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What’s a friendship if you haven’t thought of starting a business together! But if you’ve transitioned from laughing it off to taking it seriously, then it’s best to think it through before you take the plunge. After all, you don’t want anything to come at the cost of your friendship.
Check Compatibility
Sure, you’re friends so obviously you’re compatible. However, you need to be compatible as business partners for the business to take off and survive, along with your friendship. The traits that you find amusing, like their time blindness when you plan casual get-togethers, can become frustrating when they don’t make it to important meetings on time.
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Be True To Yourselves
Overestimating your capabilities and those of your friend, especially because of your undying love and loyalty towards them, will get both of you in trouble. Vet each other’s skills honestly and see if they will help your potential business plan.
Conflict Resolution
How do you and your friend resolve conflicts? Do you fight it out and forget about it soon enough and move on, or do you ignore the problems and let them ferment. When things go awry in business, tempers can fly, mean and hurtful things may be said, so be prepared to handle such situations.
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Investments
Be it money, time or effort, both of you need to be investing in the business. Discuss beforehand how much both of you can realistically contribute, so that there aren’t any altercations in this regard.
Align Goals And Expectations
It’s possible that one of you has limited expectations from the business while the other has big plans. Discuss your business goals with each other, establish timelines for the same, and figure how you’ll manage finances. Also discuss short-term and long-term plans, and iron out differences before you begin.
Read more: 6 Tips And Tricks To Boost Your Productivity
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