How-To Run a Business with Your Best Friend

Starting a company with your best friend sounds like a dream scenario: You’re in the trenches together, sharing triumphs, navigating challenges, problem solving, and celebrating successes together. In reality though, it’s a pretty complex relationship that can make or break your friendship. Maybe this blog post should be titled: How-To Run a Business with Your Best Friend, and Remain Best Friends 😉

While your friendship provides a solid foundation, the dynamics of business can strain even the strongest relationships. But, it is possible, and the Argaux story is a great example. With strong communication and mutual respect, you can create a thriving business partnership while preserving your friendship, and creating a bond that is unbreakable. When this happens, it’s one of the most rewarding experiences and something to be really proud of.

So, in celebration of our co-founders birthdays (yes, they share the exact same birthday), we’ve gathered 5 tips for running a business with your best friend, from our co-founders (and best friends) Arden & Margaux.

1. Define Roles and Responsibilities: Clearly outline each partner’s roles and responsibilities within the business. Delegate goals & objectives based on individual strengths, skills, and interests. Establishing these clear boundaries can help set expectations, hold each other accountable, prevent misunderstandings and minimizes conflicts.
2. Communicate Openly and Honestly: You’re best friends. Use this to your advantage! You’re on the same team. Effective communication is key to any successful partnership. Encourage an open dialogue about key decisions, concerns, and goals. Address issues promptly and respectfully, fostering a transparent environment where both of you feel heard and valued. She or he is your work spouse. Never go to bed angry and always have a united front.
3. Respect Differences and Compromise: Recognize and appreciate each other’s strengths, weaknesses, and perspectives. Embrace diversity of thought and approach challenges collaboratively. Be willing to compromise and find solutions that satisfy both parties, fostering a harmonious working relationship. You both bring your own unique skillset to the table, be sure to nurture that. It’s what will make you a power team, and in the end, it’s your differences and how you learn to harness them, that will differentiate you.
4. Celebrate the Small Wins: Celebrate #MomentsThatMatter and achievements as a team (no matter how big or small), reinforcing the bond of friendship amidst business success. Acknowledge each other’s contributions and express gratitude for the partnership. Cultivate a positive and supportive work environment by lifting each other up and having each other’s back.
5. Plan for the Future: Continuously assess business goals and strategize for long-term growth and sustainability. Discuss aspirations, expansion opportunities, and exit strategies collaboratively. Align your visions for the future and adapt to changing circumstances together.
6. BONUS TIP – Prioritize Friendship: Above all else, prioritize your friendship and well-being. Nurture your relationship outside of work by doing the things together that bonded your friendship before you started your company. Support each other’s personal growth too, you don’t have to save the celebrating for work-related successes only. Remember that the strength of your friendship is the heart of your business partnership, and your business!

In conclusion, running a business with your best friend can be a rewarding and fulfilling experience, but it requires dedication, communication, and mutual respect. By defining roles, communicating openly, and prioritizing your friendship, you can navigate the challenges of entrepreneurship while strengthening your bond. With a solid foundation and a shared vision, you and your best friend can build a successful business partnership that stands the test of time.

Thanks for reading! Be sure to check out the one-time only Birthday Blind Tasting Kit Arden & Margaux created in celebration of 9 years in business, and their birthdays! When you buy a Blind Birthday Bundle you unlock access to our Annual Birthday Party Sale starting February 20th (25% off site wide)!