30 Key Questions to Ask Before Committing to a Partnership
Are you looking for a partnership in business? You should keep vital aspects in mind before moving ahead so as not to dwindle after a passage of time or curse yourself of committing to a wrong partnership.
Partners are the wheels for a smooth journey, and if one gets punctured, the venture can come to a standstill. Hope these few points will help you out before entering into a deal of partnership.
Is your partner eligible enough and has knowledge regarding the work you want to set up?
Are you compatible enough with your partner and feel free to discuss the pros and cons of the business?
3. Financial position
You should be aware of the financial position of your partner.
4. Financial decision
It should be clear regarding who is going to deal with the finances and keep records as too many cooks spoil the dish.
You should know the amount of money your partner is going to invest and the profit that is to be shared accordingly. This should be finalized in the very beginning to avoid misunderstanding.
What is the style of work or how are the strategies to be made?
Do you have faith in the person whom you are looking forward to working with? Is he a reliable person?
8. Past Experience
You should have knowledge about his past history. Always find out what type of person he is.
Is your partner able to handle critical situations or conflicts and in what manner?
Is there any similarity between the choices and values of you and your partner which in the long run can prove to be successful?
11. Legal structure
Make sure to choose the right legal structure once you have finalized your decision regarding the partnership.
Everything related to your partnership should be in written rather than verbal understanding if you want to go far with your partner.
It should be clear right in the beginning about the consequences to be faced if there is any disagreement between the partners.
14. Handling Situations
Judge his capability and expertise to handle critical situations confidently.
How will the profits be divided if the partner is no longer in the position to continue due unexpected circumstances.
16. Strive Hard
To make the partnership successful, you need to strive hard and make a less favorable atmosphere where there is a need for one to quit or leave.
Partners should agree with each other’s point of view while taking decision for the welfare of the organization.
18. One off Joint Venture
Go for a smaller venture before plunging into the long term business association.
19. Equal Contribution
Partners should have equal contribution no matter if there is any loss or profits.
Due respect for each other is the key to success for an organization. Everyone should be given importance.
21. Sharing Vision
Partners should share common values and vision and bring out the best possible.
The requirements and rules should be flexible and change according to the time and situation with the consent of each other.
The person should not be selfish or self-centered as this type of partnership will not last long.
You should look for creativity and novelty in handling tasks as one has to face tough competition in the market to survive.
You need a partner who complements your skills and motivates you to take your business to new heights.
What are the expectations of your partner? How much time and work efficiency can you provide within that given time?
Long term partnership can be successful if there is discipline. The partner should agree to strictly follow the rules and regulations which are applied equally to everyone.
You should make sure that your partner is equally committed strongly to business just as you to avoid clashes in the long run.
You should make sure that your partner does not make your business as secondary interest and give priority to something else.
30. Difficult talk About Money
This is a vital factor which should be considered openly and also about who is going to take the initiative in dealing with money matters.
Questions to Ask Before you Join the Perfect Job
Key Questions You Should Consider Before Hiring a Freelancer For a Business Project
Investments for Success 101: Solid Advice to Consider Before Investing in the Stock Market