Many of our clients contact us about their new partner and want to incorporate that person into their website and marketing material. Partnerships are great, if they work, but more often that not, we get calls/emails from our clients a few months later asking us to remove their new partner from their website and marketing material as it just “did not work out”.
This happens so often.
I’m in a business partnership and have been for 7 years. Here are some of the points I would suggest thinking about before you take this big, potentially expensive step.
1. Communication is key. By far the most important aspect of a business partnership – Good Communication
2. Responsibilities. Make sure that you both know your responsibilities and what tasks you are responsible for completing
3. $$$$$$$$ – Many conflicts come down to money. Make sure you both are aware of each others personal financial situations.
4. Write it down. Write down your agreement, tasks, responsibilities, goals, etc. This way there is no confusion at a later date.
5. 50/50 – An even partnership is important as it will ensure that you are both equally responsibly and equally motivated. This point can potentially be flexible but if it is, it is important that #2 is followed.
6. Expenses – Both parties must agree on expenses.
7. Problem Solver – Having a pre-agreed upon 3rd party that will be your problem solver is important. That way any disagreement can be solved by this person so that you can get back to business.