Sunday, July 13, 2008

Taking On A Business Partner

Now that I have finally gotten rid of the most demanding customer I had, I have more time to focus into more productive areas. While many of my readers choose to earn money online, and there is nothing at all wrong with that, I prefer to attach my business strategies to more tangent business designs. My current business, even with the loss of such a huge client, is still flourishing and I am in the research stage of my next venture, one that I will happily be partnering with my Brother In Law on.

Taking on a business partner can be an asset or it can be a mistake so before doing so you should prepare in writing all the details covering such things as what each partner must bring to the table at start up, how monies will be spent, responsibilities to the company, and how allocation of funds will ultimately be distributed if the company succeeds.

As things progress I will be venturing into even more businesses,I currently have no less that 20 ideas I would like to see come to light. There's something about building a business from the ground up that I just love. It is a huge rush to watch it grow and the only downside is that there are only 24 hours in a day. A business partner allows me to continue building my contracting business while mentoring my Brother In Law as to what he should be doing on a day to day basis to insure a complete success of our joint venture.

2 comments:

Yow Chuan said...

I totally agree with the excitement of creating "something out of nothing".

Not too sure about venturing into more businesses though, unless your previous ones are already "on-shore". Having multiple income sources is one thing, but having multiple distractions could be equally damaging to your focus.

All the best in your new venture!

Bradley C Hughes said...

Good stuff, growing a new venture is exhilarating, even if a little scary at times. Begin with the end in mind, create a shared vision together, as long as you are both clear about respective roles, responsibilities and an agreed set of shared objectives, you will surely overcome any challenges along the way.

I'm inspired when I read about others stepping up and taking on bigger challenges, thanks for sharing!

happy regards,

Bradley C Hughes
aka Entregreeneur