Often times when announcing that you’re about to enter into business with your partner or best friend, most people try to discourage you with puzzled looks, and stories about everything that could possibly go wrong. They have either seen or heard enough to think that working with those closest to you is not a good idea. But there are always exceptions – some best friends/life partners have managed to work very well and attain success together.
Is it challenging? Absolutely! But you and your best friend/life partner can certainly make it work. It just takes the right communication, mindset and guidelines with some patience every now and then. Below are five reasons why you should take a leap and enter into business with your best friend/life partner:
Mutual investment in aligned goals
One of the main reasons you and your best friend/life partner may want to enter into business together is that you both want the same results. If this is true, you’re on the right track. Some partnered-businesses fail because there are different visions. You desire to start a property business and your life partner is more eager to manage a business. Even though you both share the same idea, your visions for the business may not be aligned. How so? You are invested in really understanding the property market – going to live events, talking, and listening to expert investors. But your partner is excited to start and might not know a great deal about the property market or how to invest.
If you and your best friend/life partner want to get into the property space, it’s best to share the responsibility equally when it comes to doing research, roles etc.
The benefits of emotional support
When you’re confronted with challenging conditions, you’d much rather have your best friend/life partner on your side than someone else. If you were in business with a stranger, chances are that you’d share your challenging experiences with your best friend/life partner.
The other perk about running a business with someone you’re extremely close with is they’ll know how to encourage you. And if there’s a problem they might even have an idea to help resolve it – a solution you might have not considered. The working experience will be so much better when you the expectations you set at the beginning are clear.
Differences will create balance
Most people assume that two different personalities result in clashes and arguments, this is not always the case. Differences can be good for business because people’s strengths come into play. It is best to be clear about your individual roles within the business right from the beginning.
As said ‘opposites attract’ you and your best friend/life partner can still work well even if your personalities are very different. For example: your best friend/life partner might be good at getting deals while your strength is managing the business. This combination is reason enough to come into an arrangement amongst yourselves -that you’ll manage the business while they get the best investment deals.
Nothing gets achieved in business without effective communication. The advantage is that you and your new partner are already in good communication because of your relationship. It is challenging and sometimes necessary to have uncomfortable talks in business. So, it might be easier to have these with a best friend/ life partner – unless they evade confrontation. Resolving issues with them will be much better than working with an associate.
In summary, if effective communication is the foundation of the business you are building, then you’re setting yourselves up for the long haul.
The rewards of shared experiences
What is the highlight about entering a business with your best friend/life partner? Experience success together. Sharing that journey of high’s and low’s with someone very close to you is priceless. Ultimately, you’ll both feel motivated to accomplish great things to get that feeling again.
If you’ve made up your mind about starting a new property venture with your best friend/life partner, register for our FREE online property webinar today. We hope to see you soon.