Friendship + Business: The Do’s and Don’ts of Starting a Business Together

Starting a business with your best friend can sound like the ultimate dream—combining work and play, building something meaningful together, and enjoying every step of the journey with someone you trust. But as anyone who’s ventured into friendship-fueled entrepreneurship can tell you, it’s not all sunshine and rainbows. Balancing friendship and business requires careful navigation, clear communication, and a solid understanding of the potential pitfalls.

Whether you’re thinking about launching a startup with your BFF or you’re already knee-deep in the entrepreneurial waters, here are the essential do’s and don’ts to help you maintain both a thriving business and a strong friendship.

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Do’s:

1. Establish Clear Roles and Responsibilities

When you start a business with a friend, it’s easy to assume you’re on the same page about everything. But assumptions can lead to misunderstandings and frustration. From the outset, clearly define who’s responsible for what. Play to each other’s strengths and make sure both parties are comfortable with their roles. This clarity will help prevent confusion and ensure that tasks are completed efficiently.

2. Communicate Openly and Frequently

Good communication is the cornerstone of any successful relationship, especially when it comes to business. Regular check-ins, honest conversations, and a willingness to discuss difficult topics are crucial. If something’s bothering you, address it early before it becomes a bigger issue. The more you communicate, the better you’ll understand each other’s perspectives and work styles.

3. Create a Formal Agreement

It might feel awkward to draft a formal agreement with your friend, but it’s one of the best things you can do to protect both your friendship and your business. A partnership agreement outlines the details of your business arrangement, including roles, decision-making processes, financial responsibilities, and what happens if one of you wants to exit the business. It’s a way to ensure that you’re both on the same page and have a plan in place for potential conflicts.

4. Respect Each Other’s Boundaries

When you’re friends, it’s easy for business discussions to spill over into personal time. While passion for your venture is great, it’s important to respect each other’s boundaries. Set aside time to just hang out as friends, without talking shop. This will help you maintain your friendship outside of the business context and prevent burnout.

5. Celebrate Wins Together

Don’t forget to celebrate the victories, big and small! Achieving milestones with a friend by your side is one of the most rewarding aspects of starting a business together. Whether it’s landing a new client, reaching a sales goal, or simply making it through a tough week, take time to acknowledge and enjoy your successes together.

Don’ts:

1. Don’t Ignore Red Flags

If you notice any red flags in your working relationship—whether it’s frequent disagreements, unmet expectations, or a lack of enthusiasm—don’t ignore them. These issues can fester and lead to bigger problems down the road. Address any concerns directly and work together to find a solution before they escalate.

2. Don’t Let Emotions Drive Business Decisions

It’s natural for emotions to run high when you’re passionate about your business and care deeply about your friend. However, it’s important to keep emotions in check when making business decisions. Rely on data, facts, and what’s best for the business rather than personal feelings. If needed, bring in a neutral third party to help mediate difficult decisions.

3. Don’t Assume Everything Will Be Easy

Just because you’re friends doesn’t mean running a business together will be a breeze. Expect challenges, disagreements, and tough decisions. Prepare for bumps in the road and remember that it’s normal to face difficulties. What’s important is how you handle them together.

4. Don’t Take Each Other for Granted

It’s easy to fall into the trap of taking your friend and business partner for granted, especially when you’re both working hard to make your venture a success. Remember to express appreciation for each other’s contributions, and recognize the effort each of you puts in. A little gratitude goes a long way in maintaining a positive working relationship.

5. Don’t Neglect Your Friendship

Above all, don’t let the business consume your friendship. Make a conscious effort to spend time together outside of work, doing things you both enjoy. Keep the friendship alive by nurturing it separately from your business dealings. This will not only strengthen your bond but also provide a much-needed break from the hustle.

In Conclusion

Starting a business with a friend can be an incredible experience, filled with shared goals, mutual support, and the joy of building something together. But it also comes with its own set of challenges. By following these do’s and don’ts, you can create a strong foundation for both your business and your friendship, ensuring that both thrive as you embark on this exciting journey together.

Remember, the key is balance—treat your business like a business and your friendship like the valuable relationship it is. With clear communication, mutual respect, and a shared vision, you can navigate the complexities of friendship + business and come out stronger on both fronts.