Friendship and business are two quite different things. The lack of experience and trust can make you lose both at the same time. How to understand if a business with a friend will truly work? Ask yourself these questions:
1. Why would you choose to build a business with that friend?
This is the first thing to think about. Yes, starting a business with a friend seems easier in financial and legal matters, because you know each other and you don't have to be afraid of being cheated. In the beginning and in the short term, when loyalty and involvement are important, this is a definite plus. Still, in the future, it can become a risk.
Are you prepared for the fact that, in two or three years, your relationship may deteriorate? After all, business does not imply only friendly meetings in a bar, but common efforts, successes and failures.
2. Have you worked together before?
The common experience before starting a business means much. If you have been through a lot together and already know how to interact with each other, it will be much easier than with an unknown partner.
But if you have had big problems that you couldn’t rapidly solve, then maybe you shouldn't try again? It is always worth evaluating whether a person is really motivated to do things or just wants to participate for the sake of doing something.
3. What traits of this friend could keep you from working together?
At the stage of just starting to work together, it may seem that if your partner is your friend, then you will have no interaction problems. Well, personal relationships and work are two different things, and a small flaw that you didn't notice earlier can ruin your business. For example, excessive emotionality, directness, poor discipline or rapid loss of motivation.
4. How does your friend get out of critical situations?
Problems in business are very common. Therefore, the ability to deal with them is very important for the success of the project. If your friend does not panic, can quickly take control and solve problems, then working together will be easy.
5. How stress-resistant is your friend?
Crushing everything around, screaming and punching the walls is not a recommended behavior in business. Evaluate how your friend copes with pressure and stress.
The lack of rest can generate irritation, emotionality, nervous breakdowns, reducing a person's performance.
6. How much time does your friend spend working?
Many people are ready to move mountains before they start working. Still, the first difficulties make them lose their motivation. That’s why it is important to critically evaluate your friend's work motivation, because the willingness to work is one of the key factors of success.
At the same time, don't expect your friend to be ready to work as long as you do. Primarily evaluate the effectiveness of his work.
7. Are you sure that your relationship will not deteriorate during work?
Anything can happen, so consider if there are circumstances and reasons that might lead to an argument. In a common business, efforts will have to be made in order to keep mutual trust.
8. Can you forget about friendship at work and maintain a strictly professional relationship?
If you don’t, then you might lose everything in the early stages of work. Try to maintain the balance: not to have too many or, on the contrary, too few expectations. Support each other, but, at the same time, not to forget the common goal.
9. Has your friend ever betrayed you?
If it happened once, you probably understand that trying again is not worth it. Many are afraid of being deceived in business, so they don't even start.
10. What risks are you willing to take in a business with your friend?
If you admit that you can lose both your business and your friend or that your friend will prove to be a bad partner and it will be difficult to break up with him, then think carefully about how you will minimize these risks.
