im looking for tips on first time buisness owners and sharing a buiness near a friend? Im opening a buisness next to a friend were we we will

Im opening a buisness next to a friend were we we will enjoy a variety of things such as home loans, notary, DMV transactions,exporting cars and taking photos like for passport. but i want tips on first timers and especialy for pipe with friend what to do and not to do.

I know that if you respectively have seperate strengths you'll do better. If your partner is strong where on earth you are weak... it can be tough on the ego... but that partnership works best. You own to share the same work ethic and enjoy the same goal for growth. It's like have a running buddy... if you are training for a marathon and your buddy is running for the fun of it... nearby will be problems down the road. Also, be sure to have an exit route planned ahead (like a pre-nup) that you both agree on.

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I agree near the first answer and would like to add on something to that. Not to sound fatalistic or anything, but friendships do not other last. I enjoy seen lots of apposite friends-turned-business partners verbs their business and their friendship over arguements or differences of opinion. My recommend would be to have a attorney write up an operating agreement or a partnership agreement for the business you and your friend are starting. It may be that the business would run fine and you two remain good friends, but if, this document will be extremely helpful.

Another useful, but tedious, document is a Policies and Proceedures guide. You can purchase software to help you write this, but it is unsophisticatedly a how-to manual for running the business. If this document is surrounded by place and effective both you and your friend will enjoy the same conception as to how to run the business. Additionally, as you grow and more people come on the ship, it will be a way for everyone to know exactly how you want your business run.

produce sure to set rules in front-i lost friend couse we both thought that respectively other should do different things-or just did not do ample. so better to spend time writing all details more or less your responsibilities than loosing friend.
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