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Should i start a business with my best friend ?

Discussion in 'General Marketing' started by Johannie, Sep 30, 2010.

  1. Johannie

    Johannie New Member Webmaster

    Hello everyone [​IMG]

    Since few months i have that idea on my mind . With my best friend we plan on starting a business in Import/Export with asia, each of us has different skills regarding our experience ( commercial, Public relation and Makrketing director and business development manager) and we also have 15 k each . My Best friend studied 3 years in China and know the economy quite well . We know each other for 20 years now and we are about to make that step :)

    But i can't help thinking about how dangerous it might be to start a business with his friend , if something goes wrong or how difficult it could be to have authority on crucial topics. What do you guys think about it ? Does anyone here have some experience regarding that matter ?

    Thank you [​IMG]
  2. SDeveloper

    SDeveloper Guest

    Better to get some experience in the same business rather than failure. I advise you to visit foloowing link.

    Starting up | Business Link
  3. Mattlav

    Mattlav Resource Representative Resource Rep Webmaster

    Sounds like the perfect match.. thogh always make sure you have it all down in writting and legally.. just incase you fall out with him.. thats always the pain with "new ventures" with a mate :) but yeh sounds like you have the experience and a slight plan? so go for it!
  4. JennyRipley

    JennyRipley New Member Webmaster

    It sounds like a good thing,but If I were you ,I won't do business with my best friend.I don't know why ,maybe I have heard of many gray stories about that,
  5. bettyduncan

    bettyduncan New Member Webmaster

    I think you should not hesitate any longer. Go and do it!

    And you should define clear-cut assignment of responsibility before you start it!

    If he or she is really your best friend, you can count on him/her!
  6. pipeten

    pipeten New Member Webmaster

    I'd go for it if I were you. There is always a chance you may fall out over things but if you have been friends for that long you must have a good relationship and a good understanding of each other. The will certainly be things you have different ideas about but it is judging how strongly you each feel about those decisions and understanding when to compromise to choose which direction you go in.

    What I can't imagine doing is going in to business with someone I have a personal relationship with such as a spose or family member. That must be a lot harder.
  7. SDeveloper

    SDeveloper Guest

    If you know him well i.e. his abilities, skills, experience and trust on him so go head.
  8. I4Visual

    I4Visual New Member Webmaster

    I think the first post got it right, if you're going into business with anyone, just make sure you have all the legalities down in writing, not scrawled on a peice of lined paper either:)
    that way you can enjoy the time and not have to worry if something happens between you.
    I say go for it, it's a big step, alot of work but you may find you'll enjoy it and be proud of what you acheived.
  9. dagaul101

    dagaul101 New Member Webmaster

    I personally think it's good to have a business partner who is also a good friend, if you think about it, if you do it with someone else and it falls flat, which would you rather be in, with a friend or somebody else?
  10. arenee

    arenee New Member Webmaster

    agree. just make sure you have legal documents spelling out the ownership and rights of each person and what to do in case the business needs to be dissolved. absent a legal document, you're setting yourself up for trouble. partnerships are marriages without the love.
  11. evefrank60

    evefrank60 New Member Webmaster

    I just want to tell you that do business with your friends but don't allow yourself or your friends to mess personal or professional life.
  12. eUKhost

    eUKhost New Member Webmaster

    Yes, no issue, if you trust your friend and know how capable he is, then just make sure you go through the legal document process and then proceed to your business. You never know what will happen in future...
  13. crovax85

    crovax85 New Member Webmaster

    Some things to consider.

    How long have you know your friend?
    Do you know how he would react in a tight situation?
    Will he pull out if something goes wrong and leaves you to pick up the pieces?

    In the worse case, You could fall out and stop being friends.

    On the other hand, You could do amazingly well together and become closer and turn a huge profit.

    I guess what I am trying to say is weigh the risks versus the return and then you can decide easier.
  14. Webby49

    Webby49 New Member Webmaster

    I've recently started a business with a good friend. my advice would be to define plans, your roles in the operation, remuneration etc before launching. Once launched if you don't have things like how much you'll be getting payed and know how much work is expected of eachother then it could get quite tricky and lead to a strain on your friendship. On the flipside, if you sort out this stuff beforehand (even through a few awkward conversations) you'll both know where you stand, and then actually running (a hopefully successful) business with your best friend should be a real pleasure.
  15. mass220

    mass220 New Member Webmaster


    If he is a honest friend to you.....you may join with him, if you doing a partnership business you must need a honest as well as trusty person,,,,,,, so if he is good person you can develop your business.

    Anchorage Auto Transport:sweat:
  16. CraigEvander

    CraigEvander New Member Webmaster

    Well if you have complete faith in him why not.
    I mean the best thing is to start a business in which both partners have completely confidance
  17. angie828

    angie828 Member Webmaster

    Well did you both sit down and talk about it. As long as you both know that from working hours you are partners and then after hours you are best friends it could work but you will have to work hard to set boundaries.
  18. jonathan10387

    jonathan10387 New Member Webmaster


    Hi everyone, as far as i think there is no harm in doing a business with your best friend in fact it will be quite easy for you to handle things because you have faith on your best buddy but yea you both should have better understanding ability and will be able to work according situation. you are tensed about that whether it can create issues in management in future that who will take decision so the only solution to that is you both should divide your work i mean the half things you should be only in your control and half of the things should be completely handover to the partner and make a key rule that no one would ever would interfere in the final decision. last but certainly not least that do not mix your personal relationship in your business.

    Ireland Hotels
    Last edited by a moderator: May 27, 2011

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