The journey of a solopreneur is a lonely one – it's all up to you, you have no one to bounce ideas off of, and the choppy waters require tremendous personal effort to keep going. That's why finding one business partner because your new venture is generally considered to be a smart move to minimize risks and diffuse challenges. Two heads are better than one, right?

However, finding a partner is easier said than done.

Where to find someone who has complementary skills, the willingness to take on the risks and responsibilities of a fledgling business, and – perhaps most importantly – the integrity and loyalty needed for purpose. COOPERATION? For some, the initial response is to look close to home, with someone you already share a strong bond with and trust deeply, namely a childhood friend.

So I did. I started a business with my friend Rihards, whom I have known since we were in elementary school. We sold our first business for six figures and now run Supliful, a consumer packaged goods startup. Would I want to do it with someone else? No. But has it always been smooth sailing? Also no.

From my 15+ years of experience running a business with a childhood friend, here are the three biggest pros and cons.

Three benefits of starting a business with a childhood friend

Typically, a childhood friend is someone you know closely and vice versa. This brings several benefits to a business partnership.

1. Realistic expectations and synergy

You know what to expect. You know each other's strong suits, weaknesses, limits, talents and motivations. At first, signing up a friend is likely to have drawbacks from a business perspective. However, knowing what these might be allows you to deal with them effectively.

While an external partner can sometimes provide more direct immediate benefits in the form of hard skills and experience, it is more difficult to appreciate what it lacks, potentially causing an unwelcome surprise further down the line. With them, it may take more time to develop synergy and get on the same page.

Of course, it will take time to find the perfect synergy even with a childhood friend. That said, the foundation should already be there, helping to avoid growing pains. ABOUT first time entrepreneurs Specifically, there will be a lot of learning, rotation, and reorganization, and you need someone flexible on your team who is willing to adapt, change roles, and react to new developments. In my experience, this is easier to make happen with an equal, eg, a friend, compared to someone who is very specific about what they bring to the table, ie, an external partner.

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2. Easy and honest communication

Every entrepreneur struggles Distress. Dealing with it in the most effective way possible is critical to moving forward. For this, in my experience, honest communication is key.

Honest COMMUNICATION, however, is not something you can take for granted. The business world, in general, and the startup scene, in particular, have a very specific song and dance, where failures are painted as learning experiences, challenges are called opportunities, and setbacks are simply experiments.

Sure, but sometimes, a failure is just that – a failure. And the best way to overcome it is brutal honesty. This is easier with a friend as a business partner than with another party. You can say things to each other that may be more difficult to say to someone else, which, in turn, allows you to skip the words and dive right into solving the problem.

This freedom and ease of communication (and lack of pretension) extends further into every aspect of the business and helps keep things grounded and moving quickly.

3. You are on the same team

Never underestimate LOYALTY in business. Knowing you're in this together and have each other's backs has gotten us through thick and thin – like having someone to confide in without worrying about it being used against you or fully trusting each other to get decisions independently for the benefit of the company. in freedom.

With a childhood friend, there is a level of trust from the start that would take years, if not decades, to develop with an outside partner.

Connected: I co-founded a company with my best friend and 10 years later our partnership is stronger than ever

The biggest problem of starting a business with a childhood friend

As anyone who has ever started a business with a friend will tell you, one of the biggest downsides is that it will affect friendship. In a sense, it likely makes him stronger than ever. But it will also completely change the dynamic – something not everyone may be ready for.

Business challenges, financial pressures, and differing visions can test a friendship in ways you can't predict. Disputes can become personal and personal issues can seep into business decisions, no matter how synergistic, aligned or close you may be.

Of course, in business, the stakes are really high, and few feelings match the joy of celebrating a big success with a person who is a big part of your life. But the lows are really low and, in such cases, open honesty, which is otherwise a huge positive, can come back to bite you when everyone is down in the dumps and you're speaking your mind. each other without obstacles.

After all, there is a real danger of the partnership getting the upper hand over the friendship. The reality is that both need to be nurtured. Striking a balance can be difficult, but no one is better positioned to do so than you and your childhood friend.