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
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.
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.