One of the pleasures of starting your own business is the capability to choose the people you’re going to work with. Still, if you’re starting a business with a close friend, family member or former colleague as your business mate, don’t assume all will be smooth sailing just because you know each other. Just like marriages, business hookups frequently run into rough waters.
Partake the same values.
Don’t write the first word of your business plan until you know that you and your mate have the same dreams, aims and vision for your new business. You and your mate must partake in the same core values, pretensions and work ethic if you want the business to succeed.
Choose a mate with correlative chops.
When you and your business mate have different strengths, you will double the power of your incipiency platoon right off the club. For illustration, a shy tech expert who wants to start an Internet business would do well to find a mate with deals, marketing and people chops. This way, both mates can concentrate on doing what they enjoy and are good at.
Have a track record together?
Succeeding as business mates doesn’t bear having run a business together or indeed having worked together ahead. It does bear a track record of going through alike challenges together successfully.
Easily define each mate’s part and liabilities.
An informal association where each mate does what’s demanded at that moment may work in the actually early incipiency stages, but not in the long term. Defining each mate’s job title and duties helps exclude dissensions by giving each mate control of his or her arena. Workers and guests also profit from knowing which mate handles what aspects of the business.