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Borrowing Business Capital To Do Business With Friends

Admin BFI
8 September 2021
3238
Borrowing Business Capital To Do Business With Friends

Starting a business with friends is something that many entrepreneurs do. Of course, it's more fun than starting a business with strangers. Having a business partner means having a partner to exchange ideas and make decisions about the business taken. Existing capital can also come from borrowing business capital or combining personal capital from each party.

Setting up a business with friends is not easy. Starting a business and working with people you already know is fun. Unfortunately, some entrepreneurs who run businesses with friends have to close their businesses because of disagreements, and instead end up being hostile.

Then, how to make business with friends last forever? And how to take advantage of a business capital loan to develop a business with friends? Come on, see the following review!

Choose Friends With the Same Vision and Mission

Before you start a business, make sure that you know the friends you will choose to do business with. Make sure your co-workers are loyal, responsible, and trustworthy. After that, make sure that each of you has the same goals, vision, mission, and character. If you and your co-workers already have a match in character and vision and mission, of course, it will be easier for you and your colleagues to determine the steps that will be taken in the future to develop the business.

Determining Goals, Roles, and Business Capital

The next step is to define clear tasks, roles, and business goals for you and your co-workers. Negotiate achievable goals and work on them together. Also negotiate for the capital to be contributed by each party, as well as the monthly profit sharing. It is recommended that you and your partner record a paper contract agreement signed on stamp duty. With this, the division of tasks, capital, and profits becomes clear and avoids you and your co-workers from the risk of conflict in the future.

Discipline and Get Rid of Each Other

The most important thing in working with friends is to be professional. You and your co-workers can show this by being disciplined, transparent, and not selfish to each other so that business continuity is maintained. Be transparent regarding operational, financial reports, profit sharing, and so on. Prioritize common interests and do not impose your will when you are deciding something. And lastly, of course, communication is very important to maintain trust with each other.

 

Hopefully, the above tips can help you in maintaining your business and friendly relations with your business partners. If you and your business partners need capital to develop your business, don't hesitate to borrow venture capital from BFI Finance to develop your business.

With a car BPKB or house certificate, you can get the loan funds needed for your business needs. Come on, make your business dreams come true with BFI Finance!

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