Success Advice

5 Dos and Don’ts When Starting a Business With a Friend

Published

3 years ago

Jul 7, 2021

Mike Stuzzi

Image Credit: Unsplash

Friends are an essential part of our lives. They’re the people who help us overcome hardships and achieve our goals during childhood, youth, and adulthood. But can you start a business with a friend and be successful? We all know how friendships work. You get used to and take liberties with each other. There’s almost no end to the number of times you’ll “let it slide” when your friend makes a mistake.

Is any of that good for business? As you may know, starting a business requires you to be organized, creative, and focused. You need to know all the risks and be prepared to make some sacrifices along the way. Your potential customers need you to offer a better product or service than your competitors.

So, you may be wondering whether your friend can really be a good business partner. The truth is, it can either work or not. If you want to successfully start a business with a friend, here are some important dos and don’ts to keep in mind:

1. Assess each other’s skills and be honest

It could be that your friend said they’re skilled in something. And maybe you saw them do the thing and liked it. But have you thought about what other people think? It’s easy to oversee faults in your friend’s work because of the connection you have. You want to be loyal to them. And so, you might ignore any flaws you spot hoping they’ll do better next time.

But it can be quite hard to do better when you don’t know the areas to improve on. So, it’s best to be straightforward with your friends when assessing their skills. You could even involve a third party to help judge your competency and compatibility as business partners.

2. Clearly understand each other’s roles

It can be quite stressful when either of you has to do a bunch of things for the business. The best approach is when each one has been assigned specific roles. It’s good to base the responsibilities on your strengths and skills. And that’s why you need a friend with different but essential skills when starting a specific business.

When you’ve established who will be doing what, leave them to it. Don’t keep observing and trying to improve what your business partner does. That’s unless they really need your help. You can then update each other of your progress later on. You could use the necessary collaboration and information-sharing tools for this purpose or catch up from time to time.

“A business absolutely devoted to service will have one worry about profits. They will be embarrassingly large.” – Henry Ford

3. Record everything

Business can have conflicts related to investments, roles, and other things. If you don’t put it in writing, it becomes hard to know who is right. It could be that one of you invested more money than the other. Or, one of you has a superior role in decision making. When either of you makes a mistake, you can easily go back to the records and resolve the issue in no time.

Aside from who does what or invested which amount of money, you need an actual business plan written. It includes your vision of where you want your business to be in a particular number of years plus the steps to get there. It’s a good idea to involve a lawyer who specializes in business matters. They’ll help you prepare the required documents to successfully run a business as partners.

4. Don’t bring play into work

It isn’t bad to have a bit of fun while at work. In fact, being happy is necessary for enhanced productivity. But the idea is not to overdo it. You could establish a protocol where certain things can’t be done at work. If anyone breaks the rules, they have to undergo some sort of workplace punishment. This way there’ll be less instances of being late, absenteeism, low-quality work, and other undesirable behaviors.

Better yet, you could have a reward strategy where someone gets monetary or other rewards for their good work. This kind of motivation works well most of the time. You and your friend/business partner will work hard to get such benefits.

5. Don’t let business affect your friendship

While we’ve been exploring what you need to do to have a successful business with a friend, it’s essential to maintain your friendship. Don’t be too focused on business that you barely have time to be there for each other.

You need hours or days off to share personal matters that you’ve been avoiding because it was business time. Joke, laugh, and do anything else you used to engage in as friends.

And because the failure of a business isn’t uncommon, you’ll still have your friendship intact in case it happens. You could even start a new business without worries while fixing the missteps you previously made.

It’s possible to start a successful business with your friend as a partner. Many brands, big and small, have done it. You can do it too if you follow the best practices of having a friend for a business partner. In short, separate friendship from business but don’t forget to water the former too.

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Mike Stuzzi

Mike Stuzzi is an online entrepreneur and blogger who helps people around the world make extra money and manage their finances effectively. He has started a number of successful online businesses and intends to help his readers achieve the same. He believes there’s a lot anyone can learn about money. Check out his blog themoneygalileo.com for tips and resources to become money-minded, boost your income, and practice proper money management. Connect with Mike here.

