Looking For Business Partners - Partnerships Are a Great Way to Start Up a New Small Business

Partnerships are a great way to start up a new small business. They are useful in that the workload and stress of the start up is divided.

UK, AL (prHWY.com) January 12, 2013 - USA, Jan 12, 2013 - Partnerships are a great way to start up a new small business. They are useful in that the workload and stress of the start up is divided. Also partners bring different and often complementary skills to the table that greatly enhances the scope and capabilities of the new business. Each partner also brings their own network of contacts of suppliers and customers.

Under ideal conditions and circumstances partnerships can work extremely well. There are times when partners do disagree. The key to having a good working relationship is in the partners that you choose.

Looking For Business Partners - Firstly and most importantly, everyone has to be able to get with one another. This may not be apparent from the very outset and often partnerships dissolve because after a while of working together, the participants discover that their personalities clash. In such cases splitting up is the least painful route to take, rather than go through a living hell on a day to day basis.

Partners need to be able to carry their weight. I have seen partnerships where one or more of the partners are workaholics and others are content to do the bare minimum. Naturally this is a recipe for disaster in the long term with resentment slowly building up over time and inevitably a blow out occurs.

A meeting of minds and personalities makes the best partnerships as well as a clear understanding of expectations of one another. A division of duties, roles and responsibilities is another essential element. These should be clearly itemized and divided in a manner that will suit all parties.

Raising small business finance from a bank is still most likely the path of least resistance to raising funds. Your alternatives are to find a small business investors, who will almost certainly be looking for an equity stake in return for their input, and will be far more discerning that the bank in choosing to whom they give their financial backing. This second route is immensely difficult, unless you have a rich family member willing to step in and foot the bill on favourable terms.

If you do intend to raise your small business finance from your bank, you should initially prepare a business plan documenting the fundamentals of your idea, how your business will be run, and how much money you think it will make in the form of cash flow projections, profit and loss statements and other accounting documentation.

About the Author:

Looking For Business Partners - InBizIt lets business owners, entrepreneurs, investors, and key personnel connect to create opportunities for mutual benefit. Our aim is to empower and strengthen local business communities by facilitating advantageous partnerships among professionals, as well as encourage entrepreneurship as a career choice.

Contact Details

Inbizit
USA

###

Tag Words: None

Categories: Business

Link To This Press Release:

URL HTML Code