Currently, the divorce rate in the US is at a high of fifty percent. Certainly, a staggering number and this number only increases when you start to talk about small business owners. As an entrepreneur you wear numerous hats and perform many roles—the role however that often gets neglected is that of spouse and partner. So why exactly is the divorce rate growing when it comes to small business owners…
Failure to set boundaries. As mentioned, your business is incredibly time-consuming; it is yours after all. You want to ensure that it succeeds and so you spend an inordinate amount of time at work. When not at work you're thinking about work. Inevitably a marriage is going to suffer under these circumstances. Small business owners need to do an overall better job of setting some hard and fast boundaries between their personal and business lives.
The financial risk. Starting and running your own business does involve a tolerance for risk. There are no guarantees. You may end up investing a fair chunk of your own money into the company. But does your spouse share this same stomach for risk? Arguments over money can kill a marriage faster than perhaps anything else.
Jealousy. And we're not talking jealousy over another person—in this equation, it's your business that becomes the ‘other' who is taking not just time, but your focus and your passion. You thus have little left to devote to the marriage and things do start to take a turn for the worse.
That phrase worklife balance is critical here, especially for the small business owner. Yes, you have to be committed to your company, but if you want your family/home life to thrive, you also have to devote your attention to that as well. When problems and tensions do arise, address them—be proactive when it comes to your relationship, just as much as you are with your business.
If your business is in need of funding, First Union is here for you. We have loans from short term loans to lines of credit. Call today!