"Thinking of Starting a Business with a Good Friend?"
Thinking of starting a business with a good friend?
Fred: I remember the day we were sitting in a restaurant talking about how much fun it was for you to be on my local radio show. And we got some good feedback from others as well. Lyna: ?Lets co-host a show together,? you blurted out ; and that's where the concept of Growing Your Business started. Fred: : Believe it or not, this scenario takes place across the world on a daily basis. Someone thinks of a business idea and asks a friend to be a partner in the venture. Lyna:: If only it was that easy. After all, you know you get along well with your friend. He/She may even have a successful track record in business. But this does not guarantee a successful business partnership between the two of you. You know this from your own experience, Fred. Fred: Unfortunately, I do. Many years ago, I had a small successful business in Florida. I wanted to expand, but I needed some big bucks to do so. . One of my employee's father had become a good friend of mine. He agreed to be my financial backer if I made him a partner. Lyna: Why didn?t this work out? Fred: He began bossing me around. Although he wasn't skilled in the business like I was, being young; I caved in. Lyna: And yet there are partnerships that were started by friends that do work. Look at some of them that we interviewed Fred: You're right. George and Miliian, the founders of Alltalk Radio (www.alltalkradio.net), were school buddies and Jackie and Kirsten met at work, became friends, then branched off to start their own company (www.jandkdesigns.com), So what makes these partnerships successful? Lyna: Syndicated columnist Jane Applegate wrote: "You want to compliment your weaknesses with a partner who is strong in the areas where you're not. So if you're a great salesperson but you hate keeping the books, consider a partner who is very comfortable with bookkeeping and record keeping.,,? I feel that both of the partnerships we've mentioned have accomplished this. Fred: You and I compliment each other?s strengths and weaknesses, even down to writing these articles. Lyna: We are also very open and candid with each other, as well as committed to this business. When we do face minor disagreements; we deal with these in a straightforward, efficient way. Communication a big key to our success. Fred: Inc.com had a great article last April called, "Choose Your Friend?and Partners Wisely". It included questions to ask the friend you want to go in business with to make sure your goals and level of commitment are equal. Questions like, Why do you want to go into business? How much time do you intend to spend in starting and growing the business? What strengths do you bring? What income do you currently need to make or want to make? Lyna: Among the questions, I really feel one is the most important?Would your friend start this business alone? If he doesn't share your passion, do you really think the partnership will work? Fred: Should you go into business with a friend or not? Assess your relationship, your business styles, and goals and chances are you'll keep that friendship whether you decide to become business partners or not.