Have you ever wanted to start a business with your best friend? What's stopping you? Friendships can be the backbone of a successful business. Having a good relationship with someone before running a business together can ensure that you have a supportive partner with a common goal.
If you are looking to start a company with a best friend, who is also a family member, check out our blog post - "Meet My Co-Founder – Mom."
College Classmates to Foodpreneurs
Suzanne Delica and Jelece Morris met while studying engineering together at the University of Florida in 2007. Fast forward to 2020, Delica and Morris are based in different states, Maryland and Georgia. However, they are still best friends trying to stay connected during the pandemic.
Virtually, they began experimenting in the kitchen incorporating flavors from their native Caribbean roots. Delica is from Haiti, while Morris is from Jamaica.
"We just blended a whole bunch of different seasonings together and came across this awesome blend that perfectly represents our Haitian and Jamaican roots," Delica said in an interview with Yahoo! Finance. "And we decided to call it Taíno spice after the original people of the Caribbean."
That eureka moment in two separate kitchens led to the creation of BoCa Flavor, a quest to share Bold Caribbean flavors with the world.
“Owning a business with my best friend is truly a unique adventure,” Morris said. “We have the advantage of diving right in minus the awkward 'getting to know you' phase. Yet, we still make it a point to have regular team retreats to reflect and realign. This ensures we don't take each other for granted and allows us to refresh our personal relationship.
“Being in business with a friend is not for everyone, but we make it work because we truly understand each other's motives and keep open, honest communication at the forefront."
Following Delica and Morris' lead, here are some do's and don'ts for starting a business with your best friend.
Starting a Business with a Friend: What to Do
DO make sure you a. need a business partner and b. are compatible with your best friend to be business partners. Check out our blog post on "Do You Need a Co-Founder or an Early Employee." Being best friends does not necessarily mean you will be good business partners. To avoid tension in your business relationship, make sure you and your friend share similar values and business goals.
DO set boundaries. Make sure you agree on working hours and respect each other's personal or family time. It's also essential to address any issues as they come up.
DO bring skills to the table that complement each other. You and your friend most likely have different sets of skills, and for a business, that's great! Maybe you are good at sales, while your friend is good at organization and record keeping. Each partner should capitalize on their strengths to run a successful enterprise.
DO support each other. Make sure you and your friend, aka "your business partner," are there for each other through the good and bad. The supportive relationship you shared as friends can help your business as you weather the highs and lows.
DO communicate often. The great thing about being best friends with your business partner is that you're already comfortable speaking. Consider having daily or weekly update meetings. Talking about issues before they turn into significant problems can be super helpful. If there is a problem related to workload, check out our blog post on "How to Do with an Equal Partnership with an Unequal Workload."
DO put everything in writing. No matter how good your relationship with your friend is, it may not always stay. You should have a valid contract to protect each other's interests.
Starting a Business with a Friend: What Not to Do
DON'T mix personal and business matters. Try to keep things strictly business-related during your agreed-upon working hours.
DON'T let your business take over your friendship. Your entire relationship should not revolve around the company. Keep doing the fun things you did that made you friends in the first place!
DON'T let money get in the way. Make sure there is an equal financial stake going into the business. Consider hiring an independent accountant to handle the finances and having a plan when it comes to outside investors.
DON'T hide anything from your business partner. Honest and open communication is crucial to success.
DON'T make any major decisions without consultation. Be on the same page with the direction of the business.
DON'T put mutual friends in the middle and have them pick sides in company-related disagreements. Work conflict is normal among co-founders but should be solved internally. If you need an outsider's point of view, consult a mentor, investor, or advisor together.
Conclusion: Best friends can make fantastic co-founders. There is a level of trust and comfort already established. So you can skip the getting to know you phase and pull your sleeves up, ready to work. However, there are risks to starting a business with your BFF. Is it worth it? Only you can make that decision.
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