She’s your best friend – You shop together, you work out together, you basically live together and she’s your favourite cocktail drinking partner, so why wouldn’t you go into business with her? Here are 4 key questions to ask yourself before setting up a business with your best friend.
#1 Do you share the same definition of success?
You may have very different ideas of what you wish to achieve in the business if your long term goals are different then it can be hard to both be on the same page. You should ensure that you discuss where you want your business to go and what you want to get out of it as well as how much you are both willing to work towards your end goal.
#2 Do you trust each other?
Trust is incredibly important not only within a friendship but within a business. Trusting your business partner is a must, especially as starting a business is often a risk financially and you need to know that your partner will have your businesses best interests at heart.
#3 Can you handle disagreements?
Are you able to resolve small disagreements in your friendship easily and quickly, if not then perhaps you shouldn’t start a business together. You will undoubtedly run into some difficulties when starting a new business and you will most probably have to face a few minor setbacks. It’s important to be aware of the possibility that your friendship could suffer should things go wrong with your business, you both need to ask yourself if that is a risk you really want to take?
#4 What can you both bring to the business?
Don’t start a business with your friend just because you love hanging out, earning a living day by day with your best friend by your side may sound like the perfect set up but when the going gets tough will you both still be there to pick up the pieces? You should start a business with your friend because you both have something amazing to bring to the table, your skills should compliment each other and your weaknesses should be her strengths.