How to Launch a Business with a Friend
Have you ever had a startup idea with your BFF during late-night chats? Many people dream of turning those into a real business. After all, your best friend is your biggest cheerleader, secret keeper, and partner-in-crime - the ideal business partner, right? Well, almost. Going from casual chats to building a business empire can be challenging.
We want to help you navigate the exciting, sometimes messy, journey of starting a business with your best friend. We'll cover the essential things you need to do to succeed, from mastering communication to managing conflict (because friend breakups are NOT what we want!)
How to Communicate with Your Friend as a Business Partner
Let's be honest, communication is the foundation of any successful partnership, especially when it's your friend you're working with. Here are some ways to keep the conversation flowing smoothly and avoid misunderstandings:
Schedule Regular Check-Ins: Don't wait for a crisis to talk! Proactively schedule weekly or bi-weekly meetings to discuss your goals, progress, and any challenges you might face.
Draft a Partnership Agreement: A formal agreement outlining profit-sharing, decision-making processes, and how to handle potential disagreements can prevent misunderstandings later.
Define Roles and Responsibilities Clearly: Make sure you both know exactly what you're responsible for. This way, there's no confusion, and everyone does their part.
If you need help learning how to set healthy boundaries, check out our post on mastering the art of saying no!
Learn How to Manage Conflict
Disagreements are normal! Remember, you're a team. Consider if it's worth the fight before getting stuck on who's right. You could divide decision-making based on strengths or agree to disagree and let the person with the most relevant expertise make the final call. Working together and being flexible can turn disagreements into stepping stones for your business growth.
Celebrate Each Other's Wins: Be genuinely happy for each other's accomplishments. When your BFF wins, you win too! Did your friend just close a big sale? Take them out to celebrate! Recognizing each other's achievements strengthens your bond and keeps you both motivated. We have a great blog post on why sharing wins and losses is important; you can check it out HERE!
Offer Constructive Criticism: Don't be afraid to give each other feedback, but make sure it's helpful and kind. Focus on specific ways to improve and offer solutions, not just pointing out problems. For example, "Hey, I loved the new Instagram post, but do you think we could add a call to action at the end to encourage people to book?”
Embrace Vulnerability and Honesty: When something bothers you, address it respectfully and directly. Phrase your concerns as "I" statements to avoid accusatory tones. For example, instead of saying, "You always miss deadlines," try, "I feel stressed when deadlines are missed. Can we brainstorm some ways to improve our time management?"
Building a business with your best friend is an incredible journey, but it won't always be sunshine and rainbows. Mistakes will happen. Everyone messes up sometimes, and holding grudges can damage your business partnership and friendship. Remember, you're on the same team, and open communication is key to moving forward. Would you ever start a business with your bestie?
If you're looking for a supportive community of like-minded entrepreneurs and the opportunity to find your business bestie, consider joining Table Space today!