Can friends be good business partners? It’s possible, but before you make the decision to work together, some things must be taken into consideration. The following is an excerpt from my new book Readi – Set Go: A Simple Guide to Establishing a Successful Small Business:
Many times, we will start businesses with people we know. This can be both a blessing and a curse. We tend to have a comfort level with our friends where we trust them with things we hold dear to us. On the flipside, that friendship can cause tension when things aren’t going well in the business.
The key with working with friends is to create a team of like-minded individuals who share your vision, work ethic and goals. This will help make your journey a lot less stressful.
Whether you opt for a friend or someone new, here are the top things to look for in a business partner:
- Discover your strengths and weaknesses
What are you good at?
Where will you need the most assistance?
What aspects will you want to have more control over?
It’s important you know this about yourself and to ensure your potential business partner knows this too.
2. Get to know them personally: Spend some time away from work with your potential business partner and get to know them.
Do they have any habits you don’t like that could impact the business?
Do they drink too much? Associate with unscrupulous people?
3. Create an opt-out clause: Consider creating a contract that dissolves after a certain time if things aren’t working out. If the business relationship is working, great. If not, it dissolves cleanly and quickly.
No matter what industry your business is in, you need a business partner who you can trust to get the jobs done that you cannot focus on. Your business partner has to be reliable and ready to get work done at all times.
Always remember one important tidbit of info: everyone you started your business journey with may not complete the ride with you. Many friendships have ended because they started working together and things fell apart. Some may even stop communication all together.
Working with friends is a big decision. Is that the best decision for you and your business? Read more in the my newly released book. Pick up a copy HERE!