There’s a saying you may have heard of that goes like this…
Don’t go into business with people you wouldn’t go to bed with.
We know, this sounds a bit funny. But it’s maybe one of the wisest pieces of advice out there. That is because money, just like sex, can destroy a relationship.
However, there are still many reasons why people may consider going into business with their friends. Much like the reasons some people go into business with family members, starting a business with someone you know, like, and trust sounds way more appealing than going into business with an almost-total stranger.
So, this raises the question: should you go into business with friends? Here are a few things you should consider about your friend BEFORE you do so…
IS YOUR FRIEND A GOOD COMMUNICATOR?
If the friend you want to go into business with can communicate their feelings, thoughts, and expectations, you have a winner. But if your friend isn’t a great communicator, this could be the beginning of the end of your relationship once you embark on a business venture together.
See, like in any other relationship, if you can’t communicate well with each other, you don’t have much to make the relationship work since you can’t read each other’s minds. This will lead to tension, fights, and eventually the end of the friendship and business.
IS YOUR FRIEND RELIABLE?
You need to be able to trust they will show up when they say they will show up and put in the work. In other words, you need to make sure they aren’t all talk and no action.
You may not mind picking up the slack of your friend when they forget to do something for a friend’s birthday party, but when it comes to business, you can’t afford to have a partner that you need to babysit.
CAN YOUR FRIEND SEPARATE PERSONAL LIFE FROM BUSINESS?
Things in business can get stressful and sometimes, difficult conversations need to occur. That’s why you need to evaluate whether or not the friend you want to go into business with can tell where the line between friendship and partnership is drawn. If you already know your friend won’t be able to separate those work-related conversations from who you are as a friend, then maybe you should reconsider this.
DOES YOUR FRIEND SHARE THE SAME VISION AS YOU?
Before you embark on this business venture, you need to make sure you’re on the same boat. If you have a different vision from your business partner, the business is bound to fail. Because without a clear mission and set of values, the brand can’t move ahead.
Lastly, our best piece of advice is the following…
Before you go into business with a friend, remember that this has the potential to destroy your friendship. If you can fathom losing this friendship, then go on. But if you can’t imagine losing this friend, then the cost of this business going south is too high. Play safe and preserve your friendship by not going into business with this friend.