Should You Start a Business With Your Friend? 4 Reasons to Try ‘Friendpreneurship’

You don’t have to go it alone when starting a business. What if you could start a business with one of your favorite people?

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Sometimes your friends can be the best future business partners. Whether it’s combining your brainpower for marketing campaigns, applying for business credit cards together, or doubling the balance in your business bank account, starting a business with friends can provide helpful benefits.

Let’s look at some new survey data from Photoroom that shows the rising popularity of “friendpreneurship” — starting a business with a friend.

Young entrepreneurs want to start businesses with friends

A recent survey from Photoroom, an AI photo editor, found that “friendpreneurship” is a rising trend for starting small businesses, especially among the youngest generations of entrepreneurs — millennials and Gen Z:

• 55% of Gen Z respondents and 42% of millennials told Photoroom’s survey that they are somewhat or extremely likely to start a business with friends.

• 60% of Gen Z entrepreneurs are already involving their friends in their small business ventures (compared to 32% of respondents from all age groups).

• 70% of people said that their best friend would make a great business partner.

The survey also found that the two types of businesses that millennials and Gen Z entrepreneurs are most likely to want to start with friends include restaurants and cafes (33% of survey respondents) and handmade goods businesses (25%).

Benefits of starting a business with friends

Why should you start a business with a friend? Being in business is never easy, and sometimes the stress and complexity can cause conflict between business partners. But friendship can often be a good foundation to start a business. Photoroom’s survey shed light on these benefits of friendpreneurship.

1. Lower stress

Nearly half (46%) of Gen Z entrepreneurs told Photoroom that they believed “reduced stress” was the biggest reason to start a business with a friend. Going it alone as a business owner can sometimes feel lonely; knowing that you’ve got a friend by your side can make the ups and downs of building a company easier to navigate.

2. Stronger trust levels

Being business partners is kind of like being in a marriage — you need to have a high level of trust and belief in each other. Over half (56%) of respondents told Photoroom’s survey that they believed “established trust” was a big benefit of starting a business with a friend. Ideally, your close friends are people you can trust and rely on to do good work, keep their promises, and keep showing up for your business’s shared success.

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3. Shared workload

Photoroom’s survey saw 51% of respondents agreeing that “shared workload” was a big benefit of friendpreneurship. “Many hands make light work,” as the saying goes, and when you can share the burdens and joys of entrepreneurship with one of your best friends, it makes the journey easier.

Having a business partner can also help your business grow faster, by spotting opportunities and capitalizing on new trends. And being in business with your friend can give you an extra set of eyes on the road and hands on the wheel.

4. Shared vision and values

Sometimes the most important benefit of starting a business with a friend is “shared vision and values,” as mentioned by 47% of Photoroom survey respondents. Having a friend as a business partner can help you keep your business focused on your True North — your mission and purpose.

And working with a friend can help you get clarity about the complex choices and hard conversations that business owners sometimes need to deal with. These can include trying new things, not spending money on unsuccessful products, canceling a contractor relationship, or terminating an employee. Good friends need to be honest with each other, especially when their business’s success is on the line.

Bottom line

Being self-employed doesn’t have to mean being alone. Starting a business with a friend can put a trusted partner at your side to help you accelerate your small business success — and perhaps put more money in your business bank account.

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Should You Start a Business With Your Friend? 4 Reasons to Try ‘Friendpreneurship’ was originally published by The Motley Fool