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Co-Owning Questions

by Joy Keller on Mar 01, 2007

If you’re thinking about going into business with a friend, you might want to heed some advice from the National Federation of Independent Business. Before you let your best buddy be your business partner, make sure your goals and commitment levels match up. Here are some questions to ask before you take the plunge with your pal:

What is your dream job?

A successful small- business owner wants to be a small-business owner. If your friend’s ultimate work goals aren’t the same as yours, she might not have the determination to stick out the tough times.

Why do you want to go into business?

If your friend’s answers include a dream of being his own boss and a desire to reap the rewards of hard work, he is likely a worthy candidate for a business partner. If he responds that it sounds like fun to go into business with a friend, then you might want to reconsider. While co-owning a business will be rewarding, you’ll need a partner who is realistic about the headaches you’ll have to endure.

How much time per week do you intend to spend starting and growing the business?

If your friend’s answers vary from yours, one of you might start to resent putting in more time than the other.

Would you do this without me?

While the idea of starting a business with a friend is a lot less scary than doing it totally on your own, a successful small-business owner will ultimately be the type of person who can do things for herself. If your friend couldn’t imagine doing this alone, then you might not have a true partner.

What income do you currently need to make? What income do you want to make?

While many small-business owners make a good amount of money, most don’t when they’re just starting out. In fact, you and your friend must be prepared to invest money in your business that you might not see returned for a while. Make sure your friend has realistic expectations.

Want more from Joy Keller?

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© 2007 by IDEA Health & Fitness Inc. All rights reserved. Reproduction without permission is strictly prohibited.

About the Author

Joy Keller

Joy Keller IDEA Author/Presenter

Joy Keller is executive editor of IDEA Fitness Journal and IDEA Fit Business Success, and is also a certified personal trainer, indoor cycling instructor, yoga teacher (RYT 200) and Reiki Master. Joy joined IDEA Health & Fitness Association in 2002, and brought with her a wealth of information about how to fine-tune communication channels, after having spent her formative career years specializing in business-to-business journalism. Before she even graduated with honors from the respected University of Georgia journalism school, Joy was offered a job at one of the most successful trade publishing companies in the southeast, Shore Varrone, Inc. She made her mark in the automotive aftermarket industry as a creative thinker and journalist with an intuitive knack for researching and understanding niche audiences. Joy has worked on several titles, including Auto Trim & Restyling News, Truck Accessory News, Digital Output Magazine, Retail & Construction News, Miata magazine, Ford Racing, and many more. Her passion, however, lies with health and fitness. She was the associate editor of ACE Certified News while working at the American Council on Exercise, and transitioned that publication from a newsletter to a magazine. She has enjoyed 16 years at IDEA, where she has launched several publications, including the award-winning Inner IDEA Body-Mind Spirit Review, IDEA Pilates Today and IDEA Fit Business Success. Joy is a content creator and media 2.0 advocate who takes pride in discovering the unique information needs of qualified audiences, and she is dedicated to serving those needs while following the highest available standards.