That sounds like the best idea ever. You already trust each other, enjoy working together, and share the same goals—on paper, it feels like the perfect match. But friendship and business are two different things, especially when money and career is involved.
That being said, it can turn into a successful partnership, you just have to be professional, kind, and work through challenges together.
Who’s a Good Business Partner?
The right business partner has more than just shared interests or good chemistry. You and your partner should complement each other’s strengths, share a clear vision, and handle responsibilities. Here are 6 traits of a good business partner:
- Same vision for the rental business’s growth
- Has complementary skills. For example, if you’re good at marketing, they should be good at logistics
- Stays on top of tasks without needing reminders
- Has financial knowledge to maintain good spending habits
- Uses open and honest conversations
- Easily adapts to changes and helps to plan for the shift
Pros of Starting a Rental Business with a Friend
Any rental business, whether it’s properties, reusable moving boxes, garden equipment, or clothes rental, need a steady flow of funds and enough time to grow. Here’s why starting a rental business with a friend might be your best idea:
1. Shared Investment and Risk
Rental businesses usually demand a $8,000 to $10,000 investment. Bringing a friend reduces financial burden, as you can pool in resources, even if you don’t plan to go 50-50. It also helps having two names on a business loan, as approvals get easier.
2. Skills and Strengths
Each of you brings different strengths—whether it’s negotiation, organization, or customer service—that can help the business succeed. Even if skills overlap, you can work together to brainstorm a bulletproof strategy that helps you grow faster.
3. Built-in Trust
A friend is someone you already know and trust, which removes some of the uncertainty that comes with working with a stranger. This trust becomes your source of motivation and strength right from the beginning.
4. Emotional Support
Running a business is stressful, and your friend and business partner can become your support. Use this openness to prepare for tense situations. Put everything down on a paper, whether it is handling disagreements over spending, missed deadlines or commitments, cash flow problems, and conflict over a client/customer.
5. Accountability
It’s harder to slack off when your business partner is your friend. You both feel the weight of keeping things moving forward and also become each other’s biggest motivators.
6. Flexibility with Schedules
Friends tend to understand each other’s schedules, personal commitments, and boundaries, which helps in managing workloads.
7. Fun Factor
Building something successful with someone you love and trust is the most exciting part of this new journey you’re starting.
Even the best friendships face challenges when running a business and that’s why I recommend creating a conflict-resolution plan. You have to appoint a neutral third-party, like a business mentor, who helps make decisions when both of you disagree. Other than that, trust your decision, your friend, and your business skills as you start this new rental business.
