Are you wondering if you should go into business with a friend or family member? Here is some food for thought from Fort Worth Attorney Rob Henry, who suggests you ask yourself three simple questions before taking the plunge.
Start by asking yourself why you want to go into business with your family or friend. If you’re wanting to do it primarily because so because you think it’ll be fun and it’s more of a hobby, then I would absolutely say –100% – go for it.
But… if this is a real business where you’re going to want to try to make money in the long run, then you need to be honest with yourself and ask yourself these three questions:
- Is this something that’s going to work?
- Is this something I believe in?
- Is this something I’d want to do even if it wasn’t with my family or friend?
If your answer is no to any of the above questions, then I would strongly consider not doing it.
If your reasons are a combination of both hobby and profit – yeah, you want to try to make a little money off it, but you’re really just doing it because you think it’ll be fun and it’s a fun little project to have – go for it.
If this is a serious thing and it’s going to be the main source of income for your family, then you have to be honest with yourself. And that is tough to do sometimes when you’re dealing with family and friends. You want to make the decision that is best for you and your loved one and think ahead about how going into business together could impact your most important relationships should something go wrong.
