A business partnership is like a marriage. It often starts out wonderful and blissful--only to end in chaos and legal proceedings. Before committing to a business partner, learn as much as you can about them. Take the time to get to know as much about their family life and their lifestyle in general before making that BIG step.
Questions to ask before deciding on a partner:
1. What is your potential partner financial situation?
Okay, it's a little to personal but it is important to know. Having a clear understanding of someone's financial status is crucial before committing.
2. What do you need from your business partner?
Find a business partner who can bring something different to the table. Opposites attract. If you are a more detailed person. Find someone who is creative. If you are shy or have money to invest. Find someone who is not shy and have great connections to a market.
3. Is your potential partner commitment to the business as strong as yours?
If your partner is not as committed as you are, they can ruin your brand in due time. Pay attention.
4. Are they willing to put in the time?
It's important that you and your partner be on the same page. Find out how many hours are they willing to put in a day. Do they're expectations meet yours? Partners do not have to spend the same amount of time as you, but it is important that they are just as committed as you.
5. What questions do they have for me?
Your partner should ask you questions. You want them to know about your character, expectations and reliability. If they don't, then do not commit.
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