Having your own business is the ultimate goal for some. Not only will you be free from being an employee, you’ll also be able to do what you love. On top of that, you’ll have a profitable source of income.
Sometimes, starting a business may not be financially-possible, but with the help of investors or partners, these businesses can become a reality. Financial reasons or just because you both have the same idea can be some of the reasons for having a partner in a business.
However, having a business partner is just like being in a relationship, you’ll be both enthusiastic in the beginning, but sooner or later, some problems may arise.
Here are some safety measures when establishing a business with a partner.
1. Set your expectations
Most businesses fail when one or both partners don’t get what they expected. Sit down and set all your expectation even before starting the business. Having regular meetings when you can talk about your business can also help realign your goals and expectations.
2. Be committed
When things get rough, you wouldn’t want a partner that will dash out of sight at the first chance he gets, right? Having a committed partner and being committed yourself, can provide your business the assurance that if it gets rough, you’ll both see things through.
3. Be honest and open
Like all other relationships, business relationships can also get sour when there is a clash of personality. Establishing trust and openness at the start will develop a will to adapt and resolve any issues that come along your way even before it gets unbearable.
4. Set it in stone
Well, in a paper. No matter how close you are with your partner, even if he or she is your sibling, spouse, cousin or best friend. Have a contract, set everything in a paper. This will protect you both in anything that may happen to your business, good or bad.