• Link to Facebook
  • Link to Youtube
  • Link to X
  • Link to LinkedIn
  • Link to Flickr
  • Link to Slideshare
  • Link to Rss this site
  • Donate
  • Subscribe
SBDC Tampa Bay
  • Home
  • Solutions
    • Certifications
      • Business Certifications
      • Minority-Owned Business
      • Woman-Owned Business
      • Veteran-Owned Business
    • Consulting & Training
      • Training
      • Training Calendar
      • Consulting
      • Schedule a Consultant
      • Consultación
    • Business Solutions
      • Growth Acceleration
      • Government Contracting
      • International Trade
      • Starting Your Business
      • Disaster Preparedness
      • Student Teams
      • Financing Your Business
  • Resources
    • Business Resources
    • Frequently Asked Questions
  • Insights
    • Blog
    • Media Inquiries
  • About Us
    • Mission / Vision
    • Consultants
    • Meet the Staff
    • Meet Our Clients
    • Partners / Affiliates
  • Training
    • Training Calendar
    • On-Demand Training
  • Results
    • Success Stories
    • Economic Impact
  • Locations
    • Tampa
    • Hernando County
    • Highlands, Hardee, DeSoto
    • Hillsborough
    • Manatee
    • Pasco County
    • Pinellas County
    • Polk County
    • Sarasota
  • Contact
  • Request a Consultant
  • Click to open the search input field Click to open the search input field Search
  • Menu Menu
Blog

Top Five Tips for Running a Business with a Loved One

Featured News, Human Resources


Running a business as a sole owner can be a challenge in itself. Operating one with your loved one can present a whole new set of difficulties.

According to The Guardian Life Small Business Research Institute, there are approximately 4 million family-owned businesses in the United States. A husband and wife team is operating more than 1.4 million of those businesses.

Since just 44 percent of all businesses make it past the first four years, according to the Bureau of Labor Statistics, running a business with your loved one, can make the odds even more insurmountable.

So, how do you run a successful business with a spouse?

Mark Narus, a certified business consultant with the Florida SBDC at USF, has been down that road as an entrepreneur himself. Narus, who operated a business with a loved one for five years in the music education industry, offers five important tips for those who want to survive a business relationship with a loved one.

1. Set clear rules of operation and understand your spouse’s work style.

Communication is key in any business, but it is even more important when you are working with someone you live with as well. Make sure you know what you are getting into – both the pros and cons. This will help to alleviate some stress when starting out. In addition, there are multiple work styles in the work force, and being married does not mean you operate in the same manner. If your spouse is spontaneous in your daily life, chances are, that same operational style will carry over into their work life. Understand, accept and work around each other’s work styles.

2. Play to your different strengths.

Just as you each have different work styles, you will have different strengths and weaknesses. Narus said, “Everyone has different strengths. Capitalize on them and your business will grow and flourish.”

Divvy out the tasks at work, according to each of your strengths. This will not only make your business efficient, it will allow each of you the freedom to have your own responsibilities within the business.

3. Separate work life from married life by setting aside time for both.

It’s not always easy to hang up your work hat when you walk through the door at home, but you can create a healthy balance. Narus said couples in business together should, “Set up the work week ahead of time and schedule a time every day for personal interaction. If working from home, always have a set work area that you can close off and end your day away from the business.”

4. Have a trusted third party that you can go to, to help with disputes.

Business partners do not always agree on the direction a business should take – whether they are married or not. It’s always a good idea to enlist a trusted third party adviser who can look at situations objectively and offer sound advice as to what to do. As a certified business consultant, Narus recommends to a majority of his clients, that they seek outside advice in areas they are not familiar with. The same rule applies here.

5. Seek professional advice.

This is a good general rule for most small businesses. Business owners may be very equipped in their particular trade or industry, but that does not necessarily translate into excelling in all areas. When it comes to money matters, tasks an owner is not familiar with, can make or break the business.

“I tell new entrepreneurs to form relationships early with four key people,” Narus said. “These key people are an accountant, attorney, bookkeeper, and insurance agent. These four have the professional expertise to help save your business time, money and protect assets.”

[blog_list thumb=”medium” showposts=”1″ post_content=”full” category_in=”320″ disable=”image,meta,more”]

 

Share this entry
  • Share on Facebook
  • Share on X
  • Share on LinkedIn
  • Share by Mail
https://enwqtxc9es4.exactdn.com/wp-content/uploads/2014/02/00590.jpg?strip=all&lossy=1&ssl=1 300 388 admin /wp-content/uploads/2024/10/Locked-Host-Logos-Horizontal-USF-Small-e1728920602651.png admin2014-02-10 22:09:392022-01-01 00:06:40Top Five Tips for Running a Business with a Loved One

Categories

  • Business Essentials
  • Business Plans
  • Buying a Business
  • Certifications
  • COVID-19
  • Crowdfunding
  • Disaster Preparedness
  • Economic Development
  • Finance
  • Government Contracting
  • Growing Your Business
  • Healthcare
  • Human Resources
  • International Trade
  • Marketing
  • Press Releases
  • Radio and Podcast
  • Starting a Business
  • Success Stories
  • Success Stories Videos
  • Tech Commercialization/Tech Transfer
  • Veteran
  • Web and Social Media
Subscribe to Newsletter

Contact Us

Regional Office Contact Info

USF CONNECT
3802 Spectrum Blvd., Suite 201
Tampa, FL 33612

813-396-2700

Subscribe to Our Newsletter

Florida SBDC Network

The Florida SBDC at the University of South Florida is a member of the Florida SBDC Network, a statewide partnership program nationally accredited by the Association of America’s SBDCs and funded in part by the U.S. Small Business Administration, Department of Defense, State of Florida, and other private and public partners, with the University of West Florida serving as the network’s lead host institution. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for limited English proficient individuals.

Logos

Business Assistance

USFMuma

State Designated as Florida’s Principal Provider of Business Assistance [§ 288.01, Fla. Stat.]

© Florida SBDC at USF | contact webmaster
Link to: Canine Cabana of Hillsborough County Link to: Canine Cabana of Hillsborough County Canine Cabana of Hillsborough County Link to: WSV Group, Inc of Pinellas County Link to: WSV Group, Inc of Pinellas County WSV Group, Inc of Pinellas County
Scroll to top Scroll to top Scroll to top
  • Get Answers