How can you make business with friends run well? What needs to be considered?
There are some people who think that building a business with close relatives has the potential to fail. However, this thinking can be wrong. Building a business with people closest to you such as siblings, neighbors, lovers or close friends can actually be more successful than imagined if you apply the following three methods.
1. Have the Same Purpose
Often together and known for a long time is not enough capital to partner with close relatives. Because friends who are fun to hang out with, don't necessarily make good business partners. So before starting, dig further into how he views the business that will be undertaken together.
Often together and known for a long time is not enough capital to partner with close relatives. Because friends who are fun to hang out with, don't necessarily make good business partners. So before starting, dig further into how he views the business that will be undertaken together.
You and your potential business partner must have the same goals. For example, you intend to leave a glorious career where you work, to focus on running a business. Meanwhile, it turns out that your relatives just want to find activities to fill their spare time. Things like this should be thoroughly discussed before starting a joint business.
If an agreement is not reached, it is better not to partner. Because different goals are often the cause of the collapse of a business that has been built together.
Photo by Ivana Cajina on Unsplash
2. Sharing Tasks
There are financial targets to be achieved, procedures that must be carried out, and systems that need to be built into running a business, making it necessary to have a clear division of tasks so that each person has responsibilities according to their role.
There are financial targets to be achieved, procedures that must be carried out, and systems that need to be built into running a business, making it necessary to have a clear division of tasks so that each person has responsibilities according to their role.
This division of tasks should ideally also be mutually reinforcing synergy. For example, you are an expert in finance, so you will manage your financial affairs. While colleagues have a highly creative spirit, product development matters will be taken care of by them.
When the division of tasks has been carried out, each of them is expected to have a commitment to carry it out professionally so that they can support each other and become a strength.
3. Separate Business Affairs from Personal Relationships
This is the most important thing to have. Not infrequently, businesses fail because they mix business matters with personal relationships.
This is the most important thing to have. Not infrequently, businesses fail because they mix business matters with personal relationships.
You have to be really good at managing each other's emotions and selfishness. Acting professionally is very important. Even though it's hard not to get carried away, forget for a moment about the personal problems that are going on between the two of you in order to keep the business running smoothly. Hope it is useful!