Whether starting a business was a recent revelation or a lifelong vision, it is an exciting time to create an exciting venture. Having a friend by your side can feel like two parts of your life starting to work together toward your dream.
Choosing a business partner is one of the most important steps to starting your company. Selecting a friend can seem like a safe option since you have a shared history, but in some cases, it can lead to disaster.
Here are some of the challenges that can come with having a friend as a business partner.
Having difficult discussions
At some point, you and your partner will have challenges with your business. You may have differing opinions on what direction to take with a product line or disagree about how you share the workload.
You need to be able to have candid conversations with your business partner about the direction of the company and how to envision the future. Additionally, you and your partner need to be able to discuss and move forward without holding a grudge.
Often, friends get along because they have many traits in common. Similar interests are helpful when it is time to decide on an activity in your spare time. Still, they can make sharing the workload of the company challenging.
When you choose a business partner, you want to consider your weaknesses and find someone who can help you strengthen areas that could be challenging. For example, if you have many new ideas for your brand but have difficulty with accounting, you may want to find a partner with strong finance skills.
Dealing with a bad partnership can create tension and devastate your business. Getting support for creating a partnership from a skilled professional is essential.