Starting a Business With a Friend: 4 Things to Consider

The ultimate question: Could you and your friend make the perfect business duo? The answer may be more complicated than you think. You love spending time with your friend and the idea of becoming entrepreneurs together. Why not fulfill your dreams with each other? Companies like Airbnb and Ben & Jerry’s had success in this area — they all started from friendships.

But much more goes into starting a business with a friend. You may make great business partners, or you could wish you had taken your venture solo. Before making any financial decisions, analyze the pros and cons and ask hard questions. For example, will you equally invest? Who will take on which tasks and responsibilities? Sift through the easy and hard questions to see where your business friendship lies.

To help you and your friend make a confident and informed decision, skip to our flowchart or keep reading.

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Questions to Ask Before Going Into Business With a Friend

Before jumping into your business plan, ask the hard questions. These can be tough to ask and answer, but they could save your friendship from a business relationship gone sour.

Question 1: Do You Share the Same Values?

Depending on your life stage and goals, your values could differ greatly from those of your potential business partner. You may appreciate living a relaxed lifestyle that gives you the financial freedom to do what you love, while others may value a fast-paced lifestyle filled with activities and long workdays. Differences in values could spark tension in your business relationship.

Ask yourself: Do you and your potential business friend have the same values? If so, great! If not, note your differences and if they’re worth working through.

Question 2: Do You Share the Same Business Goal?

To make sure you’re on the same page, schedule a brainstorming session with your friend. Map out your one-month, six-month, one-year, and five-year goals for your startup. Is your goal to make a certain amount of revenue? To hire a certain number of full-time employees? Or to take your business idea global?

If you have the same intentions, move on to question three. If any of your goals contrast, there may be trouble in paradise. See if you can work through your differences before investing your time and money.

Question 3: Do Your Skills Complement Each Other?

You and your friend each have your own strengths For example, you may be good at time management while your friend is better at sales. For skills you’re both lacking, think about how you’ll fill in the gaps. If you and your friend’s startup plan has a budget for hiring freelancers, or one of you has the dedication to learn something new, this may not be a concern. No matter what, especially if you’re bootstrapping your business idea, it’s essential to talk through it.

If you don’t compliment each other’s needed skills, who will step up and learn them?

Question 4: Do Your Career and Lifestyle Habits Align?

Depending on your business goals, this could be a make or break question for a professional partnership. For instance, one friend may be a morning person while the other’s a night owl. One can take over morning meetings and emails while the other’s responsible for evening website development and customer service.

If one friend’s lifestyle habits don’t suit the other, it may be best to opt for other business opportunities. While starting a business could adjust your habits, it’s easy to fall back into old ones from time to time.

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The Pros and Cons of Doing Business With Friends

Before entering any business arrangement, it’s reassuring to weigh the pros and cons. Could your new business idea benefit or hinder your future relationship and career?

Pros: You Have a Friend Through the Ups and Downs

Starting a business with a friend is similar to marriage — you’re there for each other through the good and bad. Whenever you’re having trouble, you know who you can go to for help. And you’ll be able to do most tasks together. For example, approaching investors as a team vs. going solo could put your nerves at ease.

Cons: You Know the Same People

Instead of getting together for your weekly catch-ups, you could spend all day together! While this can be exciting, it can also be hard to leave work at work. When you both hang out with the same people, there may be little room to disconnect from each other and your business.

Pros: You Understand Each Other’s Strengths and Weaknesses

You likely already know how each other operates and your strengths and weaknesses. Instead of learning the way a new business partner functions, you already have the upper hand. On day one, you and your partner could delegate tasks that fit everyone’s strengths best.

Cons: Your Friendship Could Turn Strictly Business

Your current friendship can be hard to separate from your new work partnership. Taking your work too seriously could stiffen your current relationship. Even after your work’s done, “friend” time may slow down. To have the best of both worlds, over-communicate throughout your entrepreneurial adventures.

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Pros: You Feel Comfortable Communicating

You may have been friends for months, years, or even decades. Having a strong friendship foundation helps bolster your communication in the workplace. Plus, you most likely know how your friend may react to a situation gone wrong. Take note of your friends’ communication habits and foster them throughout your business relationship.

Cons: It’s Easy to Let Emotions Get the Best of You

Be careful not to let your emotions dictate your business decisions. A situation could happen in your friend group that makes its way into the office. To avoid any personal matters in the workplace, come to an agreement — no drama. If situations arise, take some time off to clear your mind, rest, and come back more motivated and inspired.

