Starting a Business with Your Best Friend?


Woman Money Starting  BusinessHave you been considering starting a business with your best friend?  Many times, these type of business arrangements don't work out.  Here are a few tips to consider that may help make it work for you.  Oh, and your best friend, too.

  • Give credit where credit is due by quickly acknowledging each other's contributions.  And doing this often is a good thing. 
  • Keep your eye on the prize.  You both have shared goals, and that should be your focus and your priority.
  • Admit when you make a mistake.  Not doing so is a sure-fire way to kill the relationship.
  • Start with baby steps by working together on a project, one that has a defined start and end.  See how this goes first.
  • Determine each other's roles, utilizing each of your strengths and weaknesses. Put these roles and descriptors into writing.
  • Draw up a partnership agreement that clearly states a way-out. Having an exit plan in place can reduce fear and anxiety.
  • Find an advisor that knows both of you and empower them as your impartial third party.
  • Schedule time to communicate with your partner.
  • Schedule fun time with your partner.  You were best friends having fun before the business, keep it that way.




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