Going Into Business With Your Bestie

When two people share one idea that seems like it has legs and can be transformed into a business, it's an exciting thing. Especially when the two prospective business partners are close friends. You feel like you're on the same wavelength and can work well together since your friendship is long standing and untouchable.

But is going into business with a friend the best idea?

There's no right or wrong answer, we're all compatible with people to different capacities. When you feel like you've created a genius idea, it's hard to say no to sharing the monetary benefits.

In any case, there are precautions that should be observed when entering into a business contract with a friend. Here are some tips to remember:

Put plans on paper - Draw up some drafts and outlines of your plans and objectives. Have weekly business meetings and be clear and concise about what your expectations are. You might start out with a simple idea and then branch out into other possibilities, the beginning stages are for brain storming so get as much on paper as possible.

Iron out the nitty gritty - Don't overlook potential disaster for the sake of optimism. Both of you need to be realistic. Don't assume that all of your views on the project are in alignment. Issues like hiring employees, office locations, business models, etc, should be discussed in depth and great detail to identidy any disagreements and kinks to work out. 

Discuss long term goals/vision - Do you both see this project as taking off the ground in success and becoming a full-time priority? Is it a long-term goal or a creative endeavor on the side?

Seek legal advice - To avoid having to bring a lawyer in to the situation to remedy a good thing gone awry, have all of your documents, drafts, contracts, and business plans looked over beforehand so that you can have some advice to work with that might help you avoid problems in the future.

Courtney Gilmour
		About the author:
		Courtney is a published writer, stand-up comic, and shameless Internet enthusiast. She holds a double bachelors degree in English Literature and Communication Media Studies, specializing in semiotic theory, however she doesn't get Shakespeare and has never won a game of Scrabble. Currently she lives in Toronto and works as a writer for WOMAN.CA.
	Read More >>