Starting a business with your friend? Well, it is #InternationalFriendshipDay!

posted by 6 years ago in Features

We all go through stages with our friends, family or even our partner, when the topic of starting a business comes up that makes us think twice about what we are currently doing for work and potentially how we could do it better.

Everyone knows that business owners spend the most time together, so essentially starting a business with a friend does sort of make sense. However, could you spend all your time with someone both in and outside of work?

There are hundreds of successful businesses that are owned by one or more friends, a good example of a successful business owned by friends is the well-known smoothie brand, Innocent.

Rich, Adam, and Jon were three guys who met in university who took a holiday which got them all thinking about starting a business. To finalise their decisions about quitting their jobs and going forward they took to a music festival in London, here they held a stall which said, “Should we give up our jobs to make these smoothies?” – a very simple and ‘innocent’ marketing stunt!

In response festival goers would put their empty bottles into a yes or no bin, when the results came in, yes was the verdict. At first no one wanted to invest in their business plan, which they admitted it did look boring so, they created a new one then another new one, eventually, it took 11 attempts to create a business plan which was at a good enough standard but still, no one wanted to invest in them.

The Innocent trio kept their faith and stayed strong. You would think that the downfalls would overtake the trio’s morale and friendship, but no they carried on until they became successful. The three are still making smoothies now and are still very good friends.

No matter how many times you are knocked down, it should not affect your relationship with the people around you, ultimately these are the people that are helping the business take off!

So, what are the pros of starting a business with friends?

  1. Constant support

Starting a business with someone who is close to you means you have support when you need it, which is always reassuring especially when times are hard!

  1. Trust is a given

If you are going into business with a dear friend then you know you already trust them, which means making decisions is 10 times easier.

  1. You can mix social time within work time

Although when you are out of the office it is important to draw a line on what you bring from there you can have business meetings in the evening over a bottle of wine… or three!

  1. A friendly atmosphere

Hiring new people or going into business with someone who you are not familiar with can seem awkward, and it may take a while for the constant silences to disappear. With a loved one the banter is already there as well as understanding the boundaries of one another.