6 Things to Consider While Starting up Your Business With a Friend

You may enjoy spending time with your friend. For example, watch movies, cheer up your favourite team, and place bets on https://22bet.ng/line/, or go hiking together. But will your friend become the best business partner for you? Consider these 6 things beforehand.

Learn About Each Other’s Expectations 

The key to partnering with a friend when it comes to business is for both of you to state your thoughts right away about expectations for upcoming projects.

When you clearly understand what your friend wants to see in the end and what you want to see, you can probably draw conclusions about whether or not this partnership is necessary. If you have different goals that don’t relate to each other in any way, a partnership is definitely not the best option.

Solidify Everything in Writing 

Once expectations are understood, put them in writing, as you would do with any other person you collaborate with.

Discuss All the Details 

When will the meetings take place? What time will the calls come in? What should be done to ensure that both parties can speak freely and transparently, especially if the situation is not working? Make sure everything is outlined in the aforementioned work agreement.

Set a Schedule for Checks 

Even if you’re on fire with deadlines and little time to talk, make sure you schedule at least weekly checks. This ensures that if something isn’t going exactly according to plan, things can be fixed until it becomes an actual problem for both of you.

Be Sure to Talk About What You Are Unhappy With 

Few people enjoy “difficult” conversations. But the only way you can strengthen your bond with your friend as partners in the same business is by being willing to speak up (within reason) when you are unhappy. Failure to do so is bound to lead to unresolved grievances that will ultimately affect the friendship.

Respect the Boundaries Between Business and Friendship 

As a small business owner, many of your conversations are probably related to your business. But when you are doing business with your partner, draw a clear line between “work talk” and friendship, as it was before the business relationship.