July 21, 2014

It’s exciting to think about the prospect of going into business with someone you already know, but this step should be taken carefully or you might wind up with a difficult working relationship and an impaired friendship. Here are some of the most important questions you should review when thinking about whether a friend equals an ideal business partner.

(Photo Credit: vanityfair.com)

• How much trust do I have for this person? You’ll see that numerous experts compare business relationships with marriage. Are you willing to go through ups and downs, which are all part of running a business, alongside this individual?
• How does that partner improve and build on your brand?
• Does this person have a selling point or critical skill that you’re missing? It can be a good idea to work with someone who offers something that you don’t. If you’re missing executive experience, for example, perhaps look for someone who offers that.
• What is their life position? It could be difficult to work with someone as a partner who is not in a stable life location. Although this doesn’t meant that your partner has to have all his or her ducks in a row, someone just coming out of a bankruptcy might pose risks for your company.
• Would a pilot project work? Before committing to a full-on business together, maybe trying out a small version or pilot project will give you a sense of your strengths and weaknesses.

To talk more about concerns of a business at the startup stage, contact us through email at info@lawesq.net or by phone at 732-521-9455 to get started.