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September 30, 2019

Why You SHOULD Enter Into Business With Your Friend and Partner

Great, Good, Average, Bad

Mention to people that you’re entering into business with your best friend or significant other, and you’ll hear all of the horror stories. It’s not a pat on the back congratulating you, but hearing instead why it could never work. However, there are instances where it has.

Is it rocky? Of course! With the right mindset, communication, and guidelines; you and your best friend/significant other can make it work! Here are five reasons why you should not be deterred by the horror stories:

Differences could complement each other

Differences could complement each other

Most people look at two conflicting personality types and immediately think: “oh they’ll clash”. This doesn’t have to always be the case. It’s all about using each other’s strengths. The tip is to be clear about your roles within the business.

The saying is that ‘opposites attract’. You and your best friend/significant other could have different personalities. However, together you may work well. An example: you’re good with finances but your best friend/significant other is a great negotiator. The arrangement between the two of you could be that you’ll handle the finances while they’ll handle negotiation of property sales.

Aligned goals

Aligned goals

There is one reason why you and your best friend/significant other decided to enter into business together: you both want the same thing. Why some partnered-businesses fail is because their visions are not aligned.

You want to start a property business and your best friend is excited to run a business. While you both have the same idea, your visions may not be aligned. How? You’ve been doing a deep-dive into the property market – attending events and talking to experts. Your partner, on the other hand, is raring to get started and may not know a lot about the property market.

If you and your best friend/significant other are both looking to enter the property market, then you’ll both share equal responsibility when it comes to roles, research, etc.

Great communication

Great communication

Good communication is the most vital part of running a business. The good news is that you and your new business partner are already great communicators.

Running a business means that at times, you’ll need to have difficult conversations. It’s not an easy thing to do but with a best friend/significant other but it may not be too difficult – unless they avoid confrontation. Solving problems with them will be a lot better than working alongside an acquaintance.

To sum it up, if you’re building a business on effective communication, you’ll set yourselves up for longevity.

The shared experience is rewarding

What is the best part of entering a business with your best friend/significant other? When you experience success. You get to share this experience with someone really close to you. In the end, you’ll both be motivated to achieve great things to experience the feeling again.

Great for emotional support

Great for emotional support

If you’re running into some challenging situations, there’s no one you’d rather have on your side than your best friend/significant other. Let’s face it if you were running a business with a stranger, the person you’d confide in if you were experiencing a challenge would be your best friend/significant other.

Running a business with someone you’re very close with is great because they’ll know how to motivate you. Also, they may have an idea that could help solve the problem – a solution you may not have thought of. Setting clear expectations at the beginning will make the experience so much better.

If you’re ready to start a property business with your best friend/significant other, sign up for any one of our free property investment seminars.