If you thought that marriage was a difficult relationship to enter into and maintain, you have obviously not experienced the turbulent waters of a business relationship. Much like a mismatched marriage, hooking up with the wrong business partner at the wrong time will lead to disastrous consequences for your business sometimes it will be impossible to recover from them!
The idea of matching up with a compatible business partners will eventually hit the majority of entrepreneurs. The need for another entrepreneur who brings to the table skills and contacts lacking and who will help to get a business either get started or climb to the next level of competitiveness cannot be discounted.
Born from necessity, there is now a web presence of a company that seeks to bring business partners together. Imitators soon followed, and at this point in time there is no shortage of websites that will help the aspiring entrepreneur to hook up and partner up with others who will be able to get a business up and growing.
Yet caution is still the need of the hour and just like dating sites will seek to match you up with the potential spouse of your dreams, a failure to be honest and open with your wants and needs and a lack of a good dose of gut level common sense can still set you up for failure. Here are some tips for those who are looking to match up with a compatible business partner:
1. Your potential business partners should have a skill set and also relevant work or business experience that complements you and your business. Enthusiasm is not enough to make the cut.
2. Do not settle for a partner who brings similar strengths and abilities as you already have to the table. The goal is not to double your effort but to take advantage of the much needed skills and knowledge that someone brings to your business which you lack.
3. Just as important as the hard skills are the soft skills. Somebody may be a whiz at computer programming, but if she or he lacks that go-getter attitude that you have, then this match will not flourish. The personality conflicts will prevent a harmonious work relationship.
4. Take your time when meeting a potential partner. Do not blindly jump into a business relationship but get to know the person, their goals and ambitions, and also their shortcomings.
5. Age works two ways. While it is tempting to hook up with a business partner who is of similar age as you, do not limit yourself! A younger person will bring an enthusiasm and zest to your business which you might be lacking although you might not know it while an older individual will bring life experience and quite possibly also years of business acumen which you simply have not been able to have.
Understand that taking on a partner is not a guarantee for business success. Instead, it is a way of stacking the odds in your favor!
Think you can get ahead faster with a business partner? It is important to remember that approximately 80% of business partnership’s don’t work. The odd’s are very high that any real estate group in which you are involved in may not survive. Cautiously enter into your investment group with watchful eyes. Here are some key factors to consider.
Make sure your goals and objectives are consistent with the rest of the group. Are you committed to working at all hours of the day to get the job done? Well, what about your partner? You know what skills you have. You know your strengths and your weaknesses. If your partners are your friends and relatives, you probably have a clear idea as to what skills they can bring to the table. However, when your joining an investment group of strangers, it’s important to clarify exactly what, if any, skills they will bring to the overall collective objective. Sometimes your investors will simply put their money into the project and not actually participating in any work that needs to be completed.
Consider the liquidity of the investment. How quickly can you get your money out of your Fraser Valley Real Estate investment? You should not invest money you cannot afford to loose. This is the golden rule and it should be applied to real estate in all area’s of the Fraser Valley and Lower Mainland area. For example: Richmond, Surrey, Coquitlam, Burnaby, New West, Langley and Abbotsford. In practical terms, most investments are tied up for the duration of the deal. This issue of course is a critical one. This has a direct correlation with liability of your investment. You want to avoid personal liability for any financial problems that can occur. If you are investing in a corporation that is holding the property for the group and the corporation has taken out a mortgage with a lender, the lender may require personal guarantees from the shareholders of the corporation. That would be YOU!
Consider… When investing with a group is getting out of control, how to get out? Why not a buy out! Make sure there is a procedure to follow before you get into a concrete group investment. Know the buy out terms before the money is put onto the table. Your Fraser Valley Real Estate investment should always be safe and secure. Whether your buying a condo, apartment, townhouse, house or mobile home in British Columbia, remember to cover you assets.
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Both Todd Ash & Thomas Berten are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Todd Ash has sinced written about articles on various topics from Email Advertising, Video Marketing and Internet Marketing. Todd Ash Is An Entrepreneur and A Master Of Network Marketing.To Find Out More About Succeeding Online Visit or send an email to:toddash@getresponse.co. Todd Ash's top article generates over 673000 views. to your Favourites.
Thomas Berten has sinced written about articles on various topics from Recreation and Sports, Affiliate Programs and How to Sell on Ebay. Shane Toews is a Licenced Realtor who helps others to educate themselves about current real estate issues. He also provides assistance on how to find quality homes, apartments or vacation rentals in Canada's Fraser Valley area. Visit his websi. Thomas Berten's top article generates over 12100 views. to your Favourites.