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To Business Partner or Not

It's January, and that means every media outlet, at one point or another, focuses on fresh starts, resolutions and yearly plans. It's generally a good idea to always be evaluating your purpose and practice throughout the year, but alas, it's January and here you go. 

 

This article from Entrepreneur on 6 Things to Consider Before Partnering Up is a fine list to bolster your resolutions when it comes to choosing a business partner. At #1 is something I've thought about a lot when it comes to anything business related. Get it on paper. Your potential partner might be a friend or a family member, but that doesn't mean you're immune to getting screwed over. Remember to protect yourself, your intellectual property and your future ventures by making contracts and, when it comes to it, investing in legal help.

 

Go on and read onwards. Among their tips: know your partner for at least a year, understand the way they work and think, get on the same page, and don't be afraid to end it.

 

Happy New Year!

Riah

Content Producer & Community Specialist

1 REPLY
Scholar

Re: To Business Partner or Not

Yes. I agree with the importance of having everything on paper. Verbal agreements between friends might seem great and unofficially binding but when push comes to shove, you want documented evidence of everything.

 

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