Is it a Good or Bad Idea to go into business with Friends?

@34momma (13895)
United States
May 7, 2010 11:07am CST
I am about to start up a women's group on and offline as most of you know. Tomorrow is my first meeting to present my ideas to the group of women i hope to be working with. for the most part they are good friends of mine. I know sometimes business can really distroy a friendship. I so don't want that to happen. I am going to offer them a lot of money for their time and efforts, and i think i am being pretty fair too. So what do you think mylotters, is it a good or bad idea to go into business with friends???
1 person likes this
19 responses
@nessosamu (202)
• Japan
7 May 10
hi, 34momma. i am self-employed because i do not want to be hired by anyone, and i do not want to hire anyone, too. of course i can only get limited amount of money, but i also get limited amount of stress. hiring my friends or runnnig business with them is just a nightmare to me. i think friendship is fragile and money can easily destroy it. what if i went bankrupt? i could not take all the responsibilities. besides, i am poor at teamwork if my business grows, i might have to hire someome. but, i am sure that i will avoid hiring someone from my friends. i do not know what kind of business you are launching and if you are good at teamwork. but, if you keep yourself fair to your fellows and offering them a lot of money, i think you can become a good team! good luck!
3 people like this
@34momma (13895)
• United States
7 May 10
hi there nessosamu. i am about to launch an online offline women's group. don't want to think about it as being their boss. only because they will get paid for their efforts. if those efforts are halfa$$ then they will get paid for that! i am so serious about what i am about to start and i have no problem with telling friends or foe that they are just not what i am looking for. thanks so much for your comment
2 people like this
• Japan
7 May 10
yeah, that's ture. i didn't mean offering them large amount for nothing. i think you are so determined and your business is well prepared. that sounds like you are going to be successfull! good luck! oh, and thank you for your explanation! have a nice weekend :)
3 people like this
@o0jopak0o (6406)
• Philippines
7 May 10
well that depends, how long and how do you know your friends, if it is deep then no problem but money is the root of all evil (boom saying..) and i have seen friendship destroyed because of money but i have seen friendship blossomed because of partnerships. but likely you will experience a lot of hardships with being business partners and friends.
@34momma (13895)
• United States
7 May 10
money is not the root of all evil. it's how people feel about money and what they do to get it and how they act once they have it that's evil. money is a blessing when you go about getting it in the right way. and it's a blessing when that same money can help other people reach their goals. i have known all of them but one for many many years.
2 people like this
@climber7565 (2579)
• United States
7 May 10
There is a saying: "Don't mix business with pleasure". Have you heard it often enough to wonder what that means? You are about to start up a business and pay money for their time, so that tell me you are hiring their services. You are not being sincere to start with and are using friendship for your own gain. If you want all to go well you need to realize that when you step on that business path, they are no longer your friends. They are what you both agree to be, business partners or employees or employers. You need to have legal clarifications for all parties responsibilities and expectations. It is not a matter of friendship. Its about making money.
2 people like this
@34momma (13895)
• United States
8 May 10
i hear what you are saying climber. but it's more then paying for them for their efforts. each week we will sit down and hand pick what will go on the site, and what topic we will use for that group off line each month. they are going to be partners more then workers.
• United States
8 May 10
Oh I am glad to help. I just think you all should make sure you have established everyone's roles, duties, and expectations. Hold each other accountable and carry on with focus groups for further evolution.
1 person likes this
@34momma (13895)
• United States
8 May 10
that is something that would be done for sure. however first i need to see who is on board and who isn't. once i see who is interested, then we can move to the next phase of who wants to do what and so on
@MsTickle (24994)
• Australia
7 May 10
Money and friendship don't mix my friend. If you involve your friends this way you won't have them for long. If you need their support I'm sure you'll get it for nothing if they are good friends...anything else will send mixed signals....you will be their boss and that's maybe a long way from being a friend.
