The Most Important Things You Need to Do When Starting a Business with Friends

Starting up a business is one of the most exciting things you can do! It is also one of the scariest things you can do, which is why going into business with other people can feel like it takes the pressure off a little bit. Making it a great option for people that have similar interests as well as similar ideas! If this is something you want to do, make sure to follow these pieces of advice to get the best out of the situation!
1) Being on the same page
The first thing you need to do when partnering up with someone, or several people, is to be completely and utterly on the same page. You will need to have the clearest vision of what you want the company to be. Whoever has had the money making idea, will need to be so sure about sharing the venture with everyone. The idea will need to be discussed to ensure everyone is fully on board and has contributed to it. Without this, people will feel like less of a part of the project and everyone's input will be very helpful indeed.
2) Make sure that everything is fully legal
Just like anything, the future needs to be planned for. At some point, it is likely that someone will want to leave or make some changes to the company, because of that it is imperative to have contracts drawn up. You may think you don’t need it if you are all friends but that is where companies go wrong and get stuck, every single company needs some law firm consulting and don’t put yourself and the other partners in a hard situation by not sorting everything out legally.
3) Get a clear vision for the future of the startup
If you don’t have a clear vision for the future, this could spell trouble. You will need to all lay out your five-year plans and ten-year plans. Try to do this separately to see what each of you wants; then you can come back and do one together that incorporates everyone's ideas so that everyone gets what they are hoping out of this. Without this plan for the future, all the partners might have different ideas that conflict which could mean trouble further down the line. It will also help everyone to get really excited about what is to come for their company!
4) Find someone to be ultimately in charge
While, yes, this is going to be a joint venture and every person involved is going to have as much input as each other, you will need to find one person who will be in charge over all. You can work it out however you please, but companies normally fail unless one person is making the final decisions. Just think of this person as the mediator, someone to balance the ideas. You don’t want any animosity, but just know, having one person in charge is what is best for the company in the long run.