10 Tips To Working With Your Friends

So, you and your bestie have decided to take the plunge and start a business together. Exciting times! But before you dive headfirst into the world of entrepreneurship, let’s talk about how to keep your friendship intact while building your empire.

1. The Talk: No, not that talk. Have an honest conversation about expectations, roles, and responsibilities. It’s like defining the rules of a game before you start playing.

2. Put it in Writing: Friendship is built on trust, but business needs contracts. Get everything in writing, from equity splits to exit strategies. Think of it as a prenup for your business marriage.

3. Money Talks: Be upfront about finances. Decide how you’ll handle profits, losses, and investments. Remember, money can’t buy happiness, but it can certainly cause arguments.

4. Separate Work and Play: Create boundaries between your personal and professional lives. Your Friday night drinks shouldn’t turn into impromptu board meetings.

5. Communication is Key: Keep those channels open. Regular check-ins can prevent small issues from snowballing into friendship-ending disasters.

6. Embrace Your Differences: You’re friends because you click, but you might have different working styles. Celebrate these differences – they can be your business’s superpower.

7. Plan for the Worst, Hope for the Best: Discuss what-if scenarios. What if one of you wants out? What if you disagree on a major decision? Having a plan can save your friendship when things get tough.

8. Remember Why You Started: In the midst of spreadsheets and strategy meetings, don’t forget the excitement and camaraderie that led you to start this journey together.

9. Seek Outside Perspective: Sometimes, you need an impartial voice. Don’t hesitate to bring in mentors or mediators when needed.

10. Celebrate Successes (and Learn from Failures): Toast your wins together, and when things go south, remember you’re in this together. Nothing bonds friends like shared triumphs and challenges.

Starting a business with friends can be a rollercoaster ride, but with the right approach, it can also be incredibly rewarding. By managing expectations and maintaining open communication, you can build a successful business without sacrificing your friendship. Who knows? You might just end up with a thriving company and an even stronger bond. Now that’s what we call a win-win!

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