Working with your best friend, romantic partner or close relative sounds like a great idea since you easily negotiate, trust each other and have a good time together. But in case of failure, you risk losing not only the dream of your own business and money but also your loved one. We made a list of important rules for working with friends or family to avoid such outcomes.
1. Choose a Person You Can Spend a Lot of Time With
If you love a girlfriend or relative only in limited doses, this is not the best person for a joint venture. You will have to spend many difficult days and busy nights together, so you need a partner and not just a friend. The collaboration will inevitably affect your relationship. If you are thinking about creating a business with a loved one, ask yourself if are you ready to spend all day together and still love them?
2. Do Not Mix Business Relationships With Personal
This is one of the most important rules of collaboration. Immediately establish clear boundaries between the professional sphere and friendship. When you are in business, first talk about business and then you can move on to other topics. Avoid discussing work while resting. This is not easy to do but nothing will interfere with your friendship and work this way.
3. Prevent Conflicts
When you start working with someone, conflicts are inevitable. Unlike friendships, in the business sphere, they can influence the success of your business. Respect each other, trust and create opportunities for open communication. Talk to each other right away about what's bothering you. This will help prevent disagreements and serious conflicts.
4. Trust Is the Key to Partnership
In business, there is often no time to discuss every small decision. It is important to share with each other a common vision of how your business should develop and set specific goals, as then you can make better choices. A great advantage to working with a loved one is trust.
When you already have an unbreakable personal relationship you can be honest, feel safe and not worry about many things. Perhaps that is why there are so many successful and stable family-owned businesses in the world.
5. Do Not Neglect Formalities
A common mistake in a friendship-based business is to avoid formalities and do everything “honestly”. Clear legal agreements protect all participants and not only help avoid spoiling personal relationships but help to maintain them and clearly distinguish between work and personal life. The best option for you will be to contact a business consulting firm to issue all the documents properly.
Not only keep the documentation required by law, but also those that will help you personally. Record all your actions. Starting your own business is a big exciting step and formalities will help you be sure that you and your partner are equal in terms of obligations and finances.
6. Stay in Touch
This is true for those who have to do business while being in different places. For example, if one of you is forced to travel often and the other has to stay and keep track of business. Remember that although you are not required to coordinate any action with each other, constant contact is very important. Take time to stay in touch and understand what's happening in your business.
7. Do Not Forget That You Are Friends
Tight boundaries and constant immersion in work can eventually make you forget that you are primarily friends. Strong personal relationships are important for the stability of the business, so find an opportunity to keep in touch and do not turn into just partners. Dine together, travel and relax outside the office.
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