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You’ll Never Succeed If You Don’t Avoid These 8 Things for Partnership

You’ll Never Succeed If You Don’t Avoid These 8 Things for Partnership

What goes into a successful business? There is an endless list of factors that we could talk about. Yet there are various forms of businesses: those owned by a single person, partnerships, and broad companies with shareholders and board members. Each one of has its own set of benefits and challenges.

Most of the people are nice to live with, but not to do business with!

― Amit Kalantri

Of course, if you are in a partnership, there are immense benefits that can be achieved. Most importantly, you can get great synergy by combining your resources with a partner. However, it can result in many issues as well. If you want to have a successful partnership, there are things that you should do and then there are many things that you shouldn’t do! Here, we have compiled a list of pitfalls that you must avoid in order to achieve great results.

1. DO NOT ignore the basics

First thing’s first: before jumping into a partnership boat, always sit back and determine your own goals and values. If you know your business targets well, it will be easier to find a like-minded partner. Otherwise, there’s a higher chance of friction.

2. DO NOT enter into verbal agreements

When you enter into a partnership, everything looks rosy at first. At that point in time, the need for writing things down doesn’t seem very pressing. However, as you proceed into the intricacies of the business, change is inevitable and if you run into disagreements, and don’t have an plan of action, you’ll find yourself at a loss.

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If you have everything in black and white, it will be very easy to tackle issues and even diverging opinions. Enter into a properly documented partnership agreement to avoid headaches in the future.

3. DO NOT jump into a partnership rashly

This is the most disastrous step that you can take for your business! Don’t be overeager to enter into a partnership. Always do your own mathematics. Look at the pros and cons clearly. Although you will get a helping hand to propel your business forward, there will be some costs, both financial and non-financial. Just like everything else, a partnership needs sound planning.

4. DO NOT expect impractical results

You must be having great results in mind when you kick-start your business partnership. There is nothing wrong in setting high goals but be realistic in what you expect as a result of the partnership. Also, don’t expect too much from your partner. It will take some time before you can get great results out of your new deal.

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5. DO NOT have equal stakes in the partnership:

You might think that I’m confused, that maybe I meant to say the opposite. How can you be partners without having equal stakes in the business? But trust me when I say this, behind every successful business, there is ONE boss. Do enter a partnership but don’t keep it 50/50. Try to keep a different ratio so that you know who to refer to when there needs to be an ultimate decision made.

6. DO NOT expecting relationships to survive the breakup of partnership

If the partnerships breaks, your relationship will break too, whatever it was before you entered into the partnership agreement. If your partner was previously your friend or relative, chances are high that if anything goes wrong in business, your relationship won’t go back to its previous state, at least for a while.

7. DO NOT neglect getting legal advice

Legal advice is a must in all situations. Whether it’s a business matter or any issue pertaining to the partnership, you should get proper legal input. This will help you in avoiding issues and confusion. There are various legal intricacies that are difficult for a common businessman to understand so it is always better to consult the expert. This way you will reduce a lot of future issues and possible losses.

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8. DO NOT avoid planning an exit strategy

You might not agree with me here at first. After all, why would anybody want to thinking of leaving when they are at the outset of something that looks so promising? That is the case with most partnerships, and if the business ends up failing, the partners don’t know how to tackle the myriad issues that come with getting separated. Keep everything clear and well-documented and know what you’re going to do should the business go belly-up unexpectedly.

If you follow the above advice, you are sure to avoid many of the most common mistakes committed by the partners in a business. If you have any of your own tips, please let us know in the comments section below!

Featured photo credit: Kristovskis-meeting-89.jpg/Baltic Development Forum via flickr.com

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Lianne Martha Maiquez Laroya

Lianne is a licensed financial advisor, Registered Financial Planner, entrepreneur and book author.

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Last Updated on August 10, 2020

10 Things You Should Do If You’re Unemployed

10 Things You Should Do If You’re Unemployed

Regardless of your background, times today are tough. While uneven economies around the world have made it incredibly difficult for many people to find work, the recent COVID pandemic has made things worse.

