Going Into Business With Friends

The pros and cons of going into business with a buddy

Starting a business with a buddy sounds amazing to most people. The thought of spending most of your time with one of the people you like best in the world, of walking through the exciting, the stressful, the difficult, and the rewarding decisions, with someone that you enjoy, makes practically everyone smile.

There are so many great things about going into business with a friend. However, there are also some struggles that you need to be aware of. If you’re considering starting a business with one of your buddies, you’re going to weigh these pros and cons first:

The Pros of Going Into Business with Your Buddy

You already know some of the pros of starting this business. They’re really the reason you’re considering doing this at all. It sounds fun and exciting! Some might say that’s reason enough. Yet, here are some more benefits that you may not have thought of yet

You have a buddy going through it all with you

It can be hard to start a business, especially if you’re going through the process by yourself. You’ll face trials and setbacks, you’ll have great joys, you’ll have to put a lot of things on hold. It’s not easy walking through the entrepreneurial lifestyle on your own.
When you start your business with a friend, you automatically have someone there for you, someone who will provide fun and encouragement, as well as someone who will walk through the difficulties and the sorrows of beginning a business.

The idea of having a great friend by your side and not having to go through the struggles alone, is very appealing to most potential entrepreneurs.

You know each other and can balance one another out

One of the great things about going into business with your friend is that you know each other well and can create a partnership that really works. Balance the strengths and weaknesses of one another, by dividing up each task accordingly.

No one is good at everything. However, when you work with a partner that can focus on the things you have trouble with, you’ll find a balance that creates a cohesive and successful business.

The foundation of your brand’s culture will be built on friendship

A huge part of creating a successful business is crafting a brand culture that employees and customers both love and can be proud of. By developing a close-knit, fun-loving, caring brand culture, your business will be able to attract high-quality employees.

When you go into business with a friend, you are creating a deep, fun, connection-based brand culture right out of the gate. You are already friends, you already enjoy one another, and you have something sustaining your business and relationship that goes beyond the simple anticipation of a profit.

This strong relationship will rub off onto your business, your employees, and your customers. It will provide life for your business and will make sure there is a little bit of pleasure mixed in with the business, which makes for an incredible brand culture.

The Cons of Going Into Business with Your Buddy

This adventure probably sounds pretty exciting right about now. And maybe it is a great idea for you. However, you’re not going to want to jump into this business without understanding the cons:

You share friends, therefore contacts and connections

If you go into business with someone you don’t have a strong relationship with, you’ll each be able to bring different contacts and connections into the partnership. This is essential in terms of garnering support, investors, and clients.
When you go into business with your buddy, chances are you have most of the same connections. That makes networking and building a whole lot harder. While you may have strong relationships with the leads you share, you won’t bring as many into the business. It will take more time and hard work from the both of you to develop a large number of warm leads.

You won’t want your friend to tell you what to do

When you’re starting a business with someone else, sometimes you’ll have to give them orders and sometimes they’ll have to give them to you. Both of you have to be able to direct each other and listen to one another in order to make the business successful. It’s a game of mutual respect and accountability.
The problem with starting a business with your friend is that it’s much harder to take orders from someone that is your buddy, and it’s also hard to give them orders. You’re both used to a relationship with a different focus, and neither one of you could have imagined ordering the other around. Yet, to make your business work, sometimes someone has to take the lead and the other has to listen.

You could use your friend and take advantage of them

The concept of not being able to take or give orders from your friend creates a number of difficulties for the business. You feel like when you give orders to your buddy, you’re essentially taking advantage of them.
This is a really bothersome concept for a lot of people. They want to be equals with their friend, creating a successful and life-giving business. Yet, when the rubber meets the road, someone has to take the reins otherwise nothing would ever get done.

It can be difficult to deal with things honestly

Sometimes you’ll have to call your co-owner out and sometimes they’ll have to call you out. If someone isn’t pulling their weight in this business, you need to calmly and respectfully let them know.
You’ll need to be able to have the tough, honest conversations and if the thought of it makes you defensive, it’s probably not quite the time to start

If the business fails, it can put a rough strain on your friendship

Many startups fail. It’s a bummer, but that’s kind of the way of it all. The problem with starting your business with a friend is that if something happens, there will be a bit of a grieving period. Try to keep your friendship going and make sure to laugh, a lot, at the background.