Pros: You Get to Spend More Time With Each Other

You get to spend countless hours talking and doing business activities together. You could spend all day tackling business tasks and wrap up the workday chit-chatting about your lives. It’s an amazing opportunity to spend more time with your friend without letting other responsibilities slip through the cracks.

Cons: Friendship Failure Could End in Financial and Business Failure

When tension builds in the workplace, it could damage your business outcomes. Not wanting to attend a meeting with your partner could halt business productivity, or worse, end it. To avoid losing profits on your friendship and investments, you should both outline an exit plan if things go wrong.

Tips for Starting a Business With Your Friend

Before toasting to your other half and investing in your passions, properly prepare yourself. Show up to your new business like you would a new job. Have your plan documented before building your business empire.

1. Nit-Pick Your Business Plan

Small issues could grow months or years after starting your business. To avoid future problems, talk through small and large inconsistencies with your partner. Having different lifestyle habits may not be an issue now, but could be difficult after a year of working together.

2. Communicate Often

About one third of projects lack proper communication. Avoid project or business failure by finding a communication method that works for you and your partner. Daily catch-up meetings or weekly email updates are a few examples. Make it enjoyable by sipping your favorite coffee or eating your lunch while playing catch up.

3. Establish and Honor Boundaries

Eliminate tension in the workplace by setting a rubric for working hours. Avoid talking about personal matters until you step away from your work tasks. If you and your partner need to establish additional boundaries, clearly outline them as they come up.

4. Make it Official With Contracts

Once you’ve worked through any complications, put it all in writing. If things were to go wrong, documents and written statements can be referenced in court. To do this, contact a lawyer and draft up a business plan. Any business promises you make should be in writing for any miscommunications. Compensation rates, profit shares, investment contributions, and business accounts are a few things that should be listed on this document.

Before investing your time, energy, or money into your startup dreams, make sure you’re fully prepared. Could you and your friend be great business partners? Take our quiz below to find out. Don’t forget to keep track of your budget and investments throughout the startup process.

Starting a Business With a Friend: 4 Things to Consider appeared first on MintLife Blog.

Source: mint.intuit.com

How Much Are You Losing By Doing Non-Promotable Work?

Every office has non-promotable work that needs to be done, including tasks like planning birthday parties, organizing happy hours, and taking out the trash. While your team appreciates these things being done and they contribute to the overall culture of your workplace, performing these duties won’t get you promoted the same way expanding revenue streams will. 

Unfortunately, non-promotable work is disproportionately assigned to and completed by women in the workplace, directly impacting their career trajectory and finances. Research from the Harvard Business Review found that women were 48% more likely to volunteer for a task than men in mixed-gender groups. However, when groups were separated by gender, men and women had similar rates of volunteering — implying that there’s a shared expectation for women to volunteer for an unfavorable task.

It may seem beneficial to volunteer for any task at work, but non-promotable work outside of your job description is of little interest to management and doesn’t really help your company grow. If you’re looking to advance your career, your first step is to ask your manager what they’re looking for from you. In some cases, you may need to expand your skillset. Consider boot camps, conferences, and classes you can attend. If your employer is looking for someone who is proactive, then dive into the numbers and read up on industry trends to build impressive forecasting reports. You should also look for project opportunities that offer a high return on investment and chances to work with the company’s high-level managers.

Those who volunteer for committees and office maintenance tasks are redirecting their time from their high value, daily responsibilities to low-value office maintenance projects — which may ultimately hinder their quarterly reviews, visibility in the workplace, and their chances for promotions and raises. Invest your time in promotable tasks that will get you seen and open career opportunities to improve your financial health.

What are you losing by performing non-promotable work

Sources: Bureau of Labor Statistics | Workfront | CNBC | Harvard Business Review | Business News Daily | Bentley University Center For Women and Business | Institute for Women’s Policy Research

The post How Much Are You Losing By Doing Non-Promotable Work? appeared first on MintLife Blog.

Source: mint.intuit.com

Home Decor Projects for When You’re Snowed In

Sometimes it’s hard to see the upside of harsh winter weather, especially when snow storms leave you stuck inside. However, you can take advantage of a snow day by using the opportunity to improve your home decor. Here are some simple DIY projects for when you’re snowed in. Ask your children to help out (safely) for family fun time that may add a bit of luxury to your living space.

