From Illinois Business Journal news services
Finding enough quality time to spend with your spouse is often an issue, and running a business makes it even more difficult. For many small business owners, one option is to work together.
In a survey commissioned by BMO Harris Bank, 500 small business owners across the United States, including a group from Illinois, were asked if they would go into business working directly with their spouse/partner.
While nationally, the majority of small business owners would work with a spouse, Illinois small business owners were split between working with a spouse and not working with a spouse, with those who are unsure close behind. Of the respondents who are not already working with their spouse/partner, the answers were as follows:
“One of an entrepreneur’s most important juggling acts is balancing the time needed to run a business and time spent with his or her family,” said Sandy Washington, senior vice president and St. Louis retail market manager, BMO Harris Bank. “For some couples, working together can be a solution that allows them to spend time together while they build a business together; however, it’s important to understand the implications of this type of arrangement on both the personal and business fronts and address them from the beginning.”
Washington added that when she talks to clients who are planning to open a business together, she advises them to:
· Consider the tax and legal implications of such a partnership.
· Set a certain amount of time away from the business – no matter how hectic things get, there needs to be a time for the personal side of the relationship.
· Set a certain amount of time away from each other.
The survey was conducted by Pollara with an online sample of 581 U.S. Small Business Owners between Sept. 8 and 18, 2014 and released this week, which is National Small Business Week. A probability sample of this size would be accurate to +/- 3.5 percent, 19 times out of 20, pollsters say.