< Business

5 Ways to Run a Successful Business with Friends

5 Ways to Run a Successful Business with Friends

Business

Unhappy with your salary? When it comes to business, everything sounds so appealing, it cannot be denied, furthermore if you can run business with your friends. Are you interested to try? Here are some important tips you need to know before start a business with friends.

1. Clear Goals for Business

Starting out in business with your friends is no small task. Money also friendship are at stake. That is why you need to set clear goals for business. If both parties know and understand the goals, you will be able to run business effectively. 

2. Strong Commitment

You can reach business goals with strong commitment. Along with that, both parties should aware and believe in each skills as well as the ability to define its target markets. It is way more better to start business with skills you nailed, for example you are a good cook with knowledge and skills, you better start to run culinary business. However, do not forget your roots, your commitment to gain business and survive the tough times.

3. Intense Communication

In order to embrace diversity, both parties should build intense communication, clearly and effectively. Intense communication can boost productivity to reach the main goals. The ideal way to build effective communication with your friends is weekly meeting. In each week, you can discuss and monitoring your business development. Do not hesitate to give suggestions each other.

4. Specialization of Work

Both parties should know their own duties to prevent overlapping or unfairly responsibility for a person more than someone else. This could be done before running the business. Anything about each duties or jobs also should be written on business contract. It can be applied as well for profit sharing based on investment, transportation, responsibility and other factors.

5. Make a Business Agreement Letter

Prepare a business agreement letter is a must. Both parties should sign the agreement to know their rights and duties. Believing your friends is like taking up a big responsibility in life, just like a business. Agreement letter used as the base for the legal decision.