AddThis Feed Button
AddThis Social Bookmark Button
Free Newsletter Signup

Starting a business can be a long and stressful road to take, it can also be incredibly lonely. That is why so many people opt to go into business with their best buddies. On paper, it’s a great idea, but we have all heard the horror stories, so what is the best option?

Below, you will see four pros and four cons on starting a business with your BFF. By the time you reach the end of this article you will know if it’s right for you.

 

Pros 

Instant trust

In business trusting anyone that you work with is essential, yet that trust often takes some time to build. This can be very uncomfortable for you due to the fact that regularly (especially at the beginning) your livelihood is stake and you are gambling on a stranger to safeguard your dream. With a friend, on the other hand, there is already a strong bond. Having someone on your side that you trust is a very valuable asset.

Brainstorming becomes a lot easier

Brainstorming is key to developing new ideas and moving a business forward. As you will know being in a space with a stranger and truly letting your creative juices flow can be difficult. You will be more than comfortable with your best friend and be able to think freely without any fear opening avenues of creativity that were once intangible.

Friends understand and accept strengths and weaknesses

Your friend will be able to understand what aspects of the business that you excel at and the areas in which you need help. Having someone by your side that knows you on that level from the start means that you will be able to navigate the company in the right direction.

Having a friend to bare the burden of business

Starting a business is not easy, the money you could lose alone is enough to make it a task that you wouldn’t want to do alone. Starting a business with your best friend gives you someone that can share the burden and the hardships with you in a special and unique way.

 

Cons

Who’s the boss again?

When starting a business with your best friend you run the risk of entering a power struggle. I know you are probably thinking that you and your BFF are far too close to let that happen, but the fact that you are that close is WHY it could happen. If you end up on different pages and start giving opposite directions to your staff it can lead to trouble.

Taking advantage due to friendship

There are certain things that your best friend can do and say to you that no one on earth can do right? That is proof of a bond that is strong in life but one that can affect your business. You are more likely as a friend to go a little too easy on each other at crucial times. You both know this and can take advantage of that fact without even knowing it.

A failed business can lead to a failed friendship

Possibly the worst con on this list is the fact that if you fail on this journey together, you could also lose your best friend at the same time. As I mentioned above starting a business is stressful and difficult. The process of it not working out can affect your friendship in a way unlike anything else. At times of loss you need a friend so losing a friend and a business at the same time is a tough blow to recover from.

It’s personal, not business

In business you need to draw lines of professionalism; your colleagues are your colleagues at work and your friends are your friends outside of work. If you start a business with your best friend you run the risk of blurring those lines and it can affect your decision making and ultimately the future of your company.

At the end of the day, you have to make a decision that is right for you as well as your best friend. You know yourself and your best friend better than anyone else and based on this article you should be able to decipher whether or not it’s a good idea to go into business together.

Kate Thora is a Senior Content Specialist for Uphours, an online resource with information about businesses worldwide. Her artistic soul manifests itself also I her love for singing and dancing, especially to traditional Indian music.


 
 
 

 
 

Comment Form

Have an expert opinion on issues entrepreneurs and small business owners face everyday? Join the GetEntrepreneurial.com Experts Network and share your expertise with the community!

The new GE Experts Network is inviting seasoned entrepreneurs and small business owners to come on board and contribute small business advice to our community of aspiring entrepreneurs. If you have an effective way of generating sales or you know how to use social networking to connect with your customers, join us in providing wider entrepreneurial content that would benefit small business owners worldwide.

Click Here to Learn More >>



Free BIZNESS Newsletter
Ever wanted to be the CEO of your very own Starbucks or Amazon.com? Fire your boss and be your own boss? Now you can, with BIZNESS! - the free weekly business newsletter about new business ideas, opportunities and innovations from around the world. More than just new business trends, BIZNESS! helps the aspiring entrepreneur (you!) with small business advice, business tips, and entrepreneur resources and opportunities.

   Subscribe for free now!    Subscribe now


  Meet Our GE Network Experts!

Meet Our GE Network Experts!
 

Recent Comments

About GetEntrepreneurial.com

GetEntrepreneurial.com is a small business blog dedicated to providing business advice and resources to our community of aspiring entrepreneurs. Our specially hand-picked panel of GetEntrepreneurial.com Network experts regularly contribute entrepreneurial content and professional tips for small business owners worldwide.