Starting A Business With A Friend

Separate Work From Play.

Starting a business with a friend. When youre starting a business with a friend you have to make sure youre at the same stage of life and can put in equal amounts of work. Set Expectations and Goals. You want co-founders who can push you who can make you nervous -- the sort of people.

No matter how hard you try its impossible to separate the personal from the professional and you can very well lose a friendship should your business fail. Of course not everyone has lots of capital readily available to bet big on a business. Make sure that he or she is someone who will never make you feel left out or not in the loop when key decisions related to your business are being taken.

And lets face it the odds arent in your favour80 of businesses fail within the first 18 months. Another potential problem is that your friends may not follow your directions if you are their boss. If youre starting a company with a friend you should each be investing real equity.

In other words money. Sinead Bailey Kelly of HG Creations explains how she and Dee Young went from friends to co-founders. Nit-Pick Your Business Plan.

Get Everything in Writing. Define Roles Based on Each of Your Strengths. Show up to your new business like you would a new job.

Acknowledge each others strengthsthey will become the businesss strengths too We all have our strong suits and Simbari Kott and Mistal all. Key people also are stakeholders in more than just the success of the business. A friendship and a business relationship are very.