Business Partner

There are many good reasons to bring a partner into your business. It may be as simple as the desire to collaborate with a colleague, or the need for additional financing, a particular skill set you don’t have, or other resources. Creating a partnership can be a fruitful way to grow your business, but to create a healthy partnership that endures, you have to consider many important suggestion. A shared vision for your business is critical and matters in very concrete ways. A vision is a clear, specific, focused articulation of exactly what success means to you. Productivity, time, and financial loss can be significant if a business vision is not clearly stated and agreed upon by all potential partners. You have to define the resources and relative value of those that each partner brings to the business, such as money, office or retail space, equipment, time, energy, contacts and many other important assets. Also clearly define the proportion of profits to be distributed or invested back into the business. Think about what you want to put into the business and what you will take out.