According to a recent study, 54% of millennials either want to become an entrepreneur or have already done so. You have found yourself in the majority and want to start a business with your bestie.
Working with your BFF will make work seem less like work and more like fun, right? While that may be true, for every pro you’ve considered to start a business with your bestie, there’s a naysayer ready to offer up two cons as to why you should run fast and far in the other direction.
These three steps can help you determine whether you should take your friendship to the next level and start a business together.
Vet Each Other Out: One advantage in this situation is that you’re already familiar with their work ethic and values. Hopefully, they’re similar to your own. *DJ Khaled Voice* Major Key Alert! If you don’t pay attention to anything else, let the things laid out in this step sink in. Why does this person want to start a business? What reasons are you considering going into business with your bestie? What is your definition of a partner? How do you see them fitting into a partnership role with you? What level of expertise and skill sets do they have that would be an asset? Do you trust them to make sound decisions? How well do the two of you communicate? Can you be completely honest with each other? How does this person handle conflict? Difficult situations? Tough conversations? There’s no room for lame ducks in this potential partnership so, ask yourself the same questions. If your views on partnership and ideals are nothing alike…Don’t pass GO. Don’t collect $200. You know what happens next in Monopoly. You probably shouldn’t start a business with your bestie. If there are basic similarities in these key areas, go ahead and roll the dice.
Clearly Define Each Other’s Roles: Each of you, individually, take some time to consider the structure of your business. List duties you think would work well for both your skill set and your bestie’s. Being familiar with one another’s strengths, weaknesses and even little quirks can work to your advantage here. For instance, if one of you is a natural at taking amazing photos, it might make more sense for that person to manage the IG account. Maybe you or your bestie have extensive retail experience or just a knack for connecting with people. That person may do well with finding ways to enhance your business’ customer experience. If you’re really feeling like a boss, take it a step further. List out other roles that will play a hand in your business. Although these positions may require expansion or growth of some sort six months down the line, it doesn’t hurt to consider the potential of your business. Show your partner in crime you’re committed to making your vision become a reality.
Come Up with a Plan & Put it in Writing: Starting a business with your bestie is as good a reason as any to spend time together. Grab your list of ideas, potential duties, calendars, etc. and a bottle of wine, if you don’t think it will throw you guys off track too much. Take turns sharing your vision of partnership, essential tasks, and potential roles. Discuss the things that require further consideration and/or compromise. You should walk away from this meeting with the following things: an explanation of your partnership including your titles, assigned duties, and goals for the next 30, 60 and 90 days. All of this should be written, approved and signed by the both of you. Congratulations, you just began developing the structure of your business!
Still want to start a business with your bestie? Then, get to work.