Starting a Business With Friends or Family: 6 Things To Know – GoBankingRates (Heather Taylor | July 2022)

Two mates sitting together at a table.
There are many advantages to launching a money-generating endeavour with friends and family.  You can share the workload, the pain and hard work.  It also means that you are working with someone who will be inclined to support and care about you.  But you shouldn't doubt that there will be trials and difficulties that will test that connection.  In nearly all cases, no one embarks on a collaboration expecting there will be trouble.  Even though it might feel awkward, it is essential that you start with a business plan that clearly articulates what each of you will do and provides some structure of what will be done if you part ways.

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