Planning to start a business with your best friend? Ask yourself these questions first

Are you looking to start a business with your best friend? The time you spend doing your due diligence can help you uncover potential issues and avoid financial losses. It might be difficult to think of all the potential scenarios and concerns to take into consideration in this situation. Below you will find a list of 10 key questions to get you started.


General questions


  • Why do you want to start this business together?
  • Which assets does the other person bring to the table?
  • What percentage of your time will you able to dedicate to this project?
  • What other priority projects do you have going on, and how much of your time will they take up?
  • Will the partners have a 50/50 financial stake in the company?
  • How will you divide key roles and responsibilities such as marketing and finance between the two of you?
  • -Will this be a collaboration or divided by skill set?
  • -Will this be handled by whoever can take it on?
  • -How will you divide practical everyday tasks between you, especially if only one person is working full-time on the project for the time being?
  • What is your end goal?

If you need more inspiration for relevant questions to ask when starting a business with your best friend, you should consider downloading the 79 questions to ask before starting a business with your best friend white paper.

 
Planning to start a business with your best friend? Ask yourself these questions first