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

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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.

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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Can Organic Marketing on Facebook Be Effective in 2022?

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As another cat video is served to me in my Reels on Facebook, I am beginning to wonder if this platform can still serve to attract clients to my coaching business. And as the wondering turns into worrying, I feel a pressing need to make some vital changes to what worked for my solopreneur business for half a decade. (more…)

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How to Leverage Your Leadership Style for Business Success

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When we hear that leaders should operate within their zone(s) of genius, it’s easy to think that this only applies to tasks that they excel at. Whilst this is true, the piece of the puzzle that is often overlooked is the positive correlation between a leader’s zone of genius and their leadership style. (more…)

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5 Simple Habits to Live A Less Chaotic, Happier Life

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Many of us spend our daily lives searching for happiness. We jump from one job to another, from one hobby to another, hoping to spark a sense of joy and purpose.

But it’s hard pursuing happiness. After all, life is full of frustration and can put a stopper to our feel-good days.

And it’s challenging to be happy when we are juggling the responsibilities of everyday life like work and relationships. While achieving happiness is arduous, it’s not impossible. Try out these 5 habits to enjoy life more and be happier.

1. Walk in Nature

Spending time in nature has always improved my mood. Taking a walk around my neighborhood park, surrounded by trees and vegetation, I enter a peaceful state of mind.

The worries previously weighing on my mind are suddenly lifted, and I feel an indescribable sense of joy.

Taking just 20 minutes out of my day to get a fresh breath of air is extremely relaxing. 

In our work culture that favors busyness, there is little room for calmness. We associate a busy schedule with how successful we are, which isn’t entirely true at all.

In fact, it might be a disaster in the making. All that stress and anxiety bottled up without an outlet—the outcome is obvious.

So getting in touch with nature is my go-to way of maintaining a proper work-life balance. It makes me energized and ready to blast through the rest of my day with optimism.

2. Smile More Often

I make it a habit to smile every day; they aren’t fake smiles but genuine ones. And they have become a regular part of my life.

What am I smiling at, exactly? It can be the night sky covered with shining stars, like fine quicksand. Or, it can be the flowers sprouting new leaves in spring.

I embrace everything with open arms. Even when I have a rainy day, I don’t let it ruin my momentum.

Regardless of what happens, a simple smile can brighten my day; and best yet, it’s completely free.

At some point, everyone can have a stressful day and feel burned out. So put up a smile. Even if you’re not a positive person, take a firm stance against negativity. Your daily life will surely burst with joy.

“Happiness is not something ready made. It comes from your own actions.” – Dalai Lama

3. Find Your Passion

Many people dive headfirst into a day job that doesn’t interest them. They do it just for the money, which only makes them more miserable.

People who aren’t attached to their work will find difficulty achieving happiness. They live in a gray and stale world devoid of positivity.

Listen to your heart. Ask yourself: What makes me feel enthusiastic and excited? This is a time to discover your hopes and dreams.

You have endless opportunities in this world. Start a business. Volunteer at a charity drive. Figure out your reason why.

Personally, I used to turn to real estate to earn dependable rental income. But there was no sense of fulfillment. That feeling soon reached a tipping point, which pushed me to re-prioritize everything.

I wanted to make a positive impact on people’s lives. Combining my interest in business and self-improvement, I pursued my passion for blogging. And I can’t be any happier about it.

Everyone needs something that keeps their life meaningful. It can be a source of light that helps us walk in the right direction.

So having goals and dreams makes us genuinely happy. Without them, it will be a long, treacherous journey.

4. Practice Gratitude

Some days we may not feel a shred of gratitude. We are overwhelmed with the hustle and bustle of life where we seek perfection, one that is only full of success and wins.

However, that will only put you further away from happiness.

Take the time every day to pause and appreciate something in your life. What I find helpful is sitting down with a pen and paper.

I start with “I am grateful for…” It can be the appreciation for my afternoon cup of herbal tea. It can be the clear blue sky on a sunny day.

This routine sets up a support system that reinforces positive emotions. It reminds me that there are many things I’ve experienced in life and even more things that I’m grateful for.

Even if I have a bad day, I try my best to be grateful and encourage lasting joy.

So appreciate everything that enters your life—all the good and bad. You will see your mood elevate to an entirely new level.

5. Create Memories With Loved Ones

It can be tempting to focus all our time and energy on reaching valued goals. We say, “I’ll take it easy and spend time with loved ones after I’m successful.”

But what if that time never comes? What if, at some point, your loved ones are suddenly gone?

Don’t wait until it’s too late. Prioritize your loved ones today, not next year. After all, you wouldn’t want to leave any room for regret.

The cherished memories you make now will be a spark of joy. They can even be a source of motivation when shooting for goals.

As social creatures, sharing stories, feelings, and dreams can make us happy and fulfilled.

Living a solitary life is not for everyone. Although having some alone time is perfectly fine, you should still make memorable experiences with those close to you. They will be cherished within your heart for as long as you live.

The quest for lasting happiness can be daunting at times. We spend much of our time searching for it, almost giving up along the way.

But you need to see the bright side. Living a better and happier life isn’t a far-fetched dream; it’s within reach. Remember that happiness can come from the small habits and things you do daily.

If you want to lead the life you truly want, practice these 5 habits and be consistent every day. Don’t give up halfway. Once you do so, there will be nothing stopping you from enjoying life to the fullest.

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Success Advice

Avoid These 12 Mistakes on the Way to Success

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One day when I was writing an interesting article my wife asked me, “Why did you achieve success so late, during the late forties?  Did you ever find out the reasons for your late success?” The question was an interesting one as I seldom thought about why I achieved success so late in my life until then. I thought about this for a while; here are the reasons that come to my mind: (more…)

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