Before embarking on the venture with your best friend you should pay close attention to these details. Eye: if you do not, you run the risk of losing your business, your investment and your friendship.
Do not leave things in writing.
It doesn’t matter that they know each other for a lifetime and have all the confidence in the world. Businesses require order and clarity. Set the foundations of your business together and leave it in writing. Something as simple as a document can save you many discussions and misunderstandings.
Work without defined objectives.
If you want your business to succeed (and keep your friendship) never assume anything. Before starting work, define the objectives you are looking for together. This will help them understand where they want to go and differentiate personal and business objectives.
Do not assign responsibilities.
It is not enough to know what they want to achieve, to do so they must work together.
This means that your efforts must be added in a coordinated and efficient manner. The fact that everyone knows their role in the business and their responsibilities will make it easier to meet the objectives that have been set.
Carry bad communication.
Not speaking things clearly can affect the operation of a business and, therefore, its success. Do not keep doubts or comments just for not bothering your friend. Try to be assertive and direct to ensure effective communication.
Do not separate the work from friendship.
The worst thing you can do is confuse your friend with your partner. While friendship has brought them to this point, you must understand that the reasons that unite them now have to do with a business and not with their relationship. Learn to differentiate personal disagreements from professionals.
Boot without a budget.
Do not get carried away by the excitement of the moment and better sit down to check numbers before starting. Many businesses close in the first 6 months for not having calculated the investment well. Review the initial amount they need to start work, and establish the percentages that each one must invest. In case they require cash immediately, they can avail personal loans online. They are safe and fast.
Start a business together for the wrong reasons.
Being the best travel companion or roomie with whom you lived abroad are not the best reasons to start a business with someone.
Consider that your partner should have similar objectives and priorities to yours to facilitate the work together.
Objectively analyze each of these points and answer yourself: is it a good idea to start a business together? If all you need to start is money. Request your loan (terms not less than 7 days and no more than 30) of up to $ 6000. The best: you don’t need an endorsement!