Deciding to go into business with someone can have a bunch of benefits. You both share start-up costs, responsibilities and of course, two heads are better than one. Of course, while considering the exciting aspect of your entrepreneurial journey with someone with the same goals, here are a few things to consider before going into business with someone.
Tip #1: create professional boundaries from the beginning
If you are not going into business with a friend, it can become very easy to gain a personal friendship with your business partner. And that is ok. However, make sure that professional boundaries are created that will not interfere with a personal relationship. You both need to understand that with business, there will come differences & even hard conversations. If you both can effectively communicate, be honest with each other and not take everything to heart you will successfully manage to keep a great working and personal friendship.
Tip #2: Having differences can work in your favor
Going into business with someone who has opposite strengths as you can be an amazing partnership. Where one person lacks, the other person is strongest, and vice versa. If one person is great with accounting and bookkeeping while the other is exceptional with marketing and social media that’s an amazing combination. While having similarities is very important, sometimes the differences is what can make you the business thrive.
Tip #3: Communication is key
Having a voice and the ability to be vocal about your feelings does not come as easy to others. It is very important that you leave your people pleasing, fear of conflict at the door when you decide to work with someone. Being a yes man will only make the day-to- day operations harder in the long run. If you find yourself constantly bottling up your emotions, you are creating a situation that is bound to blow up badly. Be willing to communicate your feelings and be even more comfortable to disagree. If your delivery is respectful you and your business partner will work it out.
Tip #4: Split the work fairly
No-one wants to feel that they are doing so much more than the other to keep the business going. Be upfront about what duties you will handle and never be afraid to ask for help if you need it. Pulling your own weight and equally contributing is very important. Leaving one person to feel as though they are being taken advantage of is a sure way to build resentment and problems.
Teamwork makes the dream work. If you have the possibility of going into business with someone then it can be a dream partnership. Be sure to remember to get to know this person and have a high level of trust. If you follow the above tips it should work out great.