10 Things to Consider Before Starting a Business With a Friend
After the excitement wears off, now Carefully consider these options
If you have thought about starting a business there is a chance are you have contemplated on doing it solo or with a friend and are weighing out the advantages and disadvantages of doing so. Here is a list of pros and cons to help with your decision.
1.Understand Your Personality Type
It important to understand your personality and this goes way beyond being an introvert or extrovert however really understanding type person you are, for instance you can explore this through the Myers Briggs 16 personalities test which provides an in-depth conclusion of what personality type you are from your relationships/friendships behaviour to parenting and strengths and weakness. This will enable to you to learn what your weakness are and by working with a friend who can compliment you in your weaker areas, this could be beneficial or contradictory as you can learn how benefical it will be being a solotrepreneur. I have a personality trait called INFJ and this has enabled me to understand my career paths further and my different types of relationships and how I can pursue my creativity.
2. The benefits of bringing your skills together
Having someone you can bounce ideas and workload is bonus. You and your friend will have different expertise and skills you can bring to the table and this will compliment your business in areas whereby you need help. For instance, your friend could be the creative, and you can be better within Finances.
3. Sharing Responsibility
It can be daunting if you’re starting a business and you’re trying to raise funds and learning each other’s management skills for the new team you are acquiring or learning more about yourself through networking for clients and industry knowledge and trends. Working your friend can ease the process of workload that requires starting a new business especially.
4. Stronger Force In The Market
Having a company with multiple co-founders ensures the company is always one step ahead because being a solo owner you may just listen to yourself rather than sharing the business ideas with somoene as result you may be left behind your industry trends. Working with your friend the discussion of the business is always spoken about as you both have your respected networks and attributes to bring.
5. Be prepared To Risk Your Friendship
As you are now business partners, be mindful that the friendship may change as your focal point may shift to your business to a new layer to the relationship you already have. Ask yourself despite having great friendship and both having attributes you can bring to the business are you able to share business with your friend more importantly the characteristics your friend including her flaws and yours can that be managed to co-work in a business?
6. Are you able to do this alone?
Importantly what the reasons are why you’re willing to work with your friend? Write down all the attributes your friend is bringing to the partnership and ask whether you’re capable of alone?
7. Do not feel disheartened if you and your friend do not have the answers.
Do not feel pressured if you’re both inadequate of fulfilling a role in a business. Majority of business owners hire people who are qualified in particular role. It is better for your business to have team of people who you can trust to get the job done.
8.Give Credits Where it is due
This factor is not something many people consider in the early days as they are just excited to share this new chapter with someone they get along with. However if your if one of you have stronger experience/ understanding on area of the business which is pivotal for success, this may make you feel second best in the business accept that if that maybe the case and be humble about it and look at what could not acheive without this partnership and potiential that awaits in the future.
If you are naturally a leader and wants the respect validation of their hardwork then this is crucial if you are take a step down when potientially needed.
9. There is no such thing as 50/50
Following on from the above, yes you may split the risk, expenses, profits but There will be one person who will naturally give more to the business. You are not an identical equal to your friend so your will results will show this.
Life predicaments may come in the way too and one may need to step up for longer period than expected potientially too.
10. Don’t Be Shy By Having An Contractual Agreement Set On Everything
You may have found it easy avoiding confrontation and uncomfortable talks and could easily avoid them when you were just friends but as business partners all stakes are in the open and transparency is key, communication about back and front end of the business should be expressed in written format. It is also best to get this out of the way at the early stage too and as the bussiness grows you can review it and update if needed.
See The Positives It Will Bring
The above may be alarming but see the benefits of how as business partners you could create a brand, niche and different perspective the options are limitless. Its like having your miniature board team. Alone we cannot always make the best decisions.
If self motivation is your weakness knowing that you are also impacting somone else future if you are a proscatinator or are not giving 100% effort this alone should boost your need to get your work up to speed. You don’t want to disapointment somone who trusts you in their life projects.
There is stigma that sucessful business are built soley by one person, that you cannot feel sucess unless done so. However many established business have people supporting them whether that is through hiring freelancers of creating a logo to supporting your digital marketing presence and most importantly a greater work life balance to which is key sucesss.
