What’s the harm in doing business with friends? We’ve all been told not to mix business with pleasure, but why? A friend is someone you trust and respect. Shouldn’t a business partner fall into that same category? Here are a few tips to help you navigate the currents of doing business with friends.
Business With Friends: Where to start?
We all have trouble getting the plane off the ground, but there’s no shame in seeking a little help. Doing business with friends is extremely rewarding. I do it all the time and part of network marketing is making those connections that will facilitate your business relationship (check this out if you’re not sure about building relationships in the realm of network marketing). Here are just a few of the main facets of a working (and friendship-minded) business relationship.
Communication: Keeping your channels open
It sound obvious, but it’s probably the most important aspect of your business relationship. Sometimes your friend will do something you don’t like. We’re all imperfect creatures and that’s, unfortunately, life. The important thing is to not let it fester. If you don’t mind me taking a page out of the preschool playbook, use your words and respectfully tell your friend how you feel. If you could talk about that kind of stuff before you went into business together, why stop?
Drawing Up A Contract: Friend not foe
Whenever you move into a new apartment you sign a lease saying that you will pay your rent and follow the rules. In return your landlord promises to maintain the property and ensure that certain standards of living are met. It’s the same principle when doing business. Even if you’re excellent communicators, contracts provide that added security and limit the possible future tension. Don’t let that elephant in the room get in the way of doing business with friends.
Money Matters: Don’t let financial fear get in the way of doing business with friends
It’s one of the main reasons for tensions in life in general, reaching much farther than the realm of business. Although it’s an important part of running a business, getting too caught up in making money can actually hinder more than help you and your business in the long run. A business needs time to grow and flourish. Don’t let your impatience get the better of you. Take a step back and set long term goals. Include your business partner in this too! Don’t be a Scrooge and ‘bah humbug’ them out of the financial dealings. Doing business with friends is a joint effort, so don’t let that little green monster rear its ugly head. Business with friends has more than just financial rewards.
Business with friends: How possible is it?
Around fifty percent of start-up companies have friends as owners according to Microsoft Office Live Small Business. Steve Jobs and Steve Wozniak started a business being friends beforehand and look how that turned out! It’s only natural to gravitate towards someone you trust and who better to tackle a new challenge with than a friend? Check out some more information about doing business with friends.