1. Don’t blow all your start up capital on toys!
2. Do you want to work with your friends or lose your friends.
If you are starting a business with friends because it will be fun, you are going in with the wrong attitude. If they don’t have the same work ethic and/or commitment as you, you may well ruin a business and a friendship.
3. Be wary and be prepared
In business as in life the vast majority of people are hard working and honest. However every now and then you meet a bad one. Some are such skilled con men and women they will have conned you without you even knowing. Read about contracts. Look at contract templates. Cover yourself. Alternatively find yourself a hit man in need of a website/logo design. Just kidding… for legal reasons.
4. Get an accountant
Unless you really love accounting just get an accountant. Take away the hassle and stress of dealing with the tax man/woman…