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​Jacobs Insurance Solutions Blog

7 Tips to Make Your Business with a Friend Successful

8/23/2019

4 Comments

 
Picture
​Are you planning to run a business with your friend, but wondering if it is a good idea? The risk of going into business with a friend is high. But, you can counterbalance if you find the most suitable partner for your business.
  1. Be Close to Other People
    As you have a close relationship with your co-founder, which is your friend, let other members of your team, including your employees, feel that they belong too. It creates a sense of togetherness and a pleasant working environment.

  2. Take Advantage of Your History
    If you have been friends for quite a while, then you know so much about each other. You know your friend's personalities, strengths, and weaknesses, and vice versa.

    Behind that fact, it is easier for you to assign roles and be more productive in running your business.

  3. Do Not Forget the Friendship
    If you have become busy in making the business successful and profitable, going out and having fun as friends usually take a step back. Make sure you still find time to do what you love most together, outside of work.

  4. Do Not Take Offense When People Confuse You
    When meeting clients, suppliers, colleagues, and other people, it is likely to happen that they will confuse you to your friend. Do not make it a big issue, as nobody means any harm by it.

  5. Take Time Alone
    Give time to yourself and do something without your business partner friend. If that is not possible during work days, do it on weekends.

  6. Set Financial Arrangements
    Business and friends mean money is involved as a subject matter. See to it that there will be no financial friction between you two. While working with a friend gives you an edge on a lot of things, never use this relationship to take advantage of your friend, particularly regarding money.

  7. Set Arrangements for an Exit
    As with any business arrangements, discuss an exit clause with your friend. Talk about the possibility that either of you would want to terminate the contract for whatever reason it may be.

    Should that happen in the future, do not let it ruin your friendship. It happens, so don't take this situation personally.
 
Conclusion
Going into a business partnership with a friend can become a successful venture if it has the right ingredients, which include business knowledge, financial expertise, and professionalism.
 
As you nurture your relationship with your friend while you plan on growing your business, do not forget to buy business insurance. At Jacobs Insurance Solutions, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (817) 485-8989 or Click Here to request a free quote.
4 Comments
Affordable Life Insurance link
2/10/2020 01:29:07 am

It's good to know that a business partnership with a friend can become a successful venture if it has the right ingredients, which include business knowledge, financial expertise, and professionalism. I really enjoyed the blog post and found it helpful!

Reply
llc in virginia link
6/29/2021 08:18:54 pm

The idea of doing business with my friend, it makes me wonder if it is a good idea? The risk of doing business with a friend is high. "If you go fast, go alone; if you want to go far, go with a friend." I think this is correct.

Reply
Taylor link
10/11/2021 09:31:57 pm

Love this article! It’s just fantastic to have a Mentor in your corner. I was experiencing a few setbacks and my Mentor (who I found on www.lisnic.com ) sat down with me to devise a whole new success strategy, I felt so much better afterward.

Reply
John Carston link
1/2/2023 09:38:07 pm

I like that you said that having togetherness with your employees could provide a productive workplace. My cousin informed me yesterday that he was planning to have a business liability insurance plan for the risk safety of their clothing business. He asked if I had thoughts on the best option to when choosing an insurance company. I appreciate this instructive article. I'll tell him he can consult a trusted business insurance company as they can provide the best plan.

Reply



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  • Home
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    • Locations
    • Insurance Carriers
    • Client Testimonials
    • Refer a Friend
  • Products
    • Auto Insurance >
      • Classic Car Insurance
      • RV Insurance
      • ATV Insurance
      • Snowmobile Insurance
    • Business Insurance >
      • Insurance Bonds
      • Workers Compensation
      • Event Insurance
      • Business Owners Package (BOP) Insurance
    • Life Insurance
    • Property Insurance >
      • Home Insurance
      • Condo Insurance
      • Renters Insurance
      • Flood Insurance
      • Landlords Insurance
    • Toy Insurance
    • Motorcycle Insurance
    • Boat Insurance
    • Umbrella Insurance
  • Service
    • Report a Claim
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    • Update Contact Info
    • Policy Change
    • Proof of Insurance
    • Contact My Carrier
    • Free Consultation
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