What to Consider Before Entering Partnerships

A recent article, 6 Things to Consider Before Partnering Up by The Oracles says that partnerships can either establish or destroy your business. Therefore, it’s crucial to understand how to enter into a successful partnership.

Here are some thoughts to ponder before joining forces with a business partner.

1. Know the partner for at least one year before entering a business partnership. According to some scientific studies people show their true colors after one year. Don’t enter into a partnership too hastily, become good at discerning people and back it up with references. Remember, a business partnership is like a union/marriage so you need some short-term “dating projects” in business. If projects don’t work out, you move on. It’s like choosing not to see someone after three dates: you haven’t made a long-term commitment anyway.
2. Clarify each other’s roles, boundaries, compensation, and exit strategies and then put them in writing. While trust is crucial in the partnership, it’s also important to ensure that you are on the same page. People have different understanding and interpretations if they are not documented. The clearer you are, the lesser the possibility it is to fail. 
3. Partner with someone who is better than you at certain things. Don’t get intimidated to partner with someone who has better skills at doing certain things, but make sure they are complementary with yours and you share the same vision.
4. You must ensure that you’re going to have fun. You’re entering the long-term commitment of a business partnership and it’s going to become a deep part of your life so make sure you’re going to have fun and harmony with your partner.

Conclusion

Partnership is essential to your business success so these tips will help you enter into it successfully.  YourOffice is looking forward to be your partner in business.  Looking for  workplace solutions in Philly?  YourOffice Philadelphia offers you a wide choice of office and workspace solutions: small office space Philadelphia, executive suites Philadelphia and meeting space Philadelphia. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology. 

Want to share other tips in entering a partnership?  Feel free to share your comments.  Visit us also on Facebook and Twitter.