The Fine Line Between Business and Friendship.

Chronicles of navigating through twenties. /Pt. 2/

Hey you!😌

Everyone has either heard a story about doing business with friends or has personal experiences to share on this topic. I would like to share my opinion on the topic now; I may return in the future to discuss it further, but I hope it will be for the better and in a way that is beneficial. 🤞🏽

Do I therefore suggest that you do business with friends? Of course, yes but...., Oh! My yes comes with a "but." You can run a business with friends, but before you do so, please bear the following in mind. In some cases, it is much better to keep your friendships just the way it is, let's be honest here, not everyone who makes a good friend also makes a good business partner. In actuality, not everyone who is family to you merits being your business partner, let alone your friend.

Photo by Surface on Unsplash

Growing up, I was exposed to a variety of stories about doing business with friends, both good and bad, but you know what I wasn't ready for? that I would eventually be able to decide whether or not I want to do business with friends. I suppose that life comes at you quickly. Since I was a little child, I have had a passion for baking, which was how I started my business.(This is not my first business by the way; I think I've always hated being poor from a young age. 😂) I started my baking business way before I launched my brand, and the majority of my first customers were my friends. So this was my first and primary encounter with dealing with business and friendship. However, I'm happy I went through those phases since they prepared me for working with friends and truly allowed me to know how to distinguish between friendship and business when I officially started My Brand

Lately, I've had to collaborate with friends on projects and brand building, which is quite wilder than my first and primary encounter with balancing business and friendship. I personally have a strong belief in collaboration. I believe that when sound minds come together to support one another, incredible things will happen.

This brings me to a few points I'd love to share with you before you do business with friends.

1. Be honest with yourself: It can be difficult to do business with friends because you already have a friendship and are familiar with each other's personalities. Are they actually someone you can work with? What is their relationship with money? Are you okay with your friend being more superior to you if your friend is in charge of the team or something? Will your peace of mind be intact if you do business with them? Do a lot of honest introspection. Before entering a business with a friend, be certain that you are comfortable with the responses you got from the questions you asked yourself.

2. Understand your roles and maintain it: One of the most important things to establish before working with a friend in a business capacity is to understand each person’s role and of course maintaining it. What do both parties bring to the table to make this business a success? This will help you to discuss your expectations and will determine what your friend’s level of commitment to the business will be.

3. Money talks: There’s one adage in Yoruba that says “owó ni i ba ojú òré jé”. In business, “Money is king” and it's one crazy way that ends relationships. It is very important to have money talks while having a business deal with friend(s). Be clear whether they’re offering their services for free or they expect that you pay them for their services. Ask these questions clearly so that you can be on the same page and avoid issues.

4. Boundaries: emphasis on this point pleaseeee! If you want doing business with your friend(s) to be successful, please create boundaries,keep your emotions in check to run your business professionally. When it’s time to work, embody your role fully and take charge of your responsibilities. Also, don’t misuse the opportunity of them being your friend and making them work when they’re not supposed to. Treat them the way you will treat your coworkers in a professional setting, this makes the business setting more efficient.

5. Effective Communication: It is important to engage in candid and sincere discussions regarding topics that are sensitive. Don't be afraid to bring up these issues right from start. It's very important to speak entirely the truth, and doing so is a terrific way to figure out how you and your friend will react to criticism or disappointment.

6. Legal safeguards: Doing business with a friend shouldn't ever be driven solely by trust. Please allow me to remind you that people are humans and that you alone have access to your own heart and are unable to see into the hearts of others. A formal contract and agreement must be in place in order to establish structure, good management practices, and relationship rules.

Keep in mind that you shouldn't let your business eat your friendship because we humans tend to get lost easily. Instead, learn how to balance the two without losing any. It's a hazardous path, but I believe it can totally work out for the best. If you ever decide to start a business with a friend or if you already have, I wish you good luck. 🥂🤩

Love,

Temiloluwa. ❤