Decorative Lampshade
Add some pizzazz to a lampshade by gluing an inlaid paper cutout on its inner surface. Use a blade to cut a design from paper (either freehand or from a template), making sure to place a rubber mat down first to protect the surface underneath. With a mixture of 50% glue and 50% water, decoupage the paper cutout inside of the lampshade. Once it’s dry, turn the lamp on and admire the glowing design!

Fabric Wall Art
If you have some bold print fabric, use it to create art that pops. All you’ll need to buy are wooden frames of varying sizes and a hot glue gun. Cut the fabric wide enough so that there will be two inches leftover when stretched across a frame. Cover, glue, and voila! Create a gallery wall to display your new pieces.

Hanging Planters
If you have small planters in your indoor garden, consider hanging them for a fun look that will free up surface space. Simply drill two small holes close to the top edge of the planter. Make sure they’re exactly opposite from one another. Knot a thin but sturdy rope or twine inside each of the holes so you can hang them from a hook. Tip: Install the hook near a window so your plant can still get the sunlight it needs.

Memory Table
Memory tables are a great way to personalize your home. You’ll need a deep photo display and a similar sized coffee table. Using a strong wood glue, adhere the back of the photo display to the table. You can now place objects in the display to create a sentimental scene. Try using objects that are cohesive, such as trinkets and photos from a memorable family trip. You may want to glue the objects in place so they are not disturbed when the table is moved.

If you keep one (or more) of these projects in mind for your next snow day, getting snowed in might not seem so bad!

The post Home Decor Projects for When You’re Snowed In first appeared on Century 21®.

Source: century21.com

Why Set Impossible Goals for 2021? [The Ultimate New Year’s Savings Hack]

In the 1980s, self-driving cars and smartphones without antennas were only things you’d see in movies — unimaginable futuristic goals. Now, these “impossible” inventions are part of people’s everyday lives. These innovative ideas were thought to be outlandish years ago until creators like Elon Musk and IBM’s team put their impossible goals to the test.

Impossible goals are things you want to achieve that seem out of the ordinary — ones that feel as if you may never reach them, even in your wildest dreams. These goals could be turning your dream side hustle into a full-time job or building your savings from zero in the next year to buy your dream home.

While the end result seems unreachable, a mix of motivation, determination, and hard work can get you further than you think. To see the strategic process of setting and achieving your biggest life goals, keep reading our jump to our infographic below.

What’s an Impossible Goal?

An impossible goal is a goal you think you could never achieve. Becoming a millionaire, buying your dream home, or starting a business may be your life goal, but one too big that you never set out to achieve. Instead, you may stick to your current routine and believe you should live life in the comfort zone.

Becoming a millionaire usually requires investing time, confidence, and a lot of hard work — things that may challenge you. But when you think about the highest achievers, most of them had to put in the effort and believe in themselves when nobody else did.

Flashback to 1995 when nobody believed in the “internet store” that came to be Amazon. While that was considered impossible years ago, Amazon’s now made over $280 billion dollars.

In other words, when you make your impossible goals a priority, you may be pleasantly surprised by your progress. We share how to set hard financial goals, why you should set them, and how these goals could transform your financial portfolio this year.

Impossible Goals Set by the Rich and Famous

4 Reasons to Reach for the “Impossible”

Impossible goals challenge you to shift your way of thinking — getting comfortable out of the safety zone. They help fine-tune your focus for daunting tasks you’re willing to put in the time and work for. Whether you’re looking to become a millionaire, buy your dream house, or pay down your debts, here’s why you should set goals for things you think you could never achieve.

1. You May Be Pleasantly Surprised

Everything seems impossible until you do it. When you’re in elementary school, maybe you thought getting a four-year college degree would be out of reach. Regardless, you put in the time and hard work to become a college grad years later. The same goes for your potential goal to write a book. You may think it’s hopeless to write a few hundred pages in the next year, but you may find it attainable once you hit the halfway point.

2. You Check Off Micro-Goals Along the Way

It’s hard to set your goals too low when you’re trying to reach for the stars. In the past, you may have set small goals like being more mindful with your money. While mindfulness practices are extremely beneficial for your budget, you may need more of a push to save for your dream home. By setting impossible goals, you may find it easier to reach your savings goal this year. You may have no idea how to do it, but your goal is to figure it out. Side hustles, a new job, or starting a business are all potential starting points.

3. It May Not Be as Hard as You Think

It can be uncomfortable to try something for the first time, so to avoid the doubts of reaching your goals, create a strategic plan. Download and print out our printable to breakdown each impossible goal. Start with your big goals and break them down into mini-goals. For example, if you want to start an online ecommerce store, researching the perfect website platform is a good starting point.

