7 Things To Know Before Starting A Business Partnership

By Rachale Kelley

Business Parrtnership
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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.

  1. 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!

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About the Author

Rachale Kelley teaches moms who desire to be home & present with their children, how to face her fears & develop skills and strategies that will help her quit her job, conquer overwhelm, believe in herself and find her voice so that she can experience true freedom in her life. She has been married for 25 years. Has 3 children, the youngest diagnosed with Down Syndrome.

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