Starting a business with a friend: Five ways to avoid friendship Armageddon
Alvan Whittaker, co-founder of Pollpic, uses his experience of starting a business with a friend to provide advice on how to make sure it is a harmonious and productive experience.
Friendship has been the starting point for some of today’s biggest brands Innocent, notonthehighstreet.com, and let’s not forget the old boys at Marks & Spencer. Starting a business with a friend makes perfect sense, as you inevitably have shared interests, shared values, shared networks. And the experience of taking your great idea out to the world is great to experience with someone whose company you actually enjoy.
But nothing can test that relationship like the highs and lows of starting and running a business, growth headaches, investor demands. Twitter and Facebook’s fallouts are business school case study material now. So how can you run a business and avoid friendship Armageddon Starting up a business with my close friend Ranjet Chohan has taught me five keythings:
Stay true to your original purpose
Ensure you and your partner have total clarity around why you’re starting a businesstogether and your purpose. Were all too aware of situations where friends have started businesses out of a misguided desire to help or insecurities around going it alone.
You need equal commitment to this if one of you has ventures or distractions elsewhere, the business can become a hotbed of contention, rivalry and power struggles. Chohanand I are utterly in sync in terms of where the business is going, and weve built a strong team and culture around that. Being clear is what’s helped us stay motivated, attract a great team around us, boost investor support and create real brand affinity with our users.
Play to your strengths
Playing to each other’s strengths and weaknesses is vital. Chohancomes from a more tech-led background whereas my experience is fashion. So hisrole is very much that of CTO while mine is creative/strategic partnerships. Weve also built a team of talent around us from social media, financials through to PR and are open to their guidance and direction. We know our time is best spent working on the business rather than in it at this critical stage.
We let our friendship breathe too. One of the best decisions we made was to move out of our offices into a co-working space where we can both feed off different ideas, relationships, and partnerships too.
Know when personal ends and professional begins
This is the tough one. Our friendship is part of our business’story and our brand. it’s impossible to extricate the two. We spend so much time together and on a day-to-day basis know how to manage each other. It can get sticky at crunch times such as new versions of the app, investor-led decisions, and keeping a Pollpic conversation from becoming a personal confrontation can be difficult.
it’s a clich? but communication and honesty have to be your pillars in work and otherwise. Hold onto your sense of humour too fortunately that’s something else we share and helps diffuse trickier situations.
Nearly two thirds (64 per cent) of Britain's micro businesses rely on support from friends and family to run the business, according to the latest Big Issues for Small Businesses report from Lloyds Bank Insurance. more»