The Pros and Cons of Starting a Business with a Friend (French version available)
Starting a business with a friend may seem like a fun and exciting idea. Although it may be a great idea, it also has its disadvantages. If you are curious about whether starting a business with a friend is a good idea or not, this article is just for you!
- You Know Each Other’s Strengths and Weaknesses
If you start a business with a friend that you have known for a long time, you probably know their strengths and weaknesses. They also probably know yours. This will help the both of you decide which duties are best for each of you. There will also be fewer surprises when you are working with someone you already know.
- You Can Spend More Time with Your Friend
Working with your friends can make you excited to go to work each day. You get to talk about more than just business throughout the day. A large amount of your life is spent at work so it is important to work with people you get along with.
- You Can Freely and Comfortably Communicate
If you’re starting a business with a friend, it’s most likely going to be with someone you can freely and comfortably speak to. When running a business, it is very important to communicate and remain on the same page as your partners. Working with a friend can help you comfortably communicate your thoughts.
- You are Each Other’s Support System
Starting a business is not easy but doing it with a friend can help make it a little less overwhelming. You and your friend will be sharing this amazing experience and will go through all the highs and lows together. You could give each other the confidence and support needed to continue running the business.
- It May Be Difficult to Be Straightforward
When communicating with a close friend, it may be difficult to be straightforward. This could be because you may not want to hurt your friend’s feelings. You may also be afraid of losing your friendship over a disagreement. For these reasons, you may not always be as honest as you would like to be.
- It Can Be Difficult to Know Who Is in Charge
If you start a business with a friend, it may be difficult to know who the boss is, especially if the business is equally divided between you both. There may be times when one of you works more than the other, making you feel like you deserve a larger part of the business. If there is a lack of communication, it can lead to bigger issues and could also lead to your business failing.
- You Could Lose Your Friendships
When working with a friend, you should keep in mind that there is a possibility that you could lose your friendship. You may not know what your friend is like in a business setting. You two could also have different goals which can cause conflicts. These conflicts could potentially lead you two to part ways. This is why it is important for you and your friend to always openly communicate with each other.
- Drama Could Get in the Way
When doing business with a friend, drama can get in the way. It could make it difficult for you to separate your professional life from your personal life. For this reason, it is important to set boundaries when you first begin working together.
Starting a business with a friend has many pros and cons. Whether or not one should start a business with a friend is very personal. It is something that should be carefully thought through and reflected upon.
Desmarais, Christina. “11 Pros and Cons of Building a Business With Friends.” Inc. https://www.inc.com/christina-desmarais/11-pros-and-cons-of-building-a-business-with-friends.html.
Kelly, Marsha. “The Pros and Cons of Starting a Business with Your Friends.” Zen Business. https://www.zenbusiness.com/blog/pros-cons-starting-business-friends/.
Litonjua, Eduardo. “Should you start a business with a friend? Pros, cons and key questions.” Keap. https://keap.com/business-success-blog/networking/should-you-start-a-business-with-a-friend-pros-cons-and-key-questions.
Sachdeva, Shubham. “Pros & Cons Of Starting A Business with Friends.” Marketing Mind. https://www.marketingmind.in/good-start-business-friends/.
Scribaceous. “The Pros & Cons of Starting a Business with a Friend.” https://scribaceous.com/pros-cons-of-starting-business-with-friend/.
Susman, Aron. “The Pros and Cons of Starting a Business With Friends.” Business Collective. https://businesscollective.com/the-pros-and-cons-of-starting-a-business-with-friends/?syndicate.