Imagine being able to launch a business alongside your best friend, Truly seems like the perfect combination, right? Besides, who wouldn’t want to work with someone who already knows you inside out? However, the manner one would turn a friendship into a business partnership requires very careful balancing, which if not handled carefully can collapse.
That’s why you’d need to know the right way to run a business with a friend turned colleague. Yes, it’s true, your company can flourish without sacrificing the friendship that brought you both together. Let’s see how this transition can be achieved successfully.
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It can feel pretty awkward to shift from some lightweight discussions to serious business negotiations with your friend. One minute, you’re laughing over the latest memes on Instagram, and the next, you’re in a deep discussion about company strategy and finances. Do you understand the switch?
Listen, the nature of your relationship might evolve, but the trust and understanding that you have built remain strong. You need to treat this new venture with the respect it deserves, both for the business and as a friend. After all, these decisions could shape both of your futures! Remembering that will help you to move from casually discussing the newest Netflix series to firmly negotiating bargains like a seasoned pro.
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One of the first things you’ll want to establish is ‘who does what?’. Both of you ideally have your own areas of strengths and weaknesses, so it’s important to sort out your responsibilities ‘abinitio’ just so we can peacefully avoid any awkward confusion later on. Could it be that you are the numbers wizard while your friend has a strong catch for marketing? Perfect! Try to make those differences clear so you both would not have any cause to step on each other’s toes.
Things can turn into a clumsy show if the two persons are trying to lead. By clearly defining roles and responsibilities, you can dodge the classic “I thought you were handling that” or “You didn’t tell me it was going to be like this” moment. Basically, ensure that everyone’s on the same page from the start.
You can start by mutually deciding when and where it’s appropriate to talk about business with your friend. It could be that you agree that Friday nights are strictly for fun, with no work talk allowed. That way, you can unwind and bond without the stress of business swindling over your heads. When you’re in the office or the Slack channel, it’s time to leave personal matters and become work-oriented. This would help in keeping your professional and personal lives separate, which is very essential for both your business’s success and the health of your friendship.
Another good idea you can adopt is setting some rules around communication. For instance, you might decide not to text each other about work issues after a certain hour. In that regard, you may decide to perhaps establish a “no business” zone, like a favorite café or your house.
When you can stick to these boundaries, you’ll create a healthy balance that allows your friendship and business to thrive. So, whether you’re sealing deals or just sharing a laugh, keeping these worlds apart will help your friendship stand strong, even through the challenges of running a business together.
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Let’s face it; even the strongest friendships occasionally have their bad days. Talk more of when business is involved with your friend, disputes are nearly almost inevitable. The manner you handle these conflicts while preventing them from affecting your relationship is crucial in this context.
Consider it this way: you are business partners at work, and you are friends outside work. Hence, treating disagreements with the same sincerity and respect you would any business associate is necessary. Don’t allow the decision-making process to be influenced by sentiments. If things become hot, step back, calm down, and keep in mind why you two initially embarked on this path. The ‘why’ could save you the rough-handled decision-making you were just about to make. A well-timed coffee break can be quite helpful in reducing that heaviness or stress.
Just like other successful relationships, communication is the key to this one as well. Be honest about your hopes, worries, and emotions, whether they’re positive or negative. Don’t allow issues to go deeper beneath the surface level, where they may eventually turn into more serious issues. Talking things out is usually the best course of action you could take— whether there is a disagreement on the instructions given or a misinformation about the price agreed on for carrying out a particular task.
Also, you should not forget that listening is just as vital as speaking. When you’ve given an instruction as the boss to your “friend”, then also listen to her own plight thoughtfully and with consideration. Understand that you both have the same goals here and are prepared to give whatever it takes to make it work, but being inattentive to her may not necessarily help here. By maintaining open channels of communication, you will be able to overcome any obstacle that comes your way without letting it destroy your friendship.
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Even with the best of intentions, the business may not work out and may lead to the friendship being affected beyond repair. That’s why it may be quite necessary to talk about this issue up front and have a backup plan or better still “an exit strategy” to compensate the both parties when the business ends.
It will ensure that, in the worst case scenario, your friendship won’t have to suffer the same fate as the company. Some of the things you both can intentionally talk about is agreeing on how to dissolve the business or deciding ‘who takes what’ in the event of a split. Friendships are indeed precious, and sometimes it’s worth putting the business aside to keep the relationship intact.