5 Tips to Do Business with Your Friends
Thinking about running business with your bestfriend? Consider reading a few tips below.
Feeling very well suited to each other makes you and your friends have ideas to run a business together. However, it should be noted that friendship and business are not the same.
Therefore before you ruin your friendship over business, it is safe if you would consider reading a few tips below if you intend to run a business with your friends:
- Know the Way Your Friends Work
It may be easy to have aspirations in determining the concept, vision or mission of the business that will be carried out. It’s wonderful when imagining all that with friends, but before the business really runs, it’s very important to recognize the working system of each one of you. Is it suitable or not?
For example, if you are a perfectionist, your friend is a person who is relaxed and doesn't like to pay attention to details, meaning there is no match. Things like this can be an obstacle when the business is running. We recommend that you first set some rules on the working system you and your friends will both comply to.
- Perform Division of Work & Results
When you and your friends are already in the same page about how the business will be run, it is now time to determine the job description of each. Yes, you and your friends must have a clear task. Are you the one who will be the decision maker in the marketing department, is it your best friend who has complete control over operations and so on. This is useful so that you and your friends know each other’s obligations, so there won’t be blaming on each other later on.
Then, agree on sharing the profit transparently together. What percentage for you and what percentage for your friend, how the system of sharing the profits will go and how much budget will be issued later.
- Make a Business Contract
Even though you and your friends have a high level of trust between each other, a written contract or agreement is still needed. Write down all the rights and obligations of both of you and other things needed. In business all must be prepared from the beginning, so that if later you or friends change your mind, the contract at the beginning can be borne. Nobody knows what could happen, right?
- Be Professional
You and your friends must be professional from the start. Never mix personal problems with business. Discuss everything that needs to be discussed about business, even if it’s sensitive. Never feel bad just because you are friends. Determine certain times to be able to act as friends, and when to become coworkers.
- Maintain Good Communication
Though you and your friends have become business partners and have to be professional, do not let communication as friends cut off. Keep taking the time to hang out together, do things that are usually done as friends, continue to communicate and make each other as someone who continues to be trustworthy.
When you and your friends feel confident enough to run the business, you should start looking for technology, programs or other things that will be able to facilitate the running of your business. Now, we offer you one of the technologies that can help business operations: the DBS IDEALTM mobile application.
This application is a form of DBS commitment as a companion for you and your friends in running a business. You and your friends can access your business account balance instantly, make payments securely at once, and also get better flow control anytime and anywhere. For more info visit this page.