{"id":30209,"date":"2018-03-01T19:28:06","date_gmt":"2018-03-01T23:28:06","guid":{"rendered":"http:\/\/www.andysowards.com\/blog\/?p=30209"},"modified":"2018-03-01T19:28:50","modified_gmt":"2018-03-01T23:28:50","slug":"thinking-getting-business-partner-heres-need","status":"publish","type":"post","link":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/","title":{"rendered":"Thinking of Getting a Business Partner? Here’s What You Need to Do"},"content":{"rendered":"

It can be hard to get a business up and running, particularly in the current climate, but it can be even harder to keep it going – around 80 percent of businesses go under in the first year – so it is not surprising that more and more entrepreneurs are thinking about getting into bed with other entrepreneurs (so to speak) and becoming partners.<\/p>\n

This can be an excellent way to bring more money, ideas and expertise into the company and hopefully make it more successful, but it is certainly not something you should do lightly, so if you\u2019re thinking about getting a business partner, here are a few things you need to do first:<\/p>\n

Do a Test Run<\/h3>\n

\"Thinking<\/a>
\nBest Investments For The Business Savvy<\/em><\/p>\n

This might sound a bit unusual, and not all potential partners would be up for it, but if you can possibly do a test run, potentially by giving them a job or allowing them to make a small investment for 12 months or so to see how things go, do it. You\u2019ll get to see if the whole partnership thing is going to work out without having to commit too thoroughly to the idea and seeing it through.<\/p>\n

Run a Background Check<\/h3>\n

\"Thinking<\/a>
\nHow to Stay Positive in Business<\/em><\/p>\n

If you\u2019re going to let someone into your business life and have their name associated with your company, then it would be pretty stupid not to, at the very least, run an online background check<\/a> on them, so that you can dig up any skeletons they have and ensure that they are financially sound enough that you wouldn\u2019t have to worry about the financial side of things. Anyone who\u2019s serious about being part of your business and who is an entrepreneur themself will understand this and you shouldn\u2019t have any resistance – if you do that could be enough for you to question going into partnership in itself.<\/p>\n

Ask if \u00a0They Match Your Brand Values<\/h3>\n

\"Thinking<\/a>
\nHow to go About Effective Compliance Transformation for a Business<\/em><\/p>\n

You might really like someone as a person, but you need to ask yourself if they typify your brand identity<\/a> and everything it stands for. If they do not, then no matter how much money they\u2019re willing to give you or how much you want to partner with them, you will have to ask yourself whether they\u2019re a good match or not. <\/p>\n

\"Thinking<\/a>
\nMake Your Life A Little Easier As A Business Owner<\/em><\/p>\n

If they don\u2019t match your brand values, then having them as a silent partner could work depending on your brand, but if they\u2019re very vocal in certain circles that could affect your company and it gets out that they\u2019re involved with you, it could be pretty detrimental, to say the least.<\/p>\n

What is Their Home Life Like<\/h3>\n

\"Thinking<\/a>
\nMaking The Move From Freelancer To Business Owner<\/em><\/p>\n

Ordinarily, the home life of another person you\u2019re acquainted with would not be any of your business<\/a>, but if you\u2019re planning to make them your partner, then you do need to know how well they\u2019re functioning in life in general – not just at the office – because, as I\u2019m sure you\u2019ll know, how life can and does spill into work life and if you don\u2019t want any drama or a partner who\u2019s rarely around, you need to know the score.<\/p>\n

Create a Binding Agreement<\/h3>\n

\"Thinking
\nImage source<\/a><\/p>\n

You might trust your soon-to-be new partner completely, and you might think that the agreement you\u2019ve come to will be mutually beneficial, but that might not actually be the case. <\/p>\n

\"Thinking<\/a>
\nFreelancing Contracts: Are They Necessary?<\/em><\/p>\n

That\u2019s why you should have a legal \u00a0professional<\/a> help you to draw up a binding partnership agreement that will protect your company and both of you from any potential liability issues and lawsuits in the future.<\/p>\n

Work Out Your Roles Immediately<\/h3>\n

\"Thinking<\/a>
\nBeing A Great Boss: How To Help Your Company Run Smoothly<\/em><\/p>\n

Okay, so you might think that you have more important things to think about such as background checks., paperwork and actually growing your business, but if you\u2019re going ing into partnership with someone, one of the first things you absolutely do need to do is to work out what roles you will each take, Why do you need to do this: So that you can work out how the profits will be split. So many partners have fallen out after initially agreeing on a 50-50 split (which seems pretty simple at the start) only for one of them to end up doing much more work or taking on a much bigger role and feeling like they are undervalued as a result. If you know what\u2019s what from the off, you can split the profits accordingly and avoid and squabbles further down the line.<\/p>\n

