Well I have bad news for you. Sorry. Starting a business with a buddy is a horrible idea. This is what I wanted to write about today because it’s a topic that has been on my mind a lot lately.
I wanted to start off by telling a quick story about running a business or working on projects with friends…
My original plan for Studenomics was a financial planning company with a buddy. Two of us knew that we wanted to do something with money. We just weren’t sure on how to approach things. We would meet up to discuss ideas. We made random notes and arbitrary plans. We would be motivated about making money, yet we took no real action.
Then things got ugly. Eventually you have to take action. This is where problems will always arise because one person will work harder than the other. This gets awkward because the minute you try to boss a friend around or a problem arises, your friendship takes a turn for the worse. Friends are fun when it comes to complaining about work or having a laugh. Not trying to start a business together.
Safe to say, I’ve never attempted to work with a friend since then (mid-2008).
There’s a reason that we make new friends in school and at work. That common goal brings us together. An interest in the same topic at school or same career path brings us closer. Your lifelong friends are usually still close with you because you guys have been through so much together. I have literally zero common interests with some of my oldest friends. We’ve just kept in touch.
When you want to start an online business or perform a service, you’re just way better off going in on your own because you have nothing stopping you. Why wait for someone else or hope that another person will carry their own weight?
Have you thought about starting a business? I suggest that you try doing it on your own. If you can’t do it on your own, below are a few suggestions that trump starting a business with a friend:
- Hire help as you need it. You can hire the help when the time comes for it. This is much easier than waiting around for someone to submit their portion of the work.
- Work with associates. You can work with someone from your extended network or list of friends on Facebook. You don’t have to work with your best friend.
- Outsource. I strongly believe in outsourcing work whenever possible especially when your business needs manufacturing of a certain product (only trust reliable manufacturing company like Asianprosource.com). I use fiverr.com. when I need something quick done. This is quick and easy. If things don’t work out, you’re only down $5.
What can you do with your friends? What if you still want to work with your buddies?
- Battle debt together. If your student credit cards got you into debt, you can get your friends to hold you accountable while you tackle your debt. It’s always fun to have someone there to help you when you’re feeling down or need some extra motivation.
- Workout together. Working out is best done with someone else. Having a workout buddy will force you to train harder and push yourself more.
Friends are amazing when it comes to keeping yourself accountable and pushing yourself to the max. Just please don’t try to start a business with a buddy. It won’t work. Your friendship is worth more than any business.
This articl was contributed by Martin of Studenomics, and now Start Freelancing Now. Martin recently wrote about how you can still freelance when you have no time.
Have you ever gone into business with a friend? Did it work out?