An online source suggests "20% of small businesses fail in their first year [and] 30% fail in their second year." No matter the specific numbers, I think we can all agree that there is a high likelihood for a business not to make it to its 5 year anniversary.

Recently a friend and I began discussing our businesses. She and her husband began a couple of new business ventures over the past couple of years and my husband and I began investing in real estate a little more than 4 years ago. Recently, she and I both left our full-time careers to dive into growing our businesses. As we chatted, we quickly learned that we both have similar challenges. Our conversation has led to some rich details on how to grow a family business in 2018--from a "newbies" perspective.

With this, below outlines a few simple guides we are both putting into place to help scale our husband-wife owned businesses. If you have more tips from personal experience, then please feel free to add in the comments section.

1. Communicate your vision. In our business, my husband is the visionary for our construction company and I have a strong hand in our rentals. We have realized how important it is to discuss this vision in great detail and explain to each other what we envision the business to look like this month, year, and throughout a lifetime. The vision may modify, but the work and long hours are much easier when you both understand the end-goal.

2. Define your roles. This was one of the hardest challenges for us. What are my strengths and what are his? How can we define our roles and tasks without stepping on eachothers toes? How do we communicate effectively with each other and potential clients? We are finally at a point where we are understanding the divide and shared duties, but this takes time and is ever evolving. Lastly, do not go overboard with this one, but it is also important to hold yourself and each other accountable for tasks needing completed. It's not worth an argument, but it is worth asking what is the factor keeping this task from getting completed--is it the kids' schedules, too much to do with too few hours, or over Netflix-ing?! A little nudge can go a long way in keeping each other motivated.

3. Hold a weekly meeting. As an employee for the past 10+ years, I am use to scheduled meetings, but my husband is not. Too many meetings can be damaging, but so can not setting aside a time to discuss important details of your business. Holding a meeting helps us to stay on the same page--divide and conquer. It also helps us to define work time vs. family time. Contrary to popular belief, when you own a family business--you will talk about your business over dinner or a date--and to us, that is okay. We are passionate about it, love it, and want our kids to understand it as they grow up as well. The weekly meeting is where we handle the more stressful discussions and ensure we approach difficult conversations with a positive mentality and with the same professionalism as you would an outside employer. You can even hold these meetings over coffee, at home, or on a walk. After all, you own your own time.

So far, we are still figuring out the ins and outs of a husband-wife business, but to date these are a few guidelines that have helped us begin to scale to a larger capacity and vision. Remember to play-off each other's strengths and support each other as you learn new things.

Anthony leveling a 100 year-old victorian house's floors.