The first question is whether or not you need a partner. This question is very important for your business and for you personally. Essentially, having a partner is against the spirit of an entrepreneur. You will no longer be a sole director but will have to listen to your partner's opinion on everything within your mutual business. What is even more important - you will have to share the profit.
Of course, a truly good partner will broaden your view of the business, help you in making decisions, and take half of the work. On the other hand, an ineffective partner can drag you down. Therefore, before you start looking for partner, ask yourself the following questions twice:
1. Do you want to find a partner, because you really need somebody's expertise, capital and "fresh look," or because of any emotional reasons? Maybe, you are just tired of being responsible for everything or overloaded with everyday work? If the answer to the second question is "yes", maybe you just need an employee. Also, you might consider outsourcing some work. This way, you will still be the boss but have more time for strategizing your business plan. If you feel you really need a partner, take time to find a right person.
GOLDEN RULE: Never ever form partnerships with your best friend, unless you are tired of him or her!
You can find another partner, if you are not satisfied with your current relationship, but it is much more difficult to find a new friend. Remember that real friendship is much more valuable than any business.
2. Consider what professional experiences your partner should possess. Don't look for your own "clone." It's more wise to find somebody with different work experiences, thus strengthening weak aspects of your business.
Do not be in a hurry, even if you have a person who seems to be an ideal candidate. Try to work together on a project base and do not tell him/her anything about partnership in advance.
Make sure you trust the person and, what is definitely more important that you like to work with him/her.
3. Before proposing a partnership, think about the financial side. If your business just started but you have a promising business plan, chances are that a partner can work for a small sum of money during the initial period. However, working on pure enthusiasm does not usually last too long. In such situations, it is probably better to continue working on a project basis, forming the partnership slowly, step by step. In this way, you will never be in a situation in which you have a headache not only about your income but also about the income of the other person, who depends on you.
4. Ask your future, potential partner about his or her expectations for the future in terms of carrier achievements and level of income. If you decide to work together, make sure, you have a clear definition of roles and responsibilities in the business.
Prepare a contract, including the above written information plus financial terms and exit clause. Not discussing the financial conditions of work is the worst and the most typical mistake of all starting partnerships. You think that if you understand each other so well and are so enthusiastic about your new mutual business, you will never have an argument about money. Wrong! As soon as the first account pays, you will have a misunderstanding. So, just avoid it in the beginning.
You should also discuss, how you will work together. There are so many options: you can work together from 9 to 5, or have meetings twice a week, or choose another schedule.
At the first stage of your partnership, it is better to meet more frequently, since you will have to tell the "history" of your company, exchange your views of future expanding of your business and develop a detailed business plan.
Finally, if possible, try to remain General Director or President of the company. It is fair to have more control over your business than a new partner, since this business was originally started and maintained by you, or at least, the idea was yours. I wish you the most successful partnership ever established and much success for your mutual business!
Of course, a truly good partner will broaden your view of the business, help you in making decisions, and take half of the work. On the other hand, an ineffective partner can drag you down. Therefore, before you start looking for partner, ask yourself the following questions twice:
1. Do you want to find a partner, because you really need somebody's expertise, capital and "fresh look," or because of any emotional reasons? Maybe, you are just tired of being responsible for everything or overloaded with everyday work? If the answer to the second question is "yes", maybe you just need an employee. Also, you might consider outsourcing some work. This way, you will still be the boss but have more time for strategizing your business plan. If you feel you really need a partner, take time to find a right person.
GOLDEN RULE: Never ever form partnerships with your best friend, unless you are tired of him or her!
You can find another partner, if you are not satisfied with your current relationship, but it is much more difficult to find a new friend. Remember that real friendship is much more valuable than any business.
2. Consider what professional experiences your partner should possess. Don't look for your own "clone." It's more wise to find somebody with different work experiences, thus strengthening weak aspects of your business.
Do not be in a hurry, even if you have a person who seems to be an ideal candidate. Try to work together on a project base and do not tell him/her anything about partnership in advance.
Make sure you trust the person and, what is definitely more important that you like to work with him/her.
3. Before proposing a partnership, think about the financial side. If your business just started but you have a promising business plan, chances are that a partner can work for a small sum of money during the initial period. However, working on pure enthusiasm does not usually last too long. In such situations, it is probably better to continue working on a project basis, forming the partnership slowly, step by step. In this way, you will never be in a situation in which you have a headache not only about your income but also about the income of the other person, who depends on you.
4. Ask your future, potential partner about his or her expectations for the future in terms of carrier achievements and level of income. If you decide to work together, make sure, you have a clear definition of roles and responsibilities in the business.
Prepare a contract, including the above written information plus financial terms and exit clause. Not discussing the financial conditions of work is the worst and the most typical mistake of all starting partnerships. You think that if you understand each other so well and are so enthusiastic about your new mutual business, you will never have an argument about money. Wrong! As soon as the first account pays, you will have a misunderstanding. So, just avoid it in the beginning.
You should also discuss, how you will work together. There are so many options: you can work together from 9 to 5, or have meetings twice a week, or choose another schedule.
At the first stage of your partnership, it is better to meet more frequently, since you will have to tell the "history" of your company, exchange your views of future expanding of your business and develop a detailed business plan.
Finally, if possible, try to remain General Director or President of the company. It is fair to have more control over your business than a new partner, since this business was originally started and maintained by you, or at least, the idea was yours. I wish you the most successful partnership ever established and much success for your mutual business!
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