In April, Savannah James, entrepreneur and wife of NBA star Lebron James, partnered with her friend of 15 years to launch the "Everybody's Crazy" podcast.

"I felt like this is something fun that I want to do with my friend," James tells CNBC Make It.

James and April McDaniel, founder of the marketing agency Crown + Conquer, knew their friendship could survive becoming partners in a business.

In addition to the podcast, the pair also started Let It Break, a community for women who want to connect with themselves and others and share trusted resources for personal development.

When CNBC Make It talked to James and McDaniel earlier this month, they offered up what they say are two key components of a good friendship, and what you should consider before going into business with a friend.

2 key components of a good friendship, from friends who own a business together

1. Show up authentically

"The essential component of a good friendship is being your truest self," McDaniel tells Make It.

You should be able to let your friends know how you feel and not fear their reaction, she says. Developing this dynamic within your friendships requires being honest with each other, McDaniel adds.

2. Create a safe space with each other

Once honesty is established in your friendship, you should develop a safe space with your friends by checking in on them and giving them the room to share their emotions, James says.

"Sometimes just genuinely asking someone, how are they? Like, how are you?" James says. "Not 'What you did today?' or 'Oh, yeah, I'm good.' But really, how your heart and your mind is. I feel like that's one of the really important tokens of friendship."

Showing genuine concern for your friends and not concealing your true self or passing judgment is necessary, James says.

"It's just like a safe space to fall," and knowing "it's safe and it's locked and that I can get sound advice," McDaniel says.

Consider this before starting a business with a friend

Going into business with a friend can strain or challenge the relationship, but it can be done successfully. Before starting a business with a friend, it's important to "really [understand] how people are going to show up," McDaniel says.

Have a serious conversation about if you and your friend will be able to commit to and execute your designated roles, or if it's better to make changes to your duties or just avoid a joint venture altogether.

"Really [talk] about what value both of you bring, and [understand] that," McDaniel says. "If that person was never savvy with numbers, they're not going to become savvy with numbers."

And if you decide to start a venture as a unit, remember that issues will come up, McDaniel notes. But that comes with any business, she says.

In those moments, and for entrepreneurship in general, give yourself grace, James says: "I had to give myself some grace to be like, 'Okay, I'm not gonna be there overnight, but I am fully capable of learning and taking things day by day.'"

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