Starting a business can be an intimidating task, especially when you are considering partnering up with a friend. While starting a partnership might seem like a good idea at first, you should sit down and think about the advantages and disadvantages of working with your friend before taking the plunge. Can't decide on whether it is a good or a bad idea? Don't worry, and we’ve got your back! In this piece, we will discuss some pros and cons of starting a business with your friend.
Pros Of Starting A Business With Your Friend
A Healthy Work Relationship
Do you work well with this friend? Have you worked together before? It can be fun to work with a friend to share ideas and friends are not one to pressure you. In many cases working with a friend allows you to work with ease and without worrying about being punctual or meeting deadlines. Work can become more fun when your best friend is in the office with you.
No Communication Barrier
One of the most significant advantages of working with your friend is that you already know them. Therefore, you already know how to communicate with them and won’t need to overcome the many communication barriers office life presents. Easy communication means the ability to talk about any issue and that is the first step to solving problems that arise and quickly finding a resolution to them.
A Healthy Work Relationship
Do you work well with this friend? Have you worked together before? It can be fun to work with a friend to share ideas and friends are not one to pressure you. In many cases working with a friend allows you to work with ease and without worrying about being punctual or meeting deadlines. Work can become more fun when your best friend is in the office with you.
No Communication Barrier
One of the most significant advantages of working with your friend is that you already know them. Therefore, you already know how to communicate with them and won’t need to overcome the many communication barriers office life presents. Easy communication means the ability to talk about any issue and that is the first step to solving problems that arise and quickly finding a resolution to them.
Similar Beliefs
Have you ever thought about why you are close to your friends? Is it because you have similar values and beliefs? When working with a friend you may have a difference of opinion, which is perfectly fine. The important thing is that your core values are similar and it is these traits that will help avoid unnecessary conflicts that arise in business. Now that we know some of the most significant advantages of starting a business in partnership with your friend you should also know some disadvantages.
Have you ever thought about why you are close to your friends? Is it because you have similar values and beliefs? When working with a friend you may have a difference of opinion, which is perfectly fine. The important thing is that your core values are similar and it is these traits that will help avoid unnecessary conflicts that arise in business. Now that we know some of the most significant advantages of starting a business in partnership with your friend you should also know some disadvantages.
Cons Of Starting A Business With Your Friend
Difficult To Be 100% Frank
It might be easy to communicate with your friend when things are sailing perfectly. However, during rough times it becomes difficult to be 100% frank. If, for instance, you start feeling that your friend isn't working correctly in such a situation, it becomes difficult to convey this message with honesty as the fear of losing your friendship is always going to be on your mind.
Difficult To Be 100% Frank
It might be easy to communicate with your friend when things are sailing perfectly. However, during rough times it becomes difficult to be 100% frank. If, for instance, you start feeling that your friend isn't working correctly in such a situation, it becomes difficult to convey this message with honesty as the fear of losing your friendship is always going to be on your mind.
The Question Of “Who Is The Boss?”
When you start a business with your friend, there is always a question of who is the boss. Now you might have agreed to be 50/50 partners, however, there might be situations in the future where one of you will work more than the other or other circumstances where the workload cannot be divided 50/50. Hypotheticals and issues of this nature should be spoken about prior to them actually occurring. All agreements should be put in writing as a reference point ensuring they have been communicated correctly and nipping this potential problem in the bud ahead of time.
Risk Of Losing The Friendship
This is one of the most significant disadvantages of starting a business with your friend. There is always a risk of losing the friendship. There will be several instances where you and your friend don't get along because of differences of opinion. If these minor conflicts are not resolved, they can ruin your friendship and your business. They say, do not mix family and business and this statement can be applied to friends as well.
Conclusion
There have been examples where friends who become partners end up with successful, thriving businesses and many circumstances where people have lost friends and family over a business issue. Feel out your friend and discuss your concerns with them. Who knows! How they handle the conversation of your concerns with working together can be exactly what you need to make your decision.
When you start a business with your friend, there is always a question of who is the boss. Now you might have agreed to be 50/50 partners, however, there might be situations in the future where one of you will work more than the other or other circumstances where the workload cannot be divided 50/50. Hypotheticals and issues of this nature should be spoken about prior to them actually occurring. All agreements should be put in writing as a reference point ensuring they have been communicated correctly and nipping this potential problem in the bud ahead of time.
Risk Of Losing The Friendship
This is one of the most significant disadvantages of starting a business with your friend. There is always a risk of losing the friendship. There will be several instances where you and your friend don't get along because of differences of opinion. If these minor conflicts are not resolved, they can ruin your friendship and your business. They say, do not mix family and business and this statement can be applied to friends as well.
Conclusion
There have been examples where friends who become partners end up with successful, thriving businesses and many circumstances where people have lost friends and family over a business issue. Feel out your friend and discuss your concerns with them. Who knows! How they handle the conversation of your concerns with working together can be exactly what you need to make your decision.