Do you have business with your life partner and can’t tell the difference between your bedroom and the boardroom? Welcome to the world of Couplepreneurs!

What are “entrepreneurial couples”? This term describes two people who live together in a committed relationship and who also own and run a business together. Couplepreneurship is a growing phenomenon for several reasons, including: corporate downsizing; more women entering the workforce; early retirees looking for another company; and technology that allows a small business to become a viable option for earning a family income.

No specific statistics are kept on the number of small businesses owned jointly by couples. However, according to the Small Business Administration (SBA), the number of “jointly owned sole proprietorships” is steadily increasing at more than 5% per year. Since “jointly owned sole proprietorship” is a tax term for a business where two people share ownership, this information could indicate an increase in Partner Entrepreneurship. The actual increase in couple-owned businesses may be higher, since the SBA does not keep statistics on couple-owned corporations or partnerships.

Partnering at home and in business is not only doubly challenging, but exponentially more complicated than partnering at just one of these ventures. I congratulate all those brave and adventurous souls who are successfully doing both. The following tips are drawn from my own experiences of living and owning businesses with my entrepreneurial husband for the past twenty years; extensive reading; and interviews with several other successful Couplepreneurs.

So for couples who hit a few bumps while traveling the Couplepreneur road; Entrepreneurs in a couple who want more from their personal or business partnership; and those who are considering embarking on the Couplepreneur adventure, I offer the following success secrets.

1. A shared and clear vision of your ideal business and relationship, with an integrated plan to enjoy both.

Being successful as Couplepreneurs requires planning a life with a vision that includes personal and relationship goals as well as business goals. If both partners are not moving in the same direction towards common goals, they will drift apart. Ideally, the partners will always be in sync. Realistically, they may start out with different goals and desires regarding the business, and/or as business and family circumstances change, their dreams may diverge or even change. Successful Couplepreneurs look for creative options that encompass the visions of both partners.

2. Respect for the values ​​of others.

Since values ​​are the principles and beliefs that guide decisions, attitudes and behaviors; the values ​​of each partner must be acceptable to the other. If partners are forced to act against their core values, frustration and fighting will ensue. Supposedly, the partners have similar values ​​as they are a couple who share a life. However, when partners come together in business, they may become aware of aspects of their partner’s value system that they were previously unaware of. Values ​​related to money, commitment, work ethic, integrity, authority, and responsibility can become much more important when a couple shares their personal and business lives. Successful Couplepreneurs honor the values ​​of others at home and in business.

3. Effective communication system for conflict resolution.

Perfect communication between any two human beings is not realistic. However, when partners learn to manage their preferred communication styles, both their relationship and their business will benefit. When they adopt each other’s usual problem-solving process, conflicts are resolved more quickly. Through experience, they have learned what works for each partner, i.e. if a person needs to back off, cool off, blow off some steam, etc. They know it’s important not to judge each other for reacting differently to problems, and most importantly not to take their partner’s reactions personally. They deliberately focus anger and frustration on the problem, and not on each other. Successful Couplepreneurs resolve conflicts together by creatively implementing a joint solution.

4. Agreements on levels of financial risk.

This relates to respecting the values ​​of others, since the perception of money is an integral part of a person’s value system. Risk tolerance is based on beliefs about money. Successful Couplepreneurs have examined their beliefs about money, including the following:

o Is each partner basically optimistic or pessimistic when it comes to their relationship with money?

o Do they have an abundance mentality, believing there is enough for everyone?

o Do they have a scarcity mentality, believing that their gain means someone else’s loss?

o What is each partner willing to risk to grow the business?

o What is the line that each will not cross? (For example: not lose the house, maintain health insurance, etc.)

To be successful, the more risk-tolerant partner must agree not to exceed the level of risk acceptable to the more conservative partner. When the less risk-tolerant partner feels that their boundaries are respected, they are likely to become more flexible about accepting greater risks.

5. Take advantage of the differences.

Successful Couplepreneurs know that one of the main reasons for teaming up with your life partner is to bring a different perspective, the perspective of someone you trust. Couple entrepreneurs who make things work not only tolerate their differences but make the most of them. It is said that opposites attract in love. It also applies in business. Different skills and ideas often create the best business partnerships.

Successful Couplepreneurs assign business roles according to their strengths, skills, and styles. They figure out early on who’s going to be in charge of what, and then stay out of each other’s way.

GJ, a couples entrepreneur from Worcester, Massachusetts, says in Couples at Work: “You should be the best of friends and allow your partner’s creativity and not be too critical of qualities you don’t particularly like. One of the best One thing about being different from your partner is that there is much to learn from better understanding and appreciating your style and your partner’s. At the very least, you will learn that your way of doing things is certainly not the only one. Your differences may be your greatest strengths. , when understanding them, accepting them, growing from them and building on them”.

6. Present a unified front to all: employees, suppliers, customers, etc.

Sometimes differences in style and philosophy can cause the “horns to lock” at a time when teamwork is most needed. However, successful Couplepreneurs resolve conflicts in private and do not allow others to play against each other. In public, they collaborate and support each other’s positions.

In their book Working Together, Frank and Sharan Barnett introduced the concept of “wegos” instead of egos. A wego combines individual egos into a force that focuses on the relationship and the company rather than on oneself. It evolves from each partner’s confidence that together they have the capabilities to achieve their goals. They realize that without “ourselves”, the concept of “myself” is meaningless. Successful Couplepreneurs leave their egos at the door of their business and happily take on their wegos.

7. Relationship comes before business.

A strong partnership and a happy home are an absolute necessity: they act as a kind of insurance policy against the “slings and arrows” of corporate life. Successful Couplepreneurs are adamant about where and when business talk is off limits. They understand that this is vitally important to maintaining their relationship as well as their sanity.

They don’t wait until they have free time to spend quality time with their partner. Instead of waiting until there is time, they make the time. Even a few moments of focused attention can make a difference. When time and money are tight, that’s when the relationship is most stressed and vulnerable. They set the necessary boundaries around work and children to ensure they keep their relationship healthy and strong. They do not allow the business to become a 24-hour obsession. They create separate and distinct times to relax and have fun together (and the kids, if any), even if it’s just a few hours a week.

These secrets apply to all levels of Couplepreneurs, from the small home-based part-time business to the large-scale global enterprise. As noted in Departures magazine (November 2003), in an article about global real estate tycoons B(eng) S(eng) and Christina Ong, “The interaction between husband and wife is the genius behind their story. They complement each other to perfection”. She is restricted, he is outgoing. Her wit is calm, he is warm and spirited.” BS states, “We’ve been married for thirty years. For the first ten years, she inspired me. For the next ten years, she pushed me. Now, she challenges me.” Christina sees it a little differently, saying, “My husband’s job is the big picture, I look at the details.”

The bottom line is that who you are as individuals and as a team, and how you relate to each other and the outside world, will largely determine how successful you are as Couplepreneurs.