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Business partnerships What you need to know before starting a business with your spouse

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Four simple rules.

Rules for starting a business together play Rules for starting a business together (Courtesy)

Starting a business with your spouse can be daunting. There are certain things to consider if you want to increase your chances of success.

ALSO READ: 6 signs that show a couple won't last long based on how they plan their wedding

Since being in an intimate relationship with the person you're running a business with can provide a lot of stress, there are rules to be followed to ease how things are done.

 

According to Forbes, this is what you need to do when starting a business with your spouse.

1. Have an emergency fund in place

Finances are among the lading causes of divorce among married couples. Cash flow for new business can be a bit difficult. So to cushion any losses, ensure that you have a reserve of cash.

2. Understand your personalities

Acknowledge the strengths between the two of you so as to divide tasks based upon your strengths.

ALSO READ: 4 things to consider before lending your spouse money

3. Engage in separate hobbies

On your off days try to spend some time apart focusing on your interests.

4. Don't blow smoke up each other's a**es

Because you love each other, you may end up overpraising a poor decision or in effect enabling poor decision-making, inefficiency or other poor business practices.

Concurrently, don't be too hard on your spouse should anything go wrong. Don't be quick to judge, blame and disparage.

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