Starting a business with a friend may be a really good idea if you both want to be entrepreneurs and have a passion to open a business together. However, there are some things that you should be mindful of so that you don’t ruin your friendship. Here are some do’s and don’ts of starting a business with a friend.
Do Determine Each Other’s Roles Beforehand
It’s never a good idea to assume that the other person will just pick up the slack. You need to determine each other’s roles before you go into business together. This will allow the business to run efficiently, and you won’t have to worry about something not getting done.
Don’t Assume That You Each Want The Same Thing
There’s a good chance that your friend doesn’t share your vision. They may have different goals or expectations in mind. You need to sit down to discuss what each other wants out of the business.
Do Create A Business Plan
If you want your business to be successful, you need to create a business plan. Create goals as to what you both want your business to look like over the next five years. Write down strategies to achieve those goals.
Don’t Go Into Business Together Just For Fun
Many individuals go into business with their friends because they think it will be fun to be around their best buddy all day long. Unfortunately, it often turns into a disaster. Just because your friends, it doesn’t automatically mean that you will work well with one another. You both need to be committed to stick together for the long haul even if the going gets tough.
Do Have Open Communication
It’s crucial that you communicate with your friend about what’s going on with the business. You should run ideas by him, and you should discuss imperative information before making big decisions.
Don’t Mix Your Personal Life With Business
You can create a lot of problems by not keeping your personal life and business separate. You need to handle personal matters outside of your business.
Starting a business isn’t easy. When you have a friend involved, you may find that it can be both challenging and rewarding. By utilizing the tips mentioned above, you can ensure that you don’t destroy your friendship when you start a business with your friend.