4. What Do You Have to Lose?

If you already live a comfortable life, you may only have experiences to gain and nothing to lose. When embarking on this journey, check in with yourself every month. Note all the lessons you learned and how far you’ve come. You most likely will face failures, but you’ll be failing forward rather than backwards. Your first ecommerce product launch may not have gone smoothly, but you may know how to improve for the next time around.

Impossible Goals Roadmap

Impossible Goals Download Button

How To Set Impossible Budgeting Goals in 6 Steps

If your impossible goal is related to finances, your mindfulness, time, and dedication will be required to put you on a path towards your dream life. To get started, follow our step-by-step guide below.

Step 1: Map Out Your Dream Lifestyle

  • Get out a journal and map out your dream life. Some starter questions may be:
  • Do you want to afford that house you’ve always dreamt about?
  • Do you want to have a certain amount of money in your savings?
  • Are you hoping to turn your side hustle into a full-time job?
  • What do you find yourself daydreaming about?

Track all these daydreams in a notebook and curate the perfect action plan to achieve each goal.

Step 2: Outline Micro-goals to Reach Your Financial Goals

Now, list out mini-goals to achieve your desires. Start with the big “unachievable” goal and break it down into medium and small goals, then assign each mini-goal a due date. For example, saving $10,000 this year may take more than your current monthly earnings. To achieve this, you may create passive income streams. If that side hustle is to start a money-making blog, you may need to research steps to successfully launch your website.

Step 3: Believe and Act Like Your Future Self

Think of yourself as the future self you want to be. You may picture yourself with a certain home, financial portfolio, and lifestyle, but your current actions may not reflect your future self. Your future self may invest, but your current self is too intimidated to start. To act like your future self, consider doing the research and finding low-risk investments that suit you and your budget.

Step 4: If You Fail, Learn from Your Mistakes

When working towards your dream life, you may hit roadblocks and experience failures. As Oprah explains it, “there is no such thing as failure. Failure is just life trying to move us in another direction.” While failure may happen, you’re able to learn from it and pivot. Every mistake you make, analyze it in your journal. Note what worked, what didn’t, and what you want to do better tomorrow to surpass this roadblock.

Step 5: Track Your Results Consistently

Host monthly meetings with yourself to see how far you’ve come. Consider creating a goal tracking system that suits you best. That may include checking your budgeting goals off in our app month after month. Find a system that works for you and note your growth at the end of each month. If you’re putting in the time and hard work, you’ll get closer to your goals in no time.

Step 6: Be Patient With Your Budget Goals

Throughout this journey, practice patience. Setting goals may be exciting and motivating, but when you’re faced with failures, you may feel hints of disappointment. To avoid a failure slump, be patient and open to learn from your mistakes. If you didn’t make what you wanted from your side hustle the first year, you’re that much closer than you were last year.

Why set your sights on hard goals? Everything feels out of reach until you do it. All it takes is motivation and determination to achieve the impossible. To boost your lifestyle, budget, and drive this New Year, consider setting goals that feel out of reach. Keep reading to see why these goals may be perfect for you. Why Set Impossible Goals for 2021? [The Ultimate New Year’s Savings Hack] appeared first on MintLife Blog.

Source: mint.intuit.com

9 Things I Wish I Had Known About Owning My First Home (Before I Bought It)

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Years before I ever dreamed of homeownership for myself, I was an HGTV connoisseur. In college, I double majored in “Property Virgins” and “House Hunters” and spent hours glued to the TV with my roommate, ogling other people’s granite countertops.

Fast forward nearly a decade, and the time had arrived for me to purchase my own home. (No granite countertops here—my house was more like the “before” scene in an episode of “Fixer Upper”).

Not surprisingly, TV homeownership didn’t prepare me for the real thing. There are lots of lessons I’ve had to learn the hard way.

If you’re gearing up for your own journey into homeownership, turn off the TV and gather ’round. I’ll fill you in on a few things I wish I had known beforehand, and a few surprises (some happy, some frustrating) that I encountered along the way.

1. A beautiful yard takes work

That lawn’s not going ti cut itself

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I never met a succulent that I didn’t kill. Even my fake plants are looking a little wilted right now. But even though I don’t have a green thumb, landscaping and yard maintenance are forever on my to-do list.

Each spring, I spray Roundup with impunity, attempting (and failing) to conquer the weeds. My husband handles mowing and edging.

