5 Tips for Creating a Business Partnership

Are you thinking about creating a new partnership? This could be the key to a very successful and profitable relationship. It could also be the bridge to disaster if you don’t know what you’re doing. This is an area where you can never be too careful. Here are 5 tips for creating a successful and lasting business partnership.

1. Make Sure to Share an Agency Partner

One of the first things that you and your potential partner need to be on the same page about is your choice of agency partners. You need to make sure that you agree on the agency that will help you in matters such as media buying, branding, and direct response campaigns. Agreeing on this will be the first step in creating a satisfying partnership.

2. Make Sure You Share the Same Goals

It’s very important to be sure that you and your partner share the same vision for the future. You want to be one hundred percent sure that you have the same goals in mind. This is crucial since you are going to be pooling your inspiration, talents, and financial resources. You want to know that each of you has the other one’s back.

This will become all the more important when you start to plan for your first major campaign. You will need to be sure that you agree on the tone of your marketing as well as the goods or services that are highlighted. Other issues, such as branding and dispensation of profits, also need to be hammered out and fully agreed on in advance.

3. Division of Labor Should Be Agreed On

Another very important area to consider will be the division of labor between you and your partner. Each of you has different strengths to bring to the table. You may be skilled in visualizing new products and creating prototypes. Your partner may be the one whose strength lies in marketing the product to an eagerly appreciate fan base.

However the labor shakes out between you, you need to make sure that the division is an equitable one. You need to clearly define the various responsibilities and duties that each of you will shoulder. This will help keep you focused on your separate parts of the process. It will enable you to work without interfering in each other’s areas.

4. Settle Your Disagreements as Early as Possible

When it comes to any disagreements you may have with your business partner, the key will be to settle them as early in the process as possible. After all, if you can’t agree in the preliminary stages, this is a sign that you may not be meant to partner with this person in any capacity.

You want to make sure that you can agree to each and every detail of a potential partnership before you sign the contract to commence one. This means taking the time to smooth every point of disagreement down to an acceptable compromise.

5. Make Sure to Get Everything on Paper

One of the most important details to consider will be the need to get each and every detail in writing. It’s a very good idea to sit down and hammer out all of the elements to your proposed new arrangement. Once you have it all hashed out verbally, you need to make a note of each detail. These should be inserted into your contract.

Don’t do anything without a signed contract. This will be your bastion of defense to fall back on in case things go in an unexpected direction. The contract you signed will be there to cite in court in case things come to a legal disagreement. You can use it to defend yourself against any charges the other party may bring against you.

Are You Prepared to Partner Up?

There are many questions that you should be asking before you agree to form a new partnership. You need to be fully sure that you and your potential partner are on the same page. You need to share the same vision for your future as well as the same type of goals. These and many more questions should be hashed out before you partner up.