THE GUIDE TO BUSINESS COLLABORATION
Do you need to raise funds for your business?
When is it a promising idea to take out a loan to invest?
Would you consider partnering to achieve any funding goals?
How much of your business are you willing to sacrifice as shares?
What plans do you have in place to resolve conflicts with partners?
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IMPERFECT WORLD
================== Choose Partnership
As an entrepreneur, I am open-minded.
I am up for partnership or selling equity.
BUT...
Exercise caution in your business affairs, for the world is full of trickery.
But let this not blind you to what virtue there is; Source:
CHANGE YOUR PERCEPTION
Never mix business with personal matters;
It often leads to damaged relationships and poor business.
Never partner with someone that you can hire;
If you've got the idea and someone else has the skill,
Simply hire him or work out an independent contractor agreement.
Never engage a partner without written and signed agreement;
Get legal advisor involved. Be clear and transparent
Never start a business with partners without defining an exit strategy;
There must be flexibility for any to "walk away" or
"Buy out" the other party without impacting business operations.
Never forget; business first and friendships second;
Be open minded and prepared for change.
Never subscribe to partnership without defining the boss;
Every business needs a person with significant control.
Avoid 50:50, a simple solution is 51/49 split.
Delegate and let go…
Give some control away.
This is a critical skill for partners in business to succeed.
Don’t just raise the needed capital, share expenses also;
Keep records of the partnership's sales, takings, purchases and expenses.
Launching and running own separate business prior to collaborating is key to succeeding.
Who’s with me on this subject? Let’s discuss, comment below
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