When a lot of people think about their ideal business to run, working with their friends will be one of the top criteria to fill. You surround yourself with people who have similar interests to you, accidentally ensuring that they could be good candidates for roles in your business, giving you a great deal of help when you’re starting up.
Of course, though, running a successful partnership is more than just working together. To help you out with this, this post will be exploring what you will need to keep an arrangement like this going into the future, along with the tools you will need to help you.
In business, a verbal agreement is rarely worth any more than something a stranger said to you. When the going gets tough, most people will act in their own interest, and this makes having a contract is vital to your success. It doesn’t cost much to have a lawyer draw up an agreement for both parties to sign, and this can save a lot of future pain. In a lot of cases, you will be able to go with something very basic, and it will only have to over some simple terms.
Of course, though, while this may be simple, it’s critical that you both have a good understanding of the contract you’re signing. This is something which needs to be discussed with each member of the business, regardless of their level of shares. If people go into a company with you not understanding the terms, it can cause a lot of pain in the future, and it’s worth avoiding this for the sake of your work.
As a big part of the agreements you make, the structure of your business will have to be formed. This will mean dividing your company into shares, giving each member a slice of what is being made. In a partnership, this will usually be a fifty fifty split, making it nice and easy to organise. It’s best to make this sort of arrangement official, with the benefits of setting up a partnership company being a lot greater than the costs of doing it. While removing financial liability from you and your partner, it will also help to secure your positions if the business ever gets sold.
When you’re running a business with someone, it is vital that communication between the pair of you is ongoing and easy. Thankfully, there are loads of tools for this, nowadays, and most people have everything they need in the form of a mobile phone. VoIP tools, like Skype, are great, and often offer video. Instant messenger, like Facebook, WhatsApp, and Hangouts all require the internet, but are much faster than email. Of course, you can’t ignore email, though, with this being one of the most common tools used to communicate in business.
Along with having the right tools to stay in touch, it’s also a good idea to work hard on the way that you talk to each other. It can be hard to voice your opinions if you don’t do it from the start. To make sure that you’re always open an honest, you have to give yourselves the time to talk about the negative sides of your partnership. Over time, this will slowly improve your relationship, removing all of the issues which you would struggle with if you weren’t working at it.
Having enough room to do business with your partner will be the next hurdle to get over. Having separate work spaces will be cheaper, but will make communicating harder when you’re trying to work. To help you with this, using a co-working area will give you the benefit of a value space, without having to sacrifice your needs. Places like this are a great option to use until your company has grown to accommodate something bigger. Having a place like this will make it a lot easier to do your job, while also giving you the chance to get what you wanted; a career with your friend.
Hopefully, with all of this in mind, you will be able to start working harder on the time you put into your business partnership. It can be hard to keep something like this afloat, especially in the modern world. Of course, though, if you work hard, anything should be within your reach, especially when you’re doing it with someone you care about. There are loads of successful business partnerships out there, and yours could be one of them.