#296. I’m Going into Business with Friends & Feel Good About It (So Far)

business business business, money money money
business business business, money money money

There’s that cliche.

You shouldn’t go into business with friends.

There’s too much at stake. Too much history. Too much a lot of things.

So am I being naive by going into business with friends?

Here’s the story, without giving too much away.

One of my best friends had an idea. It’s a clothing accessory that’s currently not on the market. It’s a really great idea. She is super into the business-y side of things and getting shit done, but doesn’t have a strong fashion background.

However, one of our other good friends does have a fashion background. She can design and make stuff. The business-y side is not her thing.

So they working on this business.

And eventually, they needed someone who knew a thing or two about marketing/building a website/social media/etc.

Enter: me.

Three pals with separate, but complimentary skill sets. What could possibly go wrong?!

Well, I guess feelings could get hurt.

And who pays for what? And what if we fail? But what if we don’t? How do we deal with money?!

Maybe we’re all nuts, but we decided to throw caution to the wind and file for our LLC status (is that the right terminology? I wouldn’t know, I’m just the marketing person).

This isn’t any of our full-time gigs at this point, but who knows? Maybe it could be. For right now, we’re just trying to get a prototype made. Don’t worry– when we’re ready to show off our goods, you’ll be the first to know.

* * *

Have you started a business with friends/family? Regrets? No regrets? Please tell.

P.S. Not the first time I’ve taken a plunge… literally and figuratively.

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Comments (2)

  • Sue Katt 3 years ago Reply

    When we started Two Dog Farm we filled out this planning form together where we talked about and wrote down things like, how much money can you spend without checking with the other person(s)? How will you keep track of hours and how will you be compensated? How will you handle it if one person wants to get out of the business and the other(s) don’t? A whole slew of those kinds of questions. Very helpful, I highly recommend doing this if you haven’t already. If you want to do it and can’t find a template I’m sure I could dig ours up, I think I got it from the university extension service. Exciting! Good Luck! Sue

    molly mogren katt 3 years ago Reply

    All great advice, Sue! We’re in the really early stages, so it seems like all those kinds of decisions are "so far away." In reality, it’s the exact kind of thing we need to be talking about with clear heads! Thanks for your two cents.

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