Many people want to do business with colleagues because of proximity. It seems fun if you can run a business with a friend you already know.
However, be careful when choosing business partners. Many businesses fail because they choose the wrong business partner. Not all of your friends can be told to build a business together.
If we are digging friends to do business, try to pay attention to a number of these things so that the business can be successful and the friendship relationship is maintained.
7 Tips for Success in Building a Business with Friends
1. Friends Who Are Friends
We better not just choose a business partner according to how long we know him. Some colleagues have long been identified, but you don’t feel close. There is a new colleague, but you feel close.
Of not a few of your friends, choose partners who are genuinely friends, namely friends. People who treat us like friends and so do they. The friendship that continues to be a business relationship will be guaranteed.
Because friends are more trustworthy, he can be invited to have fun together and suffer together. Especially when the business is down, he will stay with you to rise from failure.
2. Connected and comfortable friends
If we don’t build a business with friends, you can look for other partners. However, choose those who already have chemistry, that is, partners who are under us characterfully.
You and he certainly have some differences, both in terms of background, nature, and behavior. However, when you interact with it, you can feel “connected.” We are comfortable with him and discuss with him.
Undoubtedly, we and colleagues who have “connected” and are comfortable will be able to complement each other. You can adapt to the differences between each other so that the business can run smoothly.
3. Determine Joint Vision and Mission
You and your business partner must have the same goals and targets. Try talking about what you want and what he wants. Then take a decision together to equalize that will.
Make sure there are no single destinations or targets, and different plans. Match the vision and goals in the business that you want to reach and do. Make and take a joint commitment. That way, business relationships will not be damaged because of differences in principles and interests.
4. For Roles and Responsibilities
Building a business with colleagues must be professional. Share roles in business. For example, who takes care of the financial element, who is in marketing, who is in the operational aspect, and so on.
Although running a business together, each person must find a clear role so that you can know the responsibilities of each task well.
5. Manage Capital and Profit Sharing
Pay attention to business capital. Determine the number of joint venture capital in each person from the start of the business. Do not let conflict occur because of money problems.
If the business is run together, then capital can be divided into two where every 50 percent. Likewise with profit sharing. So that business finance can be managed clearly, and each party can feel fair.
6. Create an Agreement Letter
No matter how close our relationship with friends is, we need to create an agreement letter signed on the stamp. Letters of agreement based on the law will build a professionally shackled business relationship.
Remember that business is business. Business must have a robust legal umbrella so that business partnership relationships are more dangerous. Later, contracts can be renewed, for example when there is an increase in capital and business that is growing.
7. Keep Communication When There Are Problems
His name is human, of course, one day he will be at loggerheads. Business is indeed not always smooth. There are when there are not a few problems that will test the durability of the business.
For that, make sure there are no parties to cover the problem. Business must be transparent. Keep communication in all conditions. Talk carefully about personal and business issues. Focus on exploring solutions and solving problems together.
Well, that’s tips on building a business with friends. Hopefully, we can pursue the right friends to do business. Do not just choose, because if our business partners have problems, then we will be challenging to grow your business. We better do business alone than together with the wrong person.