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Partnering for profits and who you should bring on board

  • TommyCarey Level X3
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    Partnering for profits and who you should bring on board

    When it comes to running a business, you will almost always need a partner.  There aren't many successful entrepreneurs who don't have dedicated business partners who help them run everything day to day.  I know that I was running a "successful" business before I brought in my partner, but I had too many things going on and was actually starting to get bad reviews because I couldn't get to all the work that was needed.  And if I did get the work done, I missed a bunch of emails and that eventually turned into hate-mail and charge backs because people didn't think I was doing what I was suppose to.  For this reason, I brought on my business partner who automated a ton of stuff and that free'd me up to do what I do best, bring in traffic and sales Partnering for profits and who you should bring on board

    Bringing on a partner to help you with your work doesn't mean that just anyone will be a perfect match for the job requirements.  Sure you can bring someone on and train them how to do everything, but that will just mean you're doing even more work while trying to get everything else done.  The partner you're bringing on should know about your company and fill a void so that you can focus on other things.


    What you need to look for in a partner

    Like Minded: 
    A partner can't just be someone who is looking for a job.  They have to think and act just like you in order to achieve the most success when it comes to working online.  I could bring my mom on board to do a bunch of work for me, but she doesn't know anything in my field and would just be taking up a business role.  If I brought on someone who does marketing, web design, email marketing, etc. they will fill up a role at the company and this would free up some of my time so I can focus on other things.

    Skillful:
    It's one thing to bring on a partner that is like minded, but if they don't have any skills, they will just be a waste of space.  The partner I brought on had a bachelors in engineering and knew his way around software.  He was also great at talking to people and taught himself how to program in PHP, so he was extremely valuable to me. 

    Friendship and Business: 
    A good partner will know how to separate your friendship from business decisions.  You will more than likely make some bad decisions down the road, and if your friend isn't there to tell you you're being dumb, you will likely continue down a dark road and mess up more things.  Your business partner can't put your emotions into the equation because that will just make it so the wrong decisions are being made.  Personal emotions need to stay out of business decisions at all costs.


    If you're just starting off and you want to partner up with someone, that's awesome!  It's not always needed in the beginning since there won't be as much work as you think.  I would suggest setting up everything on your own and eventually brining on a partner.  I say this because you don't know if your business is going to take off, if it doesn't, you just gave away a portion of a company that isn't making much money.  If you bring on a partner later on down the road, you can get the best partner possible because you're already generating results, which is what they're looking for.  A good partner won't just settle for $0 in the beginning, they want to see you making something and there needs to be potential.  Think of them as an investor, they want to know you're already showing potential before they will invest in you.  Your partner won't necessarily invest any money, but they will invest all of their time and effort to make the business as big of a success as possible Partnering for profits and who you should bring on board



    In Conclusion:
    Not all partners are created equal and you will need to find the ones who will be the best fit for you.  You can't just get someone off of the street, I would recommend hiring someone prior to partnering with them so you can see their drive.  Find someone that fills a void in your business, or multiple ones, and you will be glad you did.


    Remember to follow me!
    https://www.seoclerks.com/user/Razzy


    Thanks!

    Razzy

    #Partnering Marketing & Monetization
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    kgord

    kgord

    Yes, it is important to pick the most compatible partner available. It is just one of the options that you need to look at thorugohly. I think that is an important or more important to pick a business partner that is compatible with you. This may be every bit as important as picking a relationship partner.
    7 years ago

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    DarthHazard

    DarthHazard

    It's always helpful to have a partner that is almost similar to you because then the chances of you falling out with each other are pretty slim. The problems that a lot of people come across when partnering up with someone is that you disagree on certain things and can't decide who's an idea you should go ahead with. Personally, I would try and stay away from family and friends unless like you said, you can find someone who is able to separate your personal relationship from your business relationship.
    7 years ago

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    Soulwatcher

    Soulwatcher

    My personal opinion is that you should avoid partners at all costs. Because sooner or later the vision that you once shared will no longer be eye to eye and your going to end up in a huge fight which could cost you your business. And in my 43 years on this earth I have seen way too many people that were once friends go into business together and end up with a hatred towards each other. So my best advice would be if you are going into business is not involve a partner at all costs.
    7 years ago

