Doing business alone might be too difficult for you so you decide to form a partnership. However, you must take into consideration the advantages and disadvantages of forming a partnership before giving it a go.
Weigh your options
When looking for a business partner, make sure that you share the same vision and ideas but most of all, make sure you trust each other. Keep the core values of your partnership in mind
Draw the lines.
You need to figure out what your individual roles in the partnership will be. Do you have the same ownership percentage or does your partner own the majority of the sales? How much money is expected to be put on the
Define your roles.
Be aware of your strong points and weaknesses. Does one of you excell in PR, blogging or social media? Is your partner so much better at finances and accounting? Determine which of you will focus on specific aspects of the business.
You have different roles to fulfill but make sure you inform each other about the updates of your business and responsibilities.
Put things in writing.
This is very important. Ownership percentages, and monetary commitments must be placed in writing.
Do some research yourself.
You need to arm yourself with knowledge. Don’t just wait for information to be fed to you. Read legal documents.
Review financial status.
Both you and your partner must be aware of the financiat situation of your business. Know the amount of money that goes in and out and everything that comes in between.
What is your investment?
Is your investment purely monetary or do you have to contribute hours without getting paid.
Set your boundaries.
You need to inform each other on specific dates and schedules in which you are available or not, and don’t forget to put it in writing.
Partnership is a business venture that’s something worth the while as long as every aspect is made clear by both parties. Keep in mind these things and you’re on your way to your business success.