3 Steps to Fruitful Business Partnerships

02 August 2010

Finding a business partner before you decide to take your vision to the next level could be the best decision youve ever made. It could also be the worst, however, as many partnerships dissolve rapidly and result in a catastrophic split that cannot be fixed. The only real remedy for this sickness is preemptive care dont get sick to begin with; and thats easier said than done.

You want any business partnership to be like a friendship. Youll have disagreements for sure, but youll also want to have a likeminded vision of moving forward with the business. To this end, its important to seek out compatibility.

Making a partnership work could never be explained in a few simple tips, but we can get off on the right foot by laying out the three best steps to take when seeking a fruitful business partnership.

Step One: Be Particular

Desperation or decisions made for the wrong reason (read: money) are going to come back and bite you in the rear. Make sure you put the time and effort into finding a partner whos right for you and, more importantly, right for your business.

The truth of the matter is that people can adapt to people if theyre not so dissimilar. However, trying to fit a square peg into a round hole on the business end is going to rip out the sides and bring the box crashing down. Do your research on every individual youre entertaining and make sure that you find the perfect fit.

Step Two: Put it in Writing

Once youve found a qualified partner that melds with you and your business goals, its time to get some paperwork done. First up, you want to work with your partner to map out a business plan. One of the biggest reasons here, apart from gauging their particular vision, is to get the major disagreements out of the way.

By finding something that youre both pushing toward with equal passion, it will instantly remove a lot of the down-the-road argument fodder from the equation.

Writing here also pertains to having a legal agreement with your partner. Consult an attorney and make sure everything like percentages, commissions, ownership, etc, is in place so the relationship can move forward into fluidity.

Step Three: Be a Friend

Although this step sounds a bit trivial, you will have to nurture your business relationship in order for it to grow. A business partner is going to have to be a friend on some levels or else its going to fall apart, so this means you will have to be in contact with this person and a part of his or her life.

This also helps in the disagreement department. You and your partner will be able to interject different ideas into the pot without causing it to boil over. Remaining close during your partnership will certainly help your business to expand and succeed.

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