A dilemma many business owners face is deciding on whether or not they should manage their business on their own (both with and without the help of employees) or bring a partner on board. What exactly does a partnership involve?
Partnerships involve joint ownership of a business. Business partners share the risk, responsibility and rewards involved in an enterprise and therefore require a great deal of thought and consideration. I recently watched a video on INC, which shared some great tips on determining the need for a business partner as well as identifying the elements needed to create a partnership agreement.
Are you ready for a partnership?
1. Can an employee or freelancer do the job of a potential partner?
2. Do you trust your proposed partner? Do they have the capacity to meet your goals?
3. Is your proposed partner a good fit for you and your organization?
4. Are there terms governing your partnership? Have you put them on paper?
Figure out how to determine if you need a partner and how to create a partnership agreement
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