6 Things to Consider Before Starting a Business with a Friend
Are you in a Business with a friend or you intend starting a Business with a friend? if yes, there are things to consider before starting such a business. I started a small business with a friend sometimes ago and i discovered that the business was growing but after a while he decided to quit for another business without any prior notice.
Before then, the business seems not to grow based on his life style and i decided to let go of him. I failed to consider some things before starting the business with him which cost me a lot, It can be you or anybody but there many but only a few are factors are discussed below on what, when and how to start a business with a friend. Read Also - How to start a Business
6 Things i didn't Know Before starting Business with my friend
1. Business ideas : i fail to check the business ideas my friend has before starting a business with him but soon realize hes has no business ideas. So before starting a business with your friend, check his business ideas and how useful the ideas are.
2. Business Knowledge : before starting a business with a friend, you need to know the level of knowledge and understanding about the business. This i fail to realize before starting a business with my friend which do not really work well.
3. Trust : It got a stage he never trusted me in spending in which i don't trust him too. I think thats the beginning of the crash of the business. Before starting a business with a friend, then you need some degree of trust in him towards the business.
4. Strategies : you have your own strategies towards the business but you also need to consider your friends strategies to achieve success in the business. If you can agree and make plans on how to grow the business, then the income or profit from the business is sure. This i fail to realize before starting a partnership with a friend.
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5. Skills : Before starting a business with a friend of friends, you need to check if such individual has some special skills which you lack. I t helps and saves money for hiring another person for such but my friend in business only has little or no skill but depend on me for ideas which is bad.
6. Prudence in Spending: Starting a business a business with a friend who engages in reckless spending is a shortcoming to a business. Reckless spending destroy new business and i think that affected me most when i was in business with a friend. You need to select a friend who spends money wisely and prudence.
All these are my experience when i started a business with a friend which i believe is useful for everyone. Consider the following factors and choose the best friend to start a business with. Thanks for reading.