In the Black community, it is common to hear other professionals recommend others not to mix business with pleasure or do business with family or friends. I have to say that I have changed my views on this cancerous thought process. Who better to handle business endeavors with than those that you can relate to and care about?
Tips when doing business with friends and family
1. Stop thinking free and start thinking productivity. Respect your friends business expertise and experience. It is OK to request discounts for services you are requesting but be mindful to not offend your friend or family member by wanting professional services for free.
2. Be fair, if you are able to barter products for services, make sure you have a concise idea of the cost for those services as they relate to the cost of bartering products.
3. Never take a business decision or a rejection as a personal offense. That decision could be what is best for both parties.
4. Keep it in writing. Business is business even when it's with friends and family. Terms and Conditions help both parties to remain focus on the purpose of a business agreement. I highly recommend that you draft a contract and keep it in write.
5. Remain positive without doubt that your friendships and family relationship will only be enhance and will not suffer from integrating your personal life with a business one. Thoughts become reality so remain positive.
6. Respect each others personal time. Handle your business request during appropriate business hours. Everyone needs time to just relax.
7. Teach others and share with them your success in having personal and business relationship with friends/family.