Want to start 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.