Guest Post – Business Partnerships – Doing It Right
A business partnership shouldn’t be entered into lightly. It should be well-thought out by all parties. A written business partnership agreement is ideal and comes highly recommended.
Some business partnerships are born when two or more people are engaged in an enthusiastic conversation. You know what I mean, right? We all have dreams or things we always want to do, but never have make time to do them. So, the conversation may go like this. “I wish I could do____and then I would_____. I could create____and it would be so rockin’ awesome! Can you imagine?! It would be so cool! I would hire you to write press releases, articles, etc. for me OR…” Yep, you guessed right. The big or is to become business partners. Before you know it, you’re both ahead of the game as you continue to brainstorm to come up with a domain name and checking out WordPress templates.
Trust me; it’s not a bad thing to become business partners when you have a business agreement. It’s bad thing when you don’t have a written agreement and things don’t turn out as you expect.
Here are some key factors to look for when it comes to business partnerships.
Business Partnership Agreement
There is quite a few things to cover in the business agreement. One that some people forget is the exit plan. What happens if one wants to dissolve the partnership, death of a partner, adding new partners, how clients will be handled, how to settle disagreements or disputes, expenses, profits and losses, etc.
Who’s the Boss?
Business partnerships aren’t necessarily 50/50 equal sharing. It should be 51/49. You’ll have to decide who will have the upper hand or final say in the business.
Job Duties
It’s important for all involved to know what their responsibilities are and what decisions they are allowed to make without having to wait for the other partner’s approval. This is especially important if you run into a time sensitive matter, you can’t get a hold of your business partner, and you need to make a decision now or lose the client or lose the sale.
Choosing a Business Partner
This is important. There are disadvantages if you choose a friend as your business partner. One main disadvantage is losing the friendship if things go wrong and your partnership dissolves.
Like a job, you should interview the person. You shouldn’t look for a carbon copy of yourself; quite the opposite, your partner should possess the skills you lack. Also, how about their work ethics and how they represent themselves online? You may get someone who have great skills and talent, but lack professionalism which can hurt your reputation and business.
A business partnership has many benefits and if you do it right, take your time, think it out and protect yourself, your chances of finding success together is greater.
Sophia McIntyre is an Internet Marketer, Article Marketer, Ghostwriter, and founder of WorkAtHomeSpace.com, a free resource focusing on work at home companies and jobs, home businesses and other work at home related topics.
