This past summer, I recorded a podcast called Top 5 Things To Consider When Working With Friends with my friend and collaborator Mikelah Rose of Style& Vibes.
That episode is one of the most downloaded and most shared episode of the podcast. Which tells me a lot of us are considering or perhaps already started to work with friends and in some cases family.
Here’s a summary of 5 Things To Consider When Working With Friends or Family.
- Do your personality traits complement each other? Doesn’t necessarily mean they should be the same.
- Be honest and upfront with each other whether going into business will work. Take time to weigh the PROs and CONs
[Tweet “When working with friends – Put in writing the scope of the business relationship.”]
Get It In Writing
- Decide up front the type of business relationship.
- Put in writing the scope of the business relationship. Layout the expectations, money, profits, titles, roles, dissolving business or partnership etc. It’s important to protect the interests of all parties.
- Review and update the agreement periodically.
Partner Up to Balance Strength and Weakness
- Be honest about each other’s strength and weakness.
- Each person’s strength & weaknesses should balance out the other. If both have the same strength & weakness there will be conflicts and challenges and the business will suffer.
Separating Work from Non-work.
- It can be exciting to go in business with friends but what happens when there are disagreements?
- Communication is key!
- Workshops, courses, coaching and team building activities should be part of your professional & personal development arsenal.
- These should provide strategies to help with communication and other areas that might be needed to have the business relationship and the friendship thrive.
[Tweet “Cutting ties whether business or personal will always be challenging.”]
How do you go about cutting Ties?
- Cutting ties whether business or personal will always be challenging.
- How do you walk away from the friendship or the business? An agreement should cover dissolving the business or partnership (see No 2).
- Repairing a friendship bruised by business will take much longer to repair, if ever to repair.
Please enjoy this free Infographic: 5 Things To Consider When Working With Friends (or Family) and share it with well…your friends and family.