Things to Consider When Going into Business With a Friend
Going into business with someone close to you can be a truly fulfilling and enjoyable experience that is beneficial for both parties. However, to make sure things work well there are a few key steps you should take.
Here we offer six key considerations to make when setting up a successful cleaning franchise with a friend, relative, partner or spouse:
It’s important to make sure you and your business partners are all on the same page, so before you begin the process of setting up a franchise we recommend all parties agree on the core objectives of the company and what you each wish to achieve. This conversation can cover everything from income and working hours to lifestyle and sector specialisms.
Roles and responsibilities
For clarity and to avoid future disagreements, it’s a great idea to establish the roles that each person will play in your new business and the responsibilities that will be attached to that position within the franchise. Try to select roles that are suitable for each member of your team and make the most of the previous experience individuals have gained during their career.
Be be up front about money
Disagreements over money can be a big problem within a small business, especially if the level of investment and income is not set out clearly between the partners. So discuss all financial implications and expectations before you set up your franchise and make sure that all partners are satisfied with the level of money they will put into (and take out of) the business.
Maintain good communications
It’s important that running a business with a friend, relative or spouse doesn’t have any ill-effect on your existing personal relationships. The key to strong business practice and maintaining these friendships is good communication, so make sure to be as open, honest and sympathetic in your business dealings as you would be in your personal lives.
To make sure that all parties have peace of mind, it may be a good idea to have a legally binding contractual agreement signed before entering into business. This document will simply outline the responsibilities and liabilities of each partner in your franchise, just in case things don’t work out.
Would you like to partner with a friend, relative or spouse to build a cleaning business, all with the support of an industry leading company? Click here to find out more.