2 people like this
@34momma (13895)
• United States
8 May 10
hmmm... you might be right, but i don't know... i am going to have this meeting tomorrow and see what happens. maybe they are not even interested...lol yeah right they are going to love my ideas. lol
1 person likes this
@MsTickle (24994)
• Australia
8 May 10
I checked out your website via your profile. I notice you have a form for people to fill out with their full name, address, phone no etc. Yet you have no privacy policy. You might find you need a Privacy Policy and also Terms and Conditions for people who will be joining or using your site.
1 person likes this
@34momma (13895)
• United States
8 May 10
Hi MsTickle, you are right. However, that is not the website i am currently working on. My two new sites will have a privacy policy for share. I have it all taken cared of.
@Opal26 (17690)
• United States
8 May 10
Hi momma! I don't really know what to say to this! Going into business wih friends is really very dangerous! It almost always ends up going in a bad direction! I have almost never heard of it working out ok! I wish I could be more positive for you because I know how much is means to you, but I am afraid for you! If these friends of yours that you are going into business with are really close friends then I really hope you are sure because going into business or working with friends or family is the best way to ruin a relationship! I worked for my Aunt and Uncle and I did this for many years! The treated me, my Mom and other Uncle worse than all their other employees and we ended up never speaking again! Please be careful!
2 people like this
@34momma (13895)
• United States
9 May 10
opal thank you for your honest input. you may be right. but i think on this one i am going to stick it out and pray for the very best outcome. you are right, there could be a bad outcome, but i am the kind of person that really looks for the best outcome in every single situation. i got my fingers crossed.
@Hatley (164450)
• Garden Grove, California
8 May 10
34 momma I think it can be a very good idea to go into business with your friends. you all know each other and can feel more comfortable talking business with people you know and like as opposed to almost strangers.Also you will do well if you all talk over the way to run the business and all agree on the various points so that you all are on the same page.
2 people like this
@34momma (13895)
• United States
8 May 10
thanks so much hatley. I really think that i hand picked 5 really smart ladies. I think they will see my vision, and know that what i am offering them for their efforts will be will worth it. one is my aunt, two are my very best friends, one is a really good friend, and the other lady i might online and she is a good friend of my best friend. i know that they are smart, and willing to do what it takes to make this work. so i got my fingers crossed.
@lelin1123 (15643)
• Puerto Rico
8 May 10
I think its a bad idea to go into business with friends or family. For some reason it doesn't work out due to people and their egos. I find working especially with women is a bad idea. I have done this before and there is alway one that wants the power. I would rethink this if I were you. If you do this make sure everything is written down on paper and everyone agrees to the way things are to operate. Good luck to you.
1 person likes this
@34momma (13895)
• United States
9 May 10
i am so surprised that so many people think this is a bad idea. i know that because people are close they can began to feel as if they can say or do whatever. but i honestly think i have chosen some amazing women.
@lelin1123 (15643)
• Puerto Rico
9 May 10
Well then I wish you the best of luck and may all of you succeed in your endeavors.
• Philippines
8 May 10
Hi, I think it's not a bad idea as long as you have chosen the right friends to be your partner.. And also you need to set rules that all of you agreed..so that your business will run smoothly and just in case something bad happened you have rules to follow.. I hope my comments help you.. =)
1 person likes this
@34momma (13895)
• United States
9 May 10
i honestly think i did pick the right people. and in a few weeks i will know if they picked me. so we shall see what happens in a few weeks. thanks for your comment.
• Philippines
8 May 10
Hi, I think it's not a bad idea as long as you have chosen the right friends to be your partner.. And also you need to set rules that all of you agreed..so that your business will run smoothly and just in case something bad happened you have rules to follow.. I hope my comments help you.. =)
@34momma (13895)
• United States
9 May 10
your comment helped alot. i got so much negative feed back with this post and your comment does help me to know that i am doing the right thing
• Philippines
8 May 10
it will depend on the level of friendship. for friends who have known each other for a long time,starting a business is a good idea.as long as you sit down and talk about the agreements. being friends is different from being business partners.talking about regulations and setting out rules will help maintain a good business relationship.also, maintain professionalism even if your business partners are your friends.