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How to Choose the Best Affiliate Programs for Your Blog

If you follow these steps, you can create an affiliate marketing plan that makes money, fits well with your content, and connects with your readers

Published

2 weeks ago

Apr 10, 2024

Addicted2Success Editor

how to choose the best affiliate programs for your blog

Picking the right affiliate programs for your blog is really important. It can make a big difference in how much money you can make and how much your readers get out of your blog. With so many choices out there, deciding which ones to go with can be tricky.

This guide is here to make it easier for you. It will give you clear steps and helpful tips to choose affiliate programs that fit well with what your blog is about, what your readers like, and what you stand for.

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Understanding Affiliate Marketing

Before you start picking affiliate programs, it’s important to really understand what affiliate marketing is and how it works.

Basically, affiliate marketing is when you promote a product or service on your blog, and then you get paid a little bit every time someone buys something or does something because you recommended it.

It’s great for both the person selling the product and the blogger, because the seller gets more sales with low risk, and the blogger can make money from their blog.

How to Choose the Right Affiliate Programs for Your Blog

1. Assess Your Niche and Audience

The key to doing well in affiliate marketing starts with really knowing what your blog is about and who reads it. Consider the following:

Your blog’s content: What topics do you cover? Ensure the products or services you promote are relevant.
Your audience’s interests and needs: What solutions are they seeking? Choose affiliate programs that offer products or services that solve their problems or enhance their lives.

2. Research Potential Affiliate Programs

Once you know what your blog is about and what your readers want, start looking for affiliate programs. Choose ones that are well-known for good products, great customer service, and helpful support for affiliates. Resources to find these programs include:

Affiliate networks like ShareASale, Commission Junction, and ClickBank.
Direct searches for “[Your Niche] affiliate programs” in search engines.
Recommendations from other bloggers in your niche.

3. Evaluate the Commission Structure

The commission structure is a critical factor to consider. Look for programs that offer competitive rates that make your efforts worthwhile. Consider:

The percentage of commission per sale.
Whether the program offers a flat rate per action (e.g., per sign-up).
The cookie duration, which affects how long after a click you can earn commissions on sales.

4. Consider the Program’s Reputation and Sureness

Join affiliate programs with a solid reputation for quality and sureness. This not only ensures that you’re promoting good products but also that you’ll be paid on time. You can:

Read reviews from other affiliates.
Check the program’s history and background.
Look for any complaints or issues reported online.

5. Analyze the Support and Resources Offered

A good affiliate program gives you things like ads to use, training on their products, and helpful managers. Having access to these resources can really help you do a better job at promoting their products.

6. Understand the Terms and Conditions

Before signing up, thoroughly review the program’s terms and conditions. Pay close attention to:

Payment thresholds and methods.
Any restrictions on how you can promote their products.
The program’s policy on affiliate marketing on social media platforms.

7. Test the Product or Service

If possible, test the product or service before promoting it. This firsthand experience allows you to offer genuine charge and build trust with your audience.

8. Look for Recurring Commission Opportunities

Some affiliate programs pay you again and again for subscriptions or services that charge fees regularly. These can provide a more stable income compared to one-time sales commissions.

Implementing Your Choice

After choosing the best affiliate programs, the next step is to smoothly include your affiliate marketing in your content plan. This includes:

Creating valuable content that naturally incorporates affiliate links.
Disclosing your affiliate affairs transparently to maintain trust with your audience.
Tracking your results to understand what works best for your audience and adjusting your strategy accordingly.

Picking the best affiliate programs for your blog involves careful planning, research, and making sure they match what your audience likes and needs.

If you follow these steps, you can create an affiliate marketing plan that makes money, fits well with your content, and connects with your readers.

The real key to doing well with affiliate marketing isn’t just about the products you talk about, but also how much your audience trusts and values your advice.

With enough time, patience, and hard work, your blog can grow into a successful space that earns a good amount of affiliate money and helps your readers choose the right products.