strategies, and how you will achieve them.
Without a business plan, it’s challenging to make your business successful. You need to know what your goals are and how you’re going to achieve them. Otherwise, you’ll just be winging it and hoping for the best.
It’s not uncommon for couples to have different goals for their businesses. For example, one person might want to grow the business, while the other might want to keep it small.
Couples need to sit down and discuss their goals for the business. Then, they need to come up with a plan on how to achieve these goals. If they’re not on the same page, it will be complicated to make the business successful.
Incompatible Work Styles
Couples often have different work styles. For example, one person might be more organized, while the other might be more creative. This can lead to conflict and tension.
Couples must understand their different work styles and how they can complement each other. One way to do this is through personality tests. These tests can help you understand your strengths and weaknesses. Once you know this information, you can start working on ways to improve your work style. It’s also a great way to learn more about your partner!
You can try out personality tests by hiring a psychometrician. Psychometricians are professionals who administer and interpret psychological tests, give you your tests, and even interpret them.
Running a business with your spouse can be difficult. There are various reasons why couple-ran companies fail, but through effective communication and planning, you can avoid these problems. Make sure that you and your spouse have the same goals for the business and work on improving your different work styles. If you do this, you’ll increase your chances of making your business successful.