Wouldn’t it be great if you could start a business with your best of friend? Working with your friend sounds like the dream work environment because you’re so acquainted with another but it can actually be quite troubling especially when business is on the line.
If you are on the ropes on starting a business with your friend, consider the following pros and cons before you take the plunge.
Starting and running a business, finances will become one of the main discussions between you and a friend. The following are the pros and cons of doing business with a friend in terms of balancing your finances:
PRO – With your friend on board, you will have a history of working together on various projects throughout your age. With both parties on the same level, you’ll feel it easier to make financial decisions because you’re so in tuned with your friend.
CON – Finances are one of the quickest ways to disrupt a friendship. The problem with doing business with your friend is that when business is rough, so will your relationships. It can be hard to deal with a friend when finances are thin.
Business comes with many responsibilities, working with friends give you the opportunity to work together toward a common goal but it can also be difficult due to both parties wanting control over the creative decisions.
PRO – Throughout the years, you and your friend had an immeasurable amount of ideas and projects. Working together is just another step in working together for a common goal – with both parties bouncing ideas off each other, a lot of great things can be accomplished.
CON – Each person in the business will eventually want to take it in a certain creative direction. Unless you’re completely trustful of another, creative control problems can disrupt the business and cause tension between your friendships.
Passion and drive
Business, like any goal, requires passion and drive to get the work done. From the start of the business to the end, working with your friend has many pros and cons when it comes to the work that goes into the business.
PRO – Working with your friend is exciting, who wouldn’t want to create a business with someone you are so accompanied to? With both parties in sync, work can be plowed through as if it were butter; both of you will have fun along the way.
CON – Stress can build up in both parties to the point where finally someone breaks; when productivity and drive dips in one member of the business, it happens in the other. With one person feeling the weight of running the business on their shoulder, tensions can flare between friends.
A business is a big decision for anyone entering a marketplace; doubly so for those that want to do so with their friend. Consider the pros and cons of working with your friend before you sign on the dotted line – remember to respect another and always strive for the best.