A lot of people I know have said that putting up a business with a best friend is a bad idea. Talking from experience they have shared how their business with their BF failed- and along with it, the friendship they have nurtured for years. They enumerated a bunch of reasons- from their best friend slacking off or not giving the same amount of energy to spending company money for personal use.
But the way I see it, a business with a best friend can work if these five things are observed or done. Trust a person who has been operating a business with my BFF for over 5 years now.
1. Make sure you have the same values
The most important thing is that you share the same values. Like it wouldn’t work if what you’re aiming for is attaining success through professionalism and integrity, while your partner’s only quest is to amass money.
2. Set your roles and responsibilities clearly
Divide your work clearly and respect each other’s work. Example, if one takes care the finances, the other takes cares of the day to day operations. When one is the looking for new clients, another is in charge of maintaining relations with the current roster. While both can still talk about matters in general, one must learn to rely on the other without having to interfere in another person’s work- unless asked or unless crucial decisions need to be made.
3. Don’t expect that you will always have the same level of commitment every time
There will be times when you won’t have the same level of energy or passion at work. Let it be. (unless it lingers for weeks). there will be times your best friend will be having a bad day or a few life issues. Deal with it- as much as he/she would allow you when you’re having yours.
4. Don’t ever forget how much your bond meant to you before you started
This is important, specially when faced with struggles- particularly financial difficulties. It will not always go smooth sailing for the business so it’s important that you’ve got each other, come hell or high water. There should always be that common goal to keep going- whether it’s to celebrate victories or encounter defeat.
5. Do communicate often
When it comes to decisions about your business, you must constantly talk. Keep each other in the loop. Don’t make decisions alone, specially when you know it will affect the company. The keyword here is respect.
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