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Should I Start a Biz With My Bestie?
Manage episode 490996838 series 2838670
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I have been thinking a lot about business partnerships lately. I am contemplating partnering up on a business right now and I have a client who is in the process of partnering with her best friend. It all sounds so fun and when you are in the honeymoon phase when all you can think about is making money and having fun!
This is all true, you CAN make money and you WILL have fun, but not every day is going to be an easy road. There are many things to consider before entering into a business partnership with a friend or anyone for that matter.
For starters, you need to have a shared vision for where you want the company to go. Is this a fun "side business" or are you looking to build it up and sell it one day or create generational wealth for your family? Those are very different goals and if you don't talk about it ahead of time, it can lead to conflict.
You also want to have complementary strengths. When I launched 918moms.com with Melanie Henry, we were exact opposites and it worked! I handled all of the sales and marketing and she was more behind the scenes handling all of the content and operations. It was a match made in heaven! We were able to scale quickly because we weren't lacking the skills needed to succeed between the two of us!
Have you ever partnered with your bestie? How did it turn out? I'd love to hear from you! I have compiled a list of all of the things you need to consider before entering into a business partnership with your bestie on the latest episode of the DO IT MY WAY Podcast!
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