Regardless of age and qualification, stretches of unemployment have affected us all in recent years. While we might not be able to control being unemployed, we can control how we react to it.

Despite difficult conditions, there are many ways to grow and stay hopeful. Whether you’re looking for work, or just taking a breather between assignments, these 10 endeavors will keep you busy and productive. Plus, some may even help push your resume to the top of the next pile.

Here’re 10 things you should do when you’re unemployed:

1. Keep a Schedule

It’s fine to take a few days after you’re finished at work to relax, but try not to get too comfortable.

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As welcoming as permanently moving into your sweatpants may seem, keeping a schedule is one way to stay productive and focused. While unemployed, if you continue to start your day early, you are more likely to get more done. Also, keeping up with day to day tasks makes you less likely to grow depressed or inactive.

2. Join a Temp Agency

One of the easiest ways to bridge the gap between jobs is to find temporary work, or work with a temp agency. While many unemployed people job hunt religiously, rememberer to include temp agencies in the search.

While not a permanent solution, you will be in a better position financially while you search for something permanent.

3. Work Online

Another great option if you’re unemployed is online work. Many different sites offer a variety of ways to make money online, but make sure the site you’re working for is reputable.

Micro job sites such as Fiverr and Upwork as well as sites that pay for you to take surveys, are all quick, legitimate options. While these sites sometimes offer lower pay, it’s always better to move forward slowly than not at all.

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Here’s How to Find and Land a Legit Online Work from Home Job.

4. Get Organized

Unemployment is an excellent opportunity to get organized. Embark on some spring cleaning, go through old boxes, and get rid of the things you don’t need. Streamlining your life will help you dive head first into the next chapter, plus it helps you feel like your unemployed time is spent productively.

Try these tips: How to Organize Your Life: 10 Habits of Really Organized People

5. Exercise

Much like organizing your life, another good way to keep yourself enthusiastic and healthy is to exercise. It doesn’t take much to get slightly more active, and exercise can help you stay positive. Even a walk around the block a few times a week can do a lot for keeping you motivated and determined. If you take care of yourself, you can make the most of this extra time.

6. Volunteer

Volunteering is an excellent way to use extra time when you’re unemployed. Additionally, if you volunteer in an area related to your job qualifications, you can often include the experience on your resume.

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Not only that, doing good is a true mood booster and is sure to help you stay optimistic while looking for your next job.

7. Improve Your Skills

Looking for ways to increase your job skills while unemployed is a good way to move forward as well. Look for certifications or training you could take, especially those offered for free.

You can qualify more for even entry level positions with extra training in your line of work, and many cities or states offer job skills training. Refreshing your resume, and interview and job skills may make your job hunt easier.

8. Treat Yourself

Unemployment can be trying and tiring, so don’t forget to treat yourself occasionally. Take a reasonable amount of time off from your weekly job hunt to recharge and rest up. Letting yourself rest will maximize your productivity during the hours you job search.

Even if you don’t have extra money for entertainment, a walk or visit to the park can do wonders to help you go back and attack your job hunt.

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9. See What You Can Sell

Another good way to bridge the gap between jobs is to sell unused possessions. eBay and Amazon are both secure sites, but traditional garage sales are a fine option too. Sell off a few video games, or some electronics, for some quick and easy cash while you figure out a permanent solution.

10. Take a Course

Much like training and certifications, taking a class can be a good way to keep yourself sharp while unemployed. Especially when you’re between jobs, it can be easy to forget this option, as most courses cost money. Don’t forget the mass of free educational tools online: 25 Killer Sites For Free Online Education

Keeping your brain sharp can help you stay focused and may even help you learn some new, relevant job skills.

The Bottom Line

While unemployment numbers are still high, there are many things you can do to better yourself and move forward. While new skills to aid your job hung might seem out of reach, there are plenty of free ways to get ahead, online and off.

Additionally, don’t forget that taking time for yourself can do wonders for keeping you productive in your job hunt. While it is a challenge, don’t give up–being unemployed can offer you extra time to better yourself, and possibly grow more qualified to find work.

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Featured photo credit: neONBRAND via unsplash.com

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