1 person likes this
@34momma (13895)
• United States
9 May 10
that is just what i will be doing coco. first i presented the ideas i am working with to them. now i am giving them a few weeks to think things over. now when i meet with them again, i am going to see who is on board and who doesn't want to be on board. once i find out who is who, that is when we will put down the rules and regulations on who does what, what kind of money people will get so on and so on
@bestylish (923)
• Philippines
8 May 10
I think that it is a good idea to do business with friends. At least you know who you are working with. You know their personality and communication will be alot easier. I hope your business will do well. Happy mylotting!
1 person likes this
@34momma (13895)
• United States
9 May 10
thank you bestylish. i think these women are the kind of women who mean business. i know that we together can really make this website something special. like i said earlier i am going to wish for the very best.
@calixto21 (103)
• Argentina
8 May 10
If you have already worked with them then you know there attitudes at work, if not, then is not a really good idea, more if you're trying with a women group, they are just to envious as to work refers. In my opinion the best workgroup is with family members such as brothers, sisters, cousins that you really know better than a friend that you don't know how he/she can react to certain situations.
1 person likes this
@ebuscat (5949)
• Philippines
8 May 10
For me if you control your patient then go if not then don't think that your friendship to your friend is for long.
1 person likes this
@koperty3 (1877)
12 Aug 11
I don't go with business with my friends however I do some business with my partner as he help me to do some tasks and half of our on line business belong to him. I would never do that with friends as I worry that they will force me to do something I don't wan't to do. The best thing is to separate friends from the business as this is not affect your life in both ways.
@cip116 (1011)
• Romania
9 May 10
I think you can try, but very few business with friends are successful Best thing is to have employees and contributors Good luck !
@SViswan (12071)
• India
9 May 10
A lot of that depends on the individuals....and how they look at the business. Their wavelength on this aspect should match ...even more than their friendship. With friends, one can argue and get back to being friends. But if business partners who are friend are at loggerheads, it is difficult to differentiate between friendship and the business. My husband has his friend as a partner and their business has been going well for around 15 years now. That is because both of them have the same goals and vision for the business...even when they have different viewpoints, it is on the nitty-gritty and not really the bigger idea. So, they work well together. At the same time, it would be a very bad idea for me to go into business with my husband or another friend who has been asking me to for quite sometime now. I know that her way of looking at business and mine are very different and we would end up not being friends if we went into business together. So, I stay away.
• Philippines
8 May 10
It is a good idea but I don't know what will be the outcome of it. Your friendship is at risk because you are not only friends now but also business partners. Things will change. You will discover unexpected things like one of your friend is guarding her profit and benefits. The other one is bossy or the other one just doing nothing. Each and every one will exercise its power depending on your status in your business. The reason why I am telling you this because I have a group of friends who organized business partnership. The business was profitting because they were all good in that business. They were fitted to their craft. Their lifestyle change because each and every partners got a new house and a brand new car out from the profit. Eventually they've split up because of selfish motives. Some made their own business with the same line of business. So they were competing with each other. Of course, you can't blame the fact that not all client will remain. Probably some client will go to the one who service them beforehand. Some accused other partners for any personal and business up to legal action. So the friendship was gone because of clashed in business. So if you are planning one, make sure you have all the necessary documents for your advantage and benefit for everyone as well incase it will be needed in the future. If the boat will rock, you know what to do.
• India
8 May 10
Never start any business with friends. Cause it will be hard for you to control them or to work under them. And money is such thing which destroys the family unity, and this is just a friendship. Whenever money takes a part in any relationship the relationship becomes money depended. And money depended relation is not healthy. ever think to start business with friends. Now its your choice.
@sender621 (14956)
• United States
8 May 10
Going into business with friends can be rewarding. In the wrong circumstances it can be a nightmare. Go into such a gameplan with your eyes wide open. Make sure every agreement among you and your friends is in writing. It saves a lot of turmoil and bitterness in the end.