4 Soul-Searching Questions to Ask Before Going Into Business With a Friend

Businesses often take the form of partnerships.  And in many cases, these partnerships spring from personal acquaintances.  But if you’re thinking about going into business with somebody you consider a friend, it's important to exercise caution.  The moment professional dynamics get into the picture, it can be a challenge to balance between personal friendship and business interests.

Success is Bolstered by Consensus:

Business/Finance Specialist Caroline Goldstein advises, “starting a business with a friend means your relationship changes. During working hours, you’ll need to interact with each other a little more formally than you would if you were just hanging out. That said, starting a business with a friend can absolutely be done—you just need to keep a few best practices in mind.” Here are a few important considerations to reflect on, if you’re on the verge of starting a business with a friend:

1.    Do We Have the Same Vision?

A business can only thrive when there’s a mutual understanding of its greater mission.  Sharing the same vision means you’ll appreciate one another’s perspectives sincerely.

2.    Do We Have the Same Work-Ethic?

Businesses can only succeed when stakeholders function correspondingly. Contradictory work-ethic leads to conflicts and bottlenecks.

3.    Do We Work Well Under Pressure?

Doing business isn’t always a walk in the park.  Moments of struggle are inevitable. The only way to overcome difficult times is if partners work well together under pressure.

4.    Do We Have Harmonious Financial Values?

There are two types of financial personalities: people who like to spend money, and those who like to conserve it. Going into business with an opposite financial personality is bound to involve some friction.

Conclusion:

Business is a serious pursuit.  This means that if you’re going to do business with a friend, it had better be a friend you can be serious with. The more compatibility exists between your sensibilities, the likelier it is that partnership will yield success. If you like what you just read from our blog, you’ll love the various informative courses, workshops, and events listed on our websites and social media. Whether you’re interested in personal development, health and wellness, bettering your relationships, or the overall improvement of your business, give us a call at 1 (800) 913-0222 to find out how Richard Martinez can help you break past your daily struggles and start soaring in success.