I’ve slowly started to learn which plants can endure abuse, neglect, and a volatile Midwestern climate. I still have a long way to go in my landscaping journey, but all this work has given me a new appreciation for other people’s lush, beautiful lawns.

When you’re house hunting, keep in mind that those beautiful lawns you see—and that outdoor space you covet—come at a steep price. Either your time and frustration, or a hefty bill for professional landscapers, will be necessary to keep things presentable.

2. You might get a bill for neighborhood improvements

Your property taxes should pay for every improvement to the neighborhood, right? Not necessarily.

When my neighbors came together to petition the city for a speed bump on our busy street, the cost was passed on to us homeowners. It wasn’t covered by property taxes, so we got a bill in the mail a few months later. Surprise!

When you’re preparing to buy a house, make sure you budget for homeownership expenses—not just repair and HOA costs, but those pesky fees that crop up when you least expect them.

3. Brush/trash removal? It works differently in every city

You might not be able to just leave your leaves on the curb…

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As a kid, I spent many fall weekends scooping leaves into yard waste bags that we left on the curb for pickup. But when I became a homeowner, I realized that my early brush with brush removal was unique to the suburb where I grew up. Every city handles it differently, if the city handles it at all.

In Milwaukee, where I live, homeowners can put leaves on the curb for pickup on designated days. For big branches, you need to request a pickup, or potentially dispose of them yourself. Check with your city to find the ordinances and regulations where you live.

4. You’ll want to clean (or hire someone to clean) your nasty windows

Window maintenance was never on my radar as a renter, probably because I never had more than a few windows in an apartment. But then I became the proud owner of many, many windows—and all of them were coated in a thick film of gunk after years of neglect.

After we moved in, I started to tackle the cleaning on my own. But I quickly realized I was getting nowhere fast, and there was no way I could safely clean the exterior windows up in the finished attic.

So, I swallowed my pride and hired window washers. It was some of the best money I’ve ever spent.

5. You may feel a sudden urge to stock up on seasonal decorations

I never looked twice at a $50 wreath or decorative gourd before becoming a homeowner. Now, I have a burgeoning collection of lawn ornaments in the shape of snowmen and spooky cats. Sometimes I don’t even know who I am anymore.

6. You’ll need to create a budget for Halloween candy

Stock up…

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At least I did in my Halloween-loving neighborhood, where the trick-or-treaters come out in droves.

I spent upward of $100 on candy my first year as a homeowner, and most of it was purchased in a panic at the Dollar Store after I noticed that our supply was dangerously low just halfway through the evening.

Now, I stock up in advance and shop with coupons to save a few bucks.

7. DIY renovation is equally rewarding and soul-crushing

Maybe just call someone next time…

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For the first few months after we closed on our house, my husband and I spent every free hour after work and on the weekends ripping out carpeting, pulling nails one by one from the hardwood floors, and scrubbing away at generations’ worth of grime in the bathrooms and kitchen. It was some seriously sick stuff.

Being frugal and ambitious means we can accomplish a lot on a small budget. But acting as our own general contractors became a full-time job on top of both of our full-time jobs.

Simple pleasures like “having a social life” or “Friday night with Netflix” became distant memories. It’s easy now to say it was all worth it, but at the time, I daydreamed about winning the lottery and hiring a team of pros to handle our rehab.

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Watch: Here’s How Low You Can Go in Making an Offer on a Home

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8. My impulse to check real estate listings lingered for a while

When I started house hunting, I obsessively searched for new home listings every day, poring over MLS descriptions and swiping through photos. Reaching for my phone to refresh the realtor.com app became muscle memory.

But after we closed on our house, my impulse to follow the market didn’t disappear overnight. Even though I was a homeowner, I also had a phantom limb where “checking the real estate listings” used to be.

A friend of mine put it best when she wrote about the sensation of loss she experienced when she “no longer had an excuse to occupy [her] free time with these real estate apps.” It’s surprisingly challenging to turn off your home-buying brain after months of being on high alert.

9. You’ll never want to go back to sharing walls

I like my neighbors. I like them even more because, for the most part, I can’t hear them. Gone are the days of people above me making bowling sounds late at night.

Now, I enjoy the sweet, sweet silence of detached living—no adjacent neighbors blasting music or loudly quarreling. All the yard work in the world is worth it for this level of quiet.

The post 9 Things I Wish I Had Known About Owning My First Home (Before I Bought It) appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com