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Are you thinking about starting a business partnership?
Here are some things you should consider before making your final decision. Should I have a partner is a good question, one that should not be taken lightly. Many successful people have had partners and others have not!
There are many things you want to consider when deciding should you or should you not have a business partner! My son and I are setting our business up as a partnership, therefore I am excited to share our journey!
Keep in mind I am not a financial advisor, just sharing knowledge that I have learned along the way!
9 Things To Consider Before Starting A Business Partnership.
The first thing you want to do is know yourself., how well do you get along with others? Do you do better working as a one-woman show? If so partnership is not for you!
2. How will we split the partnership? 50/50? It will all depend on who is putting the most time and resources in.
3. Both of you should take a personality test and if you both have the same personalities go the other way, because more than likely you won’t get along!
4. Partnerships can be good as long as you don’t have too many partners. The more partners the more personalities you will have to deal with!
5. How much capital are they willing to put in? If they are not bringing capital to the table reconsider your partnership.
6. When deciding on a business partner treat it as if you are dating someone. Take the time to get to know them. Would you marry someone you dated after 6 weeks?
7. Get wise counsel from others in your circle. If 4 people to say yes about your new partner that’s a good sign. Also do a background check on them.
8. Who will be the front person and who will be the behind the scenes person? It if very difficult for both of you to be in the front. Your new partner should compliment your skills. If you are weak in one area they should be strong in it!
9. Have weekly meetings and be sure to deal with issues as soon as they come up!
Considering Coaching? Check out my Work with Me where I Help Moms Everyday.
Rachale Kelley is a life and online business coach who believes every parent should have a way to escape their 9-5 so that they can have more time freedom with their family, including having access to systems and strategies that will keep them from becoming overwhelmed while pursuing their dreams.