Check their Skills<\/h3>\n

\"Thinking<\/a>
\nFinancial Aspects of Running a Business<\/em><\/p>\n

By far, most entrepreneurs choose to form partnerships with friends or colleagues, but this is not always the best way to go about things. If you want your partnership to be as successful as it can possibly be, you should look for a partner who has skills that are relevant to your business and who\u2019s own knowledge complements your own, This may well be a friend or colleague, but it might not so take the time to choose wisely.<\/p>\n

Create an Exit Strategy<\/h3>\n

\"Thinking<\/a>
\nA Little Wiggle Room Goes A Long Way In Your Budget<\/em><\/p>\n

So many new entrepreneurs think that, if they go into partnership<\/a> with someone they\u2019ll have to remain partners in some capacity forever. Of course, this is not the cade, and any one partner can leave\/ be gotten rid of at any time PROVIDING an exit strategy is drawn into any contracts at the beginning.<\/p>\n

\"Thinking<\/a>
\nHere\u2019s How To Create Cash For Your Business Fast<\/em><\/p>\n

You might be more concerned about looking ahead to a future where you\u2019re working hard together to build up something brilliant, but you do also need to look forward to a time where one or both of you don\u2019t want to do it anymore and create an exit strategy that works for you both.<\/p>\n

Choose a Boss<\/h3>\n

\"Thinking<\/a>
\nEdging Closer To The Dotted Line<\/em><\/p>\n

If you\u2019re partners, you might think that you\u2019re both bosses and in the very literal sense you are, but most businesses are best run when there\u2019s one person at the top who is responsible for the day to day direction of the business. So, when you\u2019re thinking of getting into a partnership, be sure to talk over with your partner who will be in charge of the day to day, what their duties will be and how the other party will be consulted.<\/p>\n

\"Thinking<\/a>
\nBuilding Strong Relationships To Grow Your Business<\/em><\/p>\n

If you do this stuff, there are no guarantees, but it\u2019s highly likely that you will enter into a partnership that is both fruitful and fulfilling.<\/p>\n","protected":false},"excerpt":{"rendered":"

