Prince Harry, Duke of Sussex and Meghan, Duchess of Sussex
As Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, work to become financially independent, they have already taken some steps to develop their new commercial lives.
Their Sussex Royal brand, which is actually owned by their foundation, is officially registered with the United Kingdom Intellectual Property Office for a number of goods and services. There are suggestions that their next steps should be to consider a book contract, or perhaps Netflix.
However they decide to proceed, they do seem to be working together towards the financial self-sufficiency they seek. In doing so, they are joining the ranks of other spouses who jointly start businesses.
Couples already need to handle emotional issues, and building a business or working with your partner certainly adds all kinds of complications. Not only do the partners need to be committed to one another, they must also commit themselves to their business.
So what do the experts advise?
The first big decision is whether to work with your partner at all, or whether you’d each be happier and more productive working elsewhere. For those of you who aren’t yet as certain about this as the Duke and Duchess, there is much to think about. Boss Up! author Lindsay Teague Moreno, who has had the pleasure (and, she noted, at times pain) of working side-by-side with her husband in several different businesses, recommends using a SWOT analysis. This identifies the Strengths, Weaknesses, Opportunities, and Threats of working with your spouse. It can help you decide if your business abilities complement one other. Here is Moreno’s list.
Once you’ve decided to move forward, the next and perhaps most critical piece of advice – gleaned from just about every source I consulted – is the importance of communication. Being able to talk to each other is key to being able to work with each other. A major challenge of working together comes when inevitably, you have different priorities and approaches to a project at hand.
As with any other couple decisions, the key here is understanding the other person’s perspective and coming together on a mutual path forward, explain Matt Woodburn and Sarah Neukom, the life-partner entrepreneurs behind ESP Presents. They are also fans of what they call “the next shift,” afterhours conversations and brainstorms when they can be most productive in terms of big picture thinking that moves the business forward.
If there are times when you can’t agree on your own – and it is can be hard to see just why your partner insists on running it their way (they want Disney to produce your life story), when you know yours is better for the company (you’re sure Netflix is more authentic) – then you may need a business consultant, or even a therapist. If the two of you are fighting, you can’t move the company forward. And if you have employees, they’ll only be caught in the middle.
Third, now that you’re talking, you need to set boundaries on your business roles, and then make sure to stay in your lane. This means working through your respective responsibilities and being clear about your turf. This is not a one-time conversation, and boundaries may shift as your business grows, you take on more clients, and hire employees.
There will inevitably be some overlap – if you’re in charge of marketing, and your partner in charge of products, you’ll need to give feedback on what customers want, and you’ll need to hear from your partner on what products are available – but you need to be able to stop your partner from telling you just what to do.
Finally, remember that you are a family. Even if you engage in those next shift conversations, take time for yourselves as a couple where you’re not talking about the business. Don’t let your work problems follow you into your relationship, just as you shouldn’t let your couple problems follow you into work.
