Often times we make the mistake of going into business with someone just because we "think" we know them, or that person is our friend. That can be a costly mistake if you are not 100% sure you should be in business with this person or persons. Before going into business partnership, you should always:
- Make sure that you hire an attorney to put everything in writing so there are no misunderstandings later. You don't want to have a verbal agreement that doesn't stand up later because there is no proof of it.
- Be sure that you know the person and their character traits. How are they with money? Do they have good customer service skills? Are they trustworthy?
- If there are any differences prior to signing the agreement, make sure they are ironed out before you sign any paperwork. A partnership is like a marriage. If you go into it with problems, they will only escalate.
- Ask yourself if you really need a business partner, or if you just need to hire someone that can do the same job. You can save yourself a whole lot of time, trouble and money by employing someone. It's a lot easier to fire an employ than to rid yourself of a business partner.
So again, I ask, "Do you know your business partner?" If you do, that's great! Move forward with your business relationship, and go make lots of money together. If not, you may want to take a second look at some resumes and employ someone else to do that job.