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.
- 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. - 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. - 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. - 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. - 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. - 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. - 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.
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