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Startup Business partnering

Discussion in 'Starting Your Business' started by AA Aziz, Mar 26, 2016.

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  1. AA Aziz

    AA Aziz Entrepreneur

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    Hello everyone pls I need your experience input.
    A friend of my invited me for a business partnering. The business will consist of Technical trading and services both of us have no business plan we only have the idea in our head. I have some mix feelings about the workability of the partnering pls I need some ideas and advice from you guys.
     
    T J Tutor likes this.

  2. T J Tutor

    T J Tutor Entrepreneur

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    Never invest in any venture until the following has been completed.
    • A business plan to include market research, demographic research, cash flow projections, startup costs, operational costs for at least one year and preferably three years
    • Partners need to vet one another including background checks, financial statements, and credit reports
    • Consult an attorney to represent you, any partners should have their own
    • Consult an accountant on the proper way to distribute your funds to the new business in order to maximize tax benefits
    • Be sure to have an exit plan written into the initial partnership or corporate minutes so you have a way out
    This is business, so no one should complain, or refuse, any of the above requirements. Protect yourself, protect your money and investments, and protect the business!
     
    AA Aziz likes this.
  3. Corazon

    Corazon Entrepreneur

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    When we put up our computer supplies retail business, we don't know anything about the details and we just relied on our partner who is well versed with the business because he works as salesman of a computer supplies company. Take note that our partner is the best friend of my husband. Well, the business flourished and in fact, it has 4 employees on its first year of operation. However, we didn't think that our partner is a scheming devil who had registered his own business and pirated our major clients.

    That's a neat lesson for us - never FULLY trust a business partner.
     
    AA Aziz likes this.
  4. Vinaya.Ghimire

    Vinaya.Ghimire Entrepreneur

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    Ask this question?
    Does the person with whom you will be partner has passion for the business idea?
    Does this person had knowledge and expertise?
    Do you know the person since a long time?
    If your answer is yes than you can trust him?
     
    AA Aziz likes this.
  5. servite

    servite Entrepreneur

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    Your "mixed feelings about the workability of the partnership" tells me you need to resolve some issues which are causing you to doubt. This is a healthy signal and it will help you to be cautious. It is important to spend some time to reflect and ask yourself what is the root cause of your discomfort. When you are able to nail this down and write this in one sentence then you can proceed to identify the causes and the possible action plans to resolve the issues. I would not go into the partnership if there are significant issues remaining unresolved. Hope this helps.
     
    AA Aziz likes this.
  6. AA Aziz

    AA Aziz Entrepreneur

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    Thanks all for your contributions now i have more confidence in how to manage the situation.
     

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