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    augusta

    augusta

    Two heads are always better than one but it should be a good head..Getting an employee that is skillful and knowledgeable with more talents is the way to go because there will be more innovative and creativity from the worker and others as well..So is necessary to assess one's workers critically before employing them.
    7 years ago

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    Pixie06

    Pixie06

    I was actually a member of a forum which was owned by three people. In the long run they started having disputes and they had to end the partnership. That's just one example. I am sure that there are many such stories. I have always been against partnership.
    7 years ago

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    Corzhens

    Corzhens

    I also had a sad experience with a business partner that I have to agree with what you said about avoiding partners in business. But on second thought there are exceptions and I’m sure you can find a good partner if you are discerning especially if you hold a copy of his track record and recommendations from respectable people. You may be in neck-deep in your workload if you would be handling too many business chores by yourself.
    6 years ago

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    wiseagent

    wiseagent

    Well... These kinds of partnerships are never easy to do (there are a lot of aspects that need to be considered), but I think it doesn't matter exactly what kind of relationship you have with people, but rather what is the qualification they have (remembering that quantity doesn't mean exactly quality).

    Of course you have to try to associate with good people, but the blood tie doesn't have to be a determining factor for that. In the end, it's a matter of qualification and not of DNA.
    7 years ago

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    jpyy

    jpyy

    Finding a partner is tough these days. Well, for one thing, most people want to see some success before getting in. They want to see a lot of sales and/or traffic and if they cannot see that, they want to at least see that it has a good chance of obtaining it. Nonetheless, this good chance is probably something you believe - but they don't.

    Anyway, does anyone have ideas to get over this cynicism? Otherwise, you're looking at a situation where you will have to front all the starting business capital and work.
    7 years ago

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    keen2write

    keen2write

    This is something I been thinking about recently, But also partner could be in any other terms. What I mean by that you could daily do the things you need to do but also use someone you know and trust on seoclerks. Buy, there services to help your business and stick to that same person time and time again. Now, that is a great partnership because it is still helping your business. Whether it is someone sharing your link, gaining backlinks to even writing articles and so on. Well, it is what I am going to be doing and getting my business sites off the ground.
    7 years ago

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    Authord

    Authord

    Yeah, you are right, that's what I do, and that's my preferred type of partnership, Once you get someone who can get the job done, then stick with the person, because it matters most. That's why I emphasize mainly on being skillful.
    7 years ago

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    overcast

    overcast

    I have learned that one should not open the business in relation. Because that can be surely a bad decision. Many people have suffered in the past. And it can be surefire way to get yourself into more legal trouble. So you just need to understand that partner needs to be stranger in terms of relation. Also he needs to be equally responsible. And he needs to add some value to the business. That seems to be the way for the partner to get the profit out properly. I think having a partner is not that easy these days.
    7 years ago

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    DarthHazard

    DarthHazard

    I wouldn't say that hiring a relation would get yourself into "more legal trouble" but it is definitely not the best idea most of the time. I think it can just become stressful if you decide to take on a family member or a close friend as a partner for your business. And the problem is that you will feel bad when you try to correct them or blame them for something that they wrong that affected the business.
    7 years ago

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    overcast

    overcast

    I have seen some couples getting into legal battle. The reason being they blindly trust their partner. And they end up in divorce too. And while paying the bills all the stuff comes out. And that can be really bad if you ask me. And for the same reason i think it'd be reasonable to say that it's not safe to invest among the relatives. This is to avoid any issues. Again things may vary for each one of us.
    7 years ago

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    DenisP

    DenisP

    Like-mindedness is such an important factor when it comes to success. Any sort of endeavor that you go on, whether it be a business venture or an artistic project, if your partner is not on the same page as you, things are pretty much guaranteed to go South after a while. It's like trying to work on a project by yourself but you aren't entirely sure what your goals are. The two of you have to be in synch and have the same goal in mind and are willing to work together to reach it. Otherwise, you're going to have a really hard time with them. So many bands and musicians have broken up over artistic disagreements, and that's just one example.
    7 years ago

