Guidelines For Co-Founding A Business With Friends
Friends talking about business

I think we all know just how difficult it can be to start a business–but starting a business with friends? That’s a whole different ball game! Sure, it can be an exciting time, but if you don’t have healthy boundaries, entrepreneurship can make friendships complicated. 

Time and time again we’ve seen buddies start a business and end with severed ties. Don’t believe me? Look at Zuckerberg and Saverin. 

While starting a business with a friend, or group of friends, can be a recipe for disaster, with the right ingredients, it can be something special that brings you and your friend(s) close together. 

Take Fifth Window, for example, which was founded by a group of healthcare professionals, who as time has gone by, have become great friends! All bringing something unique to the table, Fifth Window helps nurses and organizations manage health and wellness in the midst of the chaos that comes with the job. 

While having a group of founders can be difficult at times, Fifth Window manages to make it all work remotely. Why? They have established healthy boundaries while they strive for a common goal–revolutionizing wellbeing! 

If you and your friend(s) are NursePreneurs going into business together, then take head of these tips for success: 

  • Assess Your Compatibility

You can be the best of friends, yet still not be compatible as business partners. Ask your friend(s) about their goals, work ethic, and problem-solving skills before engaging in a professional relationship. This includes honestly asking yourself if you’re both in it for the long haul. 

  • Set Clear Goals & Objectives 

Being clear about your vision from the start is a smart way to avoid heartache and conflict in the future. Have tough conversations about your business; are you on the same page? 

  • Get It All In Writing 

Yep, you read that right. Get it all in writing! Protect yourself with a written paper trail before going into business with friends. This includes what happens in specific scenarios, even those that are unlikely or uncomfortable to talk about. 

Keep Work & Personal Life Separate. 

When you’re in business with your buds it’s easy to get caught up in those gray areas. But establishing healthy boundaries, in the beginning, will help you and your friend(s) keep on track and keep in the business mindset when starting a new company or practice. This may look like agreeing to no personal conversations during work hours. 

If you and your friend(s) are going into business together then we’d love to help! Contact us for more information on how to start a successful business with NursePreneurs! 

Click here to check out my chat with the Fifth Window crew!

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