What could be better than making friends and making money at the same time? In an article for Fox Business, the Young Entrepreneur Council provides definitive tips for getting in business with a friend the right way.
BFFs for ROI
Get a contract in place between you immediately to remove any ambiguities, particularly regarding roles and money. Defining your respective roles early allows you to invest all your energy in the places that are most appropriate. Likewise, you want to “design” the relationship so that there is a mechanism for speaking openly and without judgement to each other. If you are bad at disagreeing with each other, nothing fruitful will come from your indecisiveness. Safeguard your friendship by preparing for the opposite—of losing the friendship—and thinking backward from there. Build in time apart so you can take a break from each other periodically. In any case, the ideal business partner will have skills that complement yours and accommodate for your gaps; this tends to be crucial. You can read the full article here: http://smallbusiness.foxbusiness.com/entrepreneurs/2011/06/06/smart-or-not-starting-your-business-with-friend/