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Consider these Factors Before Starting up a business with a Friend

It’s possible that you can startup a business with a friend? the one you spend time with. For example, you may go trekking together, watch movies together, root for your favorite team, and put bets on together With your pal, on the other hand, become your best business partner?

Before you start, think about if is ok to start a business with your friend a best idea? Because going into a business partnership with your friend will have some decision to make, but before you do that, here are factors you must consider first.

Understand each other’s expectations.

When it comes to business, the key to collaborating such business with a friend is for both of you to express your expectations for prospective tasks right away.

You can probably make conclusions about whether or not this cooperation is necessary after you have a good understanding of what your friend wants to see in the end and what you want to see.

Related Article: What Would It Take To Earn An Additional N50,000 Each Month?

A partnership is not the greatest solution if you have diverse goals that have nothing to do with each other.

Make a written record of everything.

Once expectations have been established, write them down, just like you would with any other collaborator. Don’t say am starting a business with a friend, a very gear friend that i trust so no need for written records.

Discuss all of the specifics.

Before you start, think about if is ok to start a business with your friend a best idebusiness with your friendWhen are the meetings scheduled to take place? When will the calls start coming in? What should be done to ensure that both sides are able to speak freely and openly, particularly if the situation isn’t working?

Make sure everything is spelled out in the previously specified labor contract. For the fact that you are starting up a business with a friend does not mean that you should leave some important aspect of the specifics that will govern the business and the partnership.

Make a Checking Schedule

The business is with a friend does not make you undermine certain inportant that will benefit the business and in turn the partnership. Even if you’re pressed for time and have little time to communicate, schedule at least weekly checks.

This ensures that if something doesn’t go as planned, it can be corrected before it becomes a serious issue for both of you. Don’t mix friendshipness for business progress. There is time for everything.

Make a point of discussing your dissatisfaction.

This business is with a friend, so i have to swallow some certain things, no. Few people love having “tough” discussions.

However, being willing to speak up (within reason) when you are unhappy is the only way to strengthen your link with your friend as a business partner. Failure to do so will almost certainly result in unsolved grievances, which will eventually undermine the friendship.

Related Article: With Just N50,000 You Can Select From This 20 Different Business Ideas

The Lines Between Business and Friendship Should Be Respected

This business is with a friend, so we can handle both lines, no sir/ma. Many of your conversations as a small business owner are likely to be about your company.

Draw a clear line between “work chat” and friendship when doing business with your partner, just as you did before the professional connection.

Thank you for reading till the end. It simply tells me that you are not ready to settle for less. To help you stay connected with me and my blog, here is the link to my Android Mobile App from Google Play Store, Please Download and install.

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