It can be hard to get a business up and running, particularly in the current climate, but it can be even harder to keep it going – around 80 percent<\/p>\n","protected":false},"author":1,"featured_media":30212,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[109],"tags":[1645,8754,8750,813,626,8751,8285,5891,7402,8500,8757,8762,360,7309,1644,8752,8697,6447,6915,870,7590,8761,277,5491,7040,2452,5978,7404,7777,8753,5212,8760,8758,8759,5608,8755,8756,6486,4552],"yoast_head":"\nThinking of Getting a Business Partner? Here's What You Need to Do<\/title>\n<meta name=\"description\" content=\"It can be hard to get a business up and running, particularly in the current climate, but it can be even harder to keep it going - around 80 percent of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thinking of Getting a Business Partner? Here's What You Need to Do\" \/>\n<meta property=\"og:description\" content=\"It can be hard to get a business up and running, particularly in the current climate, but it can be even harder to keep it going - around 80 percent of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Business Resources for Entrepreneurs, Web Designers, & Creatives by Andy Sowards\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/facebook.com\/andysowardsfan\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-01T23:28:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-03-01T23:28:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.andysowards.com\/blog\/assets\/Thinking-of-Getting-a-Business-Partner-9.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"710\" \/>\n\t<meta property=\"og:image:height\" content=\"434\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Andy Sowards\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@andysowards\" \/>\n<meta name=\"twitter:site\" content=\"@andysowards\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andy Sowards\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/\",\"url\":\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/\",\"name\":\"Thinking of Getting a Business Partner? Here's What You Need to Do\",\"isPartOf\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.andysowards.com\/blog\/assets\/Thinking-of-Getting-a-Business-Partner-9.jpg\",\"datePublished\":\"2018-03-01T23:28:06+00:00\",\"dateModified\":\"2018-03-01T23:28:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/#\/schema\/person\/2e0f72bd7f6497fd883e2bd67d9f3415\"},\"description\":\"It can be hard to get a business up and running, particularly in the current climate, but it can be even harder to keep it going - around 80 percent of\",\"breadcrumb\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#primaryimage\",\"url\":\"https:\/\/www.andysowards.com\/blog\/assets\/Thinking-of-Getting-a-Business-Partner-9.jpg\",\"contentUrl\":\"https:\/\/www.andysowards.com\/blog\/assets\/Thinking-of-Getting-a-Business-Partner-9.jpg\",\"width\":710,\"height\":434},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.andysowards.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Thinking of Getting a Business Partner? Here’s What You Need to Do\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.andysowards.com\/blog\/#website\",\"url\":\"https:\/\/www.andysowards.com\/blog\/\",\"name\":\"Daily Business Resources for Entrepreneurs, Web Designers, & Creatives by Andy Sowards\",\"description\":\"Design Inspiration & Business Resources for Creatives\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.andysowards.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.andysowards.com\/blog\/#\/schema\/person\/2e0f72bd7f6497fd883e2bd67d9f3415\",\"name\":\"Andy Sowards\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.andysowards.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/15f95b011563b5894883b22bd4b32d59?s=96&r=pg\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/15f95b011563b5894883b22bd4b32d59?s=96&r=pg\",\"caption\":\"Andy Sowards\"},\"description\":\"Im a professional Freelancer specializing in Web Developer, Design, Programming web applications. Im an Avid member of the Design\/Development community and a Serial Blogger. follow me on Twitter @AndySowards\",\"sameAs\":[\"https:\/\/www.andysowards.com\"],\"url\":\"https:\/\/www.andysowards.com\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Thinking of Getting a Business Partner? Here's What You Need to Do","description":"It can be hard to get a business up and running, particularly in the current climate, but it can be even harder to keep it going - around 80 percent of","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/","og_locale":"en_US","og_type":"article","og_title":"Thinking of Getting a Business Partner? Here's What You Need to Do","og_description":"It can be hard to get a business up and running, particularly in the current climate, but it can be even harder to keep it going - around 80 percent of","og_url":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/","og_site_name":"Daily Business Resources for Entrepreneurs, Web Designers, & Creatives by Andy Sowards","article_publisher":"http:\/\/facebook.com\/andysowardsfan","article_published_time":"2018-03-01T23:28:06+00:00","article_modified_time":"2018-03-01T23:28:50+00:00","og_image":[{"width":710,"height":434,"url":"https:\/\/www.andysowards.com\/blog\/assets\/Thinking-of-Getting-a-Business-Partner-9.jpg","type":"image\/jpeg"}],"author":"Andy Sowards","twitter_card":"summary_large_image","twitter_creator":"@andysowards","twitter_site":"@andysowards","twitter_misc":{"Written by":"Andy Sowards","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/","url":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/","name":"Thinking of Getting a Business Partner? Here's What You Need to Do","isPartOf":{"@id":"https:\/\/www.andysowards.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#primaryimage"},"image":{"@id":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#primaryimage"},"thumbnailUrl":"https:\/\/www.andysowards.com\/blog\/assets\/Thinking-of-Getting-a-Business-Partner-9.jpg","datePublished":"2018-03-01T23:28:06+00:00","dateModified":"2018-03-01T23:28:50+00:00","author":{"@id":"https:\/\/www.andysowards.com\/blog\/#\/schema\/person\/2e0f72bd7f6497fd883e2bd67d9f3415"},"description":"It can be hard to get a business up and running, particularly in the current climate, but it can be even harder to keep it going - around 80 percent of","breadcrumb":{"@id":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#primaryimage","url":"https:\/\/www.andysowards.com\/blog\/assets\/Thinking-of-Getting-a-Business-Partner-9.jpg","contentUrl":"https:\/\/www.andysowards.com\/blog\/assets\/Thinking-of-Getting-a-Business-Partner-9.jpg","width":710,"height":434},{"@type":"BreadcrumbList","@id":"https:\/\/www.andysowards.com\/blog\/2018\/thinking-getting-business-partner-heres-need\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.andysowards.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Thinking of Getting a Business Partner? Here’s What You Need to Do"}]},{"@type":"WebSite","@id":"https:\/\/www.andysowards.com\/blog\/#website","url":"https:\/\/www.andysowards.com\/blog\/","name":"Daily Business Resources for Entrepreneurs, Web Designers, & Creatives by Andy Sowards","description":"Design Inspiration & Business Resources for Creatives","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.andysowards.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.andysowards.com\/blog\/#\/schema\/person\/2e0f72bd7f6497fd883e2bd67d9f3415","name":"Andy Sowards","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.andysowards.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/15f95b011563b5894883b22bd4b32d59?s=96&r=pg","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/15f95b011563b5894883b22bd4b32d59?s=96&r=pg","caption":"Andy Sowards"},"description":"Im a professional Freelancer specializing in Web Developer, Design, Programming web applications. Im an Avid member of the Design\/Development community and a Serial Blogger. follow me on Twitter @AndySowards","sameAs":["https:\/\/www.andysowards.com"],"url":"https:\/\/www.andysowards.com\/blog\/author\/admin\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/posts\/30209"}],"collection":[{"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/comments?post=30209"}],"version-history":[{"count":4,"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/posts\/30209\/revisions"}],"predecessor-version":[{"id":30249,"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/posts\/30209\/revisions\/30249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/media\/30212"}],"wp:attachment":[{"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/media?parent=30209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/categories?post=30209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.andysowards.com\/blog\/wp-json\/wp\/v2\/tags?post=30209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}