It's not Business, it's Personal!

[Jenifer Madson]

And therein, sometimes, lies the problem. More people than ever have entered the ranks of the self-employed, so it seems everyone we know has a business of some kind. With that comes a certain expectation on their part that if you’re a friend, that you will also be a client. Not wanting to stand in the way of their success, we often do so without asking the questions we would if we didn't know them. This shifts us from doing business by reputation to business by obligation.

Here are three tips for doing good business with friends:

#1 - Take the responsibility of framing the business relationship by saying, "I'm happy to consider doing business with you, and I've found the best way to do that is to treat it like I would if I didn't know you."

#2 - Be prepared with a list of questions or scenarios that are important for you to know about the business or transaction, like price or service. It's important to have clear expectations with each other from the beginning.

#3 - Decide between you how you would handle it if you need to stop doing business together.

Take A Minute:
Decide what needs to be in place for a business relationship with your friend to make sense.

Make A Minute:
Communicate that framework before you begin to do business.

There can be great peace of mind from doing business with people you already know, like and trust, when you get the relationship off on the right foot from the start.