Running a business is something that requires a lot of care and attention. You need to make sure that people you go into business with have the same drive and commitment as you do, to achieve similar goals and objectives.
Working with friends and family can be very difficult. It’s completely understandable that you cut costs by staffing from within your support group, but it can be highly detrimental. Due to the bond that you share with them, they may gradually turn the work environment into a safe house.
At this point, they find it easier to take advantage of the business relationship because they know that their emotions and feelings must always be considered before making business decisions.
Your verdicts end up being biased based on a friendship/ relationship you want to preserve. At this stage, it turns into a risky game because the relationship prohibits potential avenues for growth and progress of your business.
You may honestly never know the true intentions of those with whom you go into business, until you’re faced with challenges and obstacles during the lifespan of that business. Friends, family or even strangers can turn their back on you at any point in time.
It hurts the most when you are involved in such a negative situation between yourself and a loved one. Keep on reading down below to find out Nikolai’s Top 5 Reasons To Not Go Into Business With Friends/ Family.
1. Your decisions are easily influenced by friends/family
When you’re going into business with a friend/ family member, you must always consider what is beneficial for “both of you”.
You can’t solely make a decision based on what you feel/know is right for your business because you must first evaluate how it will affect both sides. He/she will not always agree with you and this difference in opinion will delay the decision making process.
2. Friends/family can slack at any given time
If your friend/ family member notices that you invest a lot of time and energy into the joint business, they will have no problem letting you carry the burden of the workload.
In every team, there is always one person who does the most grunt work. He/ she is known for picking up the slack when others are falling behind because they refuse to sacrifice the business due to their partner’s lack of effort.
3. You may end up being at a loss
When working with a friend/ family member, you’re focused on satisfying both of your needs. You can end up not achieving your main monetary goals and may not be able to live up to your full potential.
During the process of working together with a friend/ family member, you may not be able to fully express your point of view because of how much you consider your partner’s feelings.
You may have to put aside certain ideas and suggestions that are beneficial for the business. Ultimately, this can hinder the growth of your business.
4. Friends/family can be highly untrustworthy
Friends and family can be the most unreliable people to ever go into business with. This is due to hatred, desire for personal gain, and the built-up jealousy some people harbor against loved ones.
We witness situations like this daily on television shows and in reality where friends/ family members are extremely disloyal to one another. Someone who you trusted with your whole life one day can be the person to stab you in your back the next.
5. The blame factor
In any business, there are always ups and downs. People try to avoid making mistakes, but we fail to realize at times that certain setbacks can be beneficial in strengthening a business.
Challenges help determine if a business is able to overcome struggles and hardships at various points in time with a clear strategic plan of action.
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When working with a friend/ family member in such times, there will always be a bit of animosity built up on each side. If a business fails, accepting defeat is the hardest challenge. Money makes people do crazy things.
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