Possibilities Unlimited

5 Elements of Effective Business Partnerships You Need to Know

WholeLife Matrix: Relationships / Staff & Colleagues

“The best partnerships aren’t dependent on a mere common goal but on a shared path of equality, desire, and no small amount of passion.”

— Sarah MacLean

Are you considering entering a business partnership but need questions answered to help you decide whether or not it is the right decision for you?  Having the right partnership in place with the right rules established will help ensure that you and your partner get the most out of the partnership. Here are some tips to help you decide if a partnership is right for you and how to establish a solid partnership.

1) Look at Your Reasons for Wanting a Partnership
Evaluate whether or not you have good reasons for wanting to be in a partnership. For example, do you want to be in a partnership because you genuinely feel that it would be the best thing for your business and for the partner’s business or are you just afraid that you would not succeed without a partner? Also, do you and your partner have the same vision?

2) Do You Have Compatible Work Ethics?
Especially in the beginning, running a business can be a lot of work. If one of you is very ambitions and wants to work 12-hour days, for example, while the other is less ambitious and only plans on working 6-hour days, then you may not be compatible partners in terms of ambition. Establish the approximate amount of time that each of you plans to work and what each of you will be doing in that time.

3) Consider What Each Partner Can Contribute
Write down the strengths and weaknesses of you and your partner. If you and you partner are good at different things and have different skills and talents, this can help to create a strong partnership where you complement each other.

4) How Will Partnering Affect Your Brand?
Consider that if you want to build your own personal brand, partnering with someone can dilute your brand. When you are in a partnership, you are really building the partnership’s brand.

5) Create a Business Partnership Plan
It is essential to put together a business partnership plan before entering a business partnership. This plan should lay out rules about the partnership such as what happens if one of you leaves the partnership or dies. Think of all the scenarios that can happen and address them.

One of the key things that needs to be addressed is how the assets of the business will be handled if one of you leaves. Decide how profits and liabilities will be shared and who will get ownership of things such as the customer list, intellectual property, website and equipment.  

 

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June 10, 2016

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Possibilities Unlimited Inc. is more than a business coaching firm. We believe in an integrated approach to business and life. Your business should enrich your life! If you've lost touch with why you went into business in the first place, we can show you how to create new possibilities for your business and rekindle your entrepreneurial spirit.

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