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    Barida

    Barida

    You highlighted the core points that we need to look at when taking up partners for business. I mean it is one thing to get partners in business and it is another to make things work in that particular path. I will definitely keep your tips in mind while making decisions on partnership.
    7 years ago

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    wiseagent

    wiseagent

    Choosing partners to make partnerships in the business world is a very tricky thing if you don't have all of your goals sharply defined in your mind. Once all the planning is in your mind, you'll know who the right person is to do this. Obvious that things can undergo changes, but at least, the basis of everything will be solid.
    7 years ago

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    Barida

    Barida

    That is for sure! Having the goals of the business set out at the initial stage will make someone looking for a business partner to identify another business-minded person.
    7 years ago

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    wiseagent

    wiseagent

    I think that's exactly how things should work because many people end up choosing their professional partners for personal affinities and not for professional merits (which is something pretty wrong in my point of view).
    7 years ago

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    Tronia

    Tronia

    I don't know if I can agree that almost every successful business needs to be partnered up. I believe that if you can manage you are better being in charge and simply hiring people to help you out. If you partner with somebody that means you are both the owners which isn't good if something bad happens. You would have to split everything.

    But regardless, I guess if you are fully confident that you have found the right person go for it. Just make sure to set up contracts and that you both have the same vision.
    7 years ago

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    Authord

    Authord

    Well, partnering can not actually be the only way to rake profits, I think you can only partner when you have set up a name and set up a standing ground for yourself , then you can partner. But I really prefer doing it my self though and getting people that fits in my fractions and of course they only need to be skillful, they might not be like minded though, I just need them to be skillful.
    7 years ago

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    cmoneyspinner

    cmoneyspinner

    "Not all partners are created equal ..." That bears repeating. But the people who have worked with me have been fantastic!!
    7 years ago

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    iamawriter

    iamawriter

    Much water flows under the bridge since signing partnership contracts. Things change and most of the time those changes make each of the partners uncomfortable no matter how clear the terms and conditions are written and signed. I have had that experience. It was my business and my partner only brought in orders. Bringing in orders stopped as she had ventured into another line where she was in charge. I had to do both get orders and execute. We parted company but fortunately there was no bad blood created.
    7 years ago

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    Corzhens

    Corzhens

    Let me share our experience in partnership. With the urgingof a family friend, we agreed to put up a business. He is a salesman of computer supplies so he would provide the knowledge while on our side, we would handle the capitalization. It was a good partnership because the business was up and running in a month’s time. After a year, we had 4 sales persons who handle the sales and also the procurement of our supplies. Fine… until the time came that we discovered our partner with his evil intentions. The sales supervisor is his niece who was our main contact with the major clients. We didn’t know that our partner had registered a business like ours and in an instant, he and his niece had successfully pirated 90% of our clients. It is really a good business that ended badly. We already had lost contact with that family friend.
    7 years ago

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    Authord

    Authord

    LOL, sounds hilarious. It's really advisable to avoid partnership with one's family friend . It will be better with a family member. But all the same, partnership is a whole new ball game, which one has to play with caution. Just like the case a of money and experience, when someone with experience, meets someone who has money, then the person with experience gets the money and the person with money gets the experience.
    7 years ago

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    Heatman

    Heatman

    @Razzy What a nice piece of information, it's definitely going to be helpful to those looking to set up a business partnership with the choices that they make with respect to achieving their goals and objectives.

    I would also like to pinch in looking at getting someone who's honest and sincere because without such quality in a business partner, one is definitely going to exploiting the partnership behind the other's back.
    7 years ago

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    potentialwriter

    potentialwriter

    Though I don't like partnering with anyone when business is involved, some people may have reasons for partnering with others in a business. When it warrants that you should partner with other people, you should consider certain factors before taking a step. You must consider that the proposed partner must be in a related business. Another factor to be considered is that the proposed partner must be in accord with you and must share the same goal and mission.
    7 years ago

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    potentialwriter

    potentialwriter

    It's good to partner with someone you trust so well. Two heads are far better than one and what two people can build together once, one person cannot singlehandedly handle. Partnering helps a lot when business is involved, but there must be a written and signed agreement stating, in clear terms, how profits will be shared and in what ratio?
    6 years ago

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