When I am asked to give advice on business partnerships I would say this first… Business partnerships are probably the most delicate areas in business. Especially for those just starting of in business.
I say this because most partnerships start over two friends having a drink or two family members saying, “Hey, we can do thins business thing. You do that. I do this. Let’s come together and start a business” and it is so much more complicated than that.
My advice on business partnerships is, if you can at all avoid them. Unless you truly have clear synergy, clear goals that are congruent and it needs to be almost precise for it to work.
Just imagine this for a second. You are basically asking for two individuals to think the same way. However, the problem is we are individuals and have different ideas and beliefs in many areas in our life compared others.
If you are going to get into a business partnership here is my advice.
Advice on business partnerships – Step 1:
Once you know whom you are going to service, what problem you are going to solve, what product you are going to sell then take one full day out with your new partner.
You both take the full day to brainstorm, ALONE, on where you want the business to be in 5 years and 1 years time and both write this down.
You then both write out your typical day of what your are doing, what your clients are saying about you and your business looks like in your head.
You and probably the most important thing what is the end aim of starting this business.
You must do this completely separate to each other and then come back to together.
I think you’ll find if everyone in a partnership did this, the majority of partnerships would never have formed.
You see… one thing is having a good chat over a lunch and get excited about the idea of what if you business venture became successful and the other one is what everyone’s values are of what they want to get out of being business and how they want to service their clients.
If these values do not match up, it’s just a recipe for disaster.
Although this advice on business partnerships may not be what most want to hear, it’s truth and believe me I have consulted enough CEOs to know that what I am saying is truer than anything I have ever advised before.