Opening a business with your own friends does sound fun. The similarity of ideas, tastes and thoughts is often the main motivation of those who choose entrepreneurship with their own friends. After all, building a business with friends is not as easy as you think, you know. There are several things to be prepared for doing so. Because at stake is not only your capital but also your friendship. Don’t forget to also visit Chad Arrington website for more business tips.
Check out these seven things before you plan to open a business with your friends. Hopefully, avoid the things that are not desirable.
1. Most important: Make a cooperation agreement!
Building a business is very different from the lecture group work. You and your best friend must first arrange your cooperation agreement before starting the business. Not a few failed attempts and led to disputes, even severing friendship ropes. To avoid such a thing, it is necessary to have a “black on white” agreement that can work to organize the distribution of profits, titles, and decisions in the event of unexpected events. Do not be afraid of being rigid or calculating, because it is really necessary.
2. Make sure you’ve equated the vision of the mission.
Do not take the light of vision and mission. Because in a business, vision, and mission that will deliver the direction of your business goals and your friends. Embedding a vision and mission can also help maintain your cohesiveness and will certainly make it easier for you to make decisions for your business.
3. Understand the personality and capacity of your best friend.
Friends who fun to play with is not necessarily fun to be invited cooperation, you know. Hence, it would be nice before you start building a business with your friends, well understand your personality with each other because building a business is almost similar to building a household. You will face various challenges that require your cohesiveness.
In addition, you also must be familiar with the capacity of your best friend. Does he have the ability in terms of concept, marketing, or just another? That will make it easier for you in dividing each task.