When you decide to set up a new business, it is easy to think that two heads are better than one. It is easy to think that you can be aligned to your goals together.
In reality, it can be different. In reality, as the saying goes – fail to plan, plan to fail.
When you go into business with someone whether friends or family – BE CLEAR.
Set your stall out, set out your expectations, set out your goals and needs.
You should also get an agreement drawn up setting out criteria for the business partnership.
This should include things like;
How much you want to spend / invest in setting up the business…
What you want to with regards to marketing
What is your business plan
What is your target market
What is your USP?
Who will look after what / who will do what
The biggest thing is that you have to manage expections….
There are a few other things as well…
Don’t let the business ruin a friendship or family connection
Sometimes things have to be put into perspective
Do not lose sight of the bigger picture, do not lose sight of the fact that you were friends / family before the business started.
Ultimately, be realistic. You cannot set up a business and expect instant success. It takes time, it takes money, it takes effort, it takes drive, it takes reality.
It isn’t as easy as it looks. So you need to be clear from the start..
What if there is a dis-agreement? What if one person wants out? What will you do about money invested?
Try and think of everything from ALL angles, ALL aspects.
Every start up business needs the best laid plans. Don’t wing it.