4 Important Things to Keep in Mind When Starting a Business with Friends: AltusHost Advice


Starting and running a business alongside your best friends can be a rewarding and amazing experience, however, it also carries some unique challenges you must face eventually.

You will need partners that will push you to your limits, and make you nervous from time to time; the types of people, whose drive and intelligence make you perform beyond your “limitations” so that you never put yourself in a situation where you must catch up to others.

The best partners are the ones who have different skills and they complement each other, making a great team together.

Think about it – if you already have friends who are like that, then you are a lucky person. Still, this doesn’t mean that the road ahead will be easy and problem-free. No matter what kind of business-running model you have, it must have its downsides and troubles, and so is running and starting a business with your friends.

Here are the 4 things I’ve learned from running a business with friends and they should help you avoid making some terrible mistakes.

Stick to Your Business

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At the very beginning of your partnership, you should define everyone’s roles. When you are doing business with friends, it feels natural to take a collaborative approach. This may work out for a while, however it is much better to divide obligations and set everyone’s boundaries based on their role. On our road towards becoming a

On our road towards becoming a reliable hosting service, we delegated duties as technical, client based and organizational. If you do this right, you will get to know all the weaknesses and strengths your entire team has, including yours. With this knowledge, you can clarify your individual obligations even further. When you’ve done this, don’t be afraid to enforce these measures. There is nothing wrong in telling someone that they are in your turf and that they should back off and let you handle your business.

With this knowledge, you can clarify your individual obligations even further. When you’ve done this, don’t be afraid to enforce these measures. There is nothing wrong in telling someone that they are in your turf and that they should back off and let you handle your business.

When you’ve done this, don’t be afraid to enforce these measures. There is nothing wrong in telling someone that they are in your turf and that they should back off and let you handle your business.

Go Through Tough Conversations During The Early Stages

3There can be only one when it comes to important positions such as CEO, head of sales, head of product, etc. Once again, the key to this issue is to know the strengths and weaknesses of your team.

Furthermore, you cannot allow not covering important projects just because you are all friends and you are playing nice. This is business above everything, and touchy subjects like job descriptions, salary, title or equity should be dealt with professionally. The longer you put these conversations off, the more difficult and challenging they will become, so show that you are brave.

Different Perspectives Are Important

You and your friends are probably much alike. You have similar personalities, life experiences and backgrounds, which can be good when it comes to being friends, however if you look at it from a business point of view, it can be counterproductive. If you get to a dead end in your business affairs, there is a great chance that your friends won’t have the solutions to that problem, since you all think similarly. This is why you must make sure that you partner with people who have a different perspective and can offer brand new ideas in order to offer

If you get to a dead end in your business affairs, there is a great chance that your friends won’t have the solutions to that problem, since you all think similarly. This is why you must make sure that you partner with people who have a different perspective and can offer brand new ideas in order to offer cutting edge services in your market. Nevertheless, you and your friends should always look to improve yourself and enhance your strategic thinking.

Business Is Not A Democracy

4As children, we were taught to make and share compromises with friends. But, in business, it’s not so easy, since it’s not a classroom nor a kindergarten and fairness is not a top priority in the early stage.

Being a benevolent dictator is a much better thing when starting things up, as there is no time to run everything with everyone, and to be real, some things just aren’t for discussing, and you just go ahead and do them.

Take matters into your hands and move forward each day. You can lose track of your plans and valuable time if you discuss every little thing with your partners, and this is something you cannot afford during the beginning of your business.

Running a business with friends along your side is worth it. Building something from scratch and watching it grow is an amazing experience, and it’s even more exciting when you do it with the support of your dear people.

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