Posted by Pamela Swift in Entrepreneurship
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.
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.
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.