Added: Cintia Perreira - Date: 11.07.2021 02:38 - Views: 35376 - Clicks: 7454
Here are the pros and cons you should consider before starting up with a friend. Recently someone asked me if it was a good idea to start a business with a friend? Without a proper plan and strategy, friendship and business can work against each other, they say.
To be honest, starting up with friends can be a double-edged sword. While there is no right answer to this question, I will try my best to give you the most unbiased opinion by evaluating the pros and cons of starting a business with a friend.
There are many pros that will come to mind when you think of your best friend as your co-founder. Here are the top 3 pros of starting up with your friend. Business requires trust and comfort to flourish.
Having a friend who already understands you works well as a business partner. If you don't enjoy your journey, then there is no point. Through your ups and downs, you will have a strong shoulder to sail through the tough times.
Here comes the tricky part of this business. No matter how thick friends you are, here are the few downsides of having your best friend as your business partner. Or if something personal comes up such as a wedding, MBA, health issues, etc.
At this point, it becomes extremely difficult to have tough conversations and take hard decisions if you are dealing with a friend. I would suggest that you have the most uncomfortable discussions upfront. Be as honest as possible and make sure to keep friendship separate from business.
Also, have a clear vesting period for example, 25 percent stock vesting per yearKPIs, and exit strategy in place. In a couple of years, if one of your friends plans to leave the company, you should be able to give them their share of profits and this is possible only when you have all the paperwork in place. If expectations and structure are set right in the beginning, it becomes easy for everyone to work within that framework.
In this video below, I speak in depth about the different consequences of starting up with friends. Watch this to clear all your misconceptions! Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.
Expert Opinion Is starting a company with a friend a good idea? By Vishwas Mudagal. We tell your stories.
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