Partnerships are not appropriate for every business situation. The first rule of partnering - don't partner unless there are good reasons to do so. A common misconception by newbies is that a partnership will lighten the workload and put them on easy street. Fact is, with more mouths to feed you might have to work even harder to meet any increased financial obligations.
In spite of the risks, here are a few good reasons why you might want to get into a partnership.
* To share the workload
* To attract someone with skills or knowledge you don't already have
* To bring more money to the table
* To handle a job or business that is too large for you to manage alone
* To keep up with a rapidly growing business
* To keep a great person on your team by sharing responsibilities and profits
Here are nine rules of the road to keep in mind when initiating any business partnership:
1. Partner with people who have different skills than you, and clarify your respective roles.
2. Define your business vision together and as you grow, discuss and make any changes to that vision as a team.
3. Discuss your expectations of each other and the business, and particularly ensure the business can meet all partners' financial, career and lifestyle requirements.
4. Assume nothing - communicate often, honestly and openly.
5. Before getting into business together, get to know potential partners well enough to know whether you have compatible values.
6. Research your potential partner's work and financial history to get familiar with her track record. If a number of her previous engagements have ended in a cloud of law suits and conflict, you can be fairly certain that your planned partnership will too.
7. Negotiate and sign a partnership agreement - use the services of a lawyer to do this.
8. Prior to signing a partnership agreement, ensure that you and any potential partners can effectively resolve conflicts.
9. Be sure to include a shotgun or exit clause in your partnership agreement. Breakup of a partnership can cause disruption or even destroy a business. A shotgun clause can provide a process for a partner to exit in a way that is fair to all parties.
In summary, respect your business and all those involved by having a foolproof partnership agreement. Be honest and open with your partner, communicate often, keep your expectations realistic, and be loyal to each other. These things will go a long way toward building a successful and profitable business partnership.
Examples Of Business Partnership
In any kind of business, marketing is such an important tool in the growth and development of a business or any kind of financial venture.
For this reason, even with the technology that covers online businesses, still, it need highly revolutionized and very effective marketing strategy in order to boost their productivity and sales.
Basically, since the advent of the Internet, people started to flock this new medium of information without even knowing its fundamental principles, how it works, things that are needed to survive in it, etc. Many people literally bombarded the Internet thinking that life would be a lot easier if they will invest on online businesses.
Indeed, it is a well-known fact that you can find money online, but only for those who know their way around and employ the best marketing strategy there is online.
What people do not know is that online marketing does not have to be very complicated. It just needs the right stuff to keep you going.
Take for example the use of mailing list, particularly opt in list. Before, no one ever dare to use opt in list thinking that it will not do any good for their business. Most entrepreneurs think that building an opt in list is just a waste of time and money. What they do not know is that, according to the "golden rule of the Internet," money is in the list.
It has probably been mentioned before, and is worth mentioning again, money is really in the list.
Why? Because with opt in lists, you get to keep your readers on the hook by providing them with information, promotion, and other campaigns in order to entice them to buy again from you.
Basically, opt in lists are lists of email addresses of customers with their consent. This means that after the customer had closed the transaction in a particular web site, there is an option on whether or not they wish to subscribe to the mailing list of the online business for any future promotions, newsletters, or campaigns that they would like to be informed of.
And because it is an option, the customers are not compelled to provide their email addresses to the web site. Plus, the web site owners will not be accused of spamming because emails that will be sent to the customers have the consent of the customer.
Once you begin to move beyond basic background information, you begin to realize that there's more to Opt In List than you may have first thought.
Creating an opt in list can be very beneficial to your site. In fact, it has been proven that in the two-step concept of selling, follow-ups are important to sustain the interest of the consumers. The other step is to obtain the interest of the buyer.
Hence, in order to sustain the interest of your buying public, it is best to create an opt in list so that you can always give your buyers the chance to remember your products, your business, and your services, in which they have been satisfied with.
To know more of the advantages of creating an opt in list for your business; here is a list that would tell you the reasons why it is beneficial.
1. Opt in lists are the business' most valuable asset
If you were to ask the owners of some online business about their most valuable asset, they will tell you that it is their opt in list. This is because opt in lists are customers' lists that can provide higher probability sales in a more consistent and stable condition. Because with opt in lists, all you have to do is to follow up orders or sales through promotions and ad campaigns.
2. It is always available
The best thing about opt in list is that it never grows old. As long as your customer needs something to survive, your contact with them will never grow old. This means that you can always have a fresh, new transaction wit them every time you inform them that you have new products or services. Every transaction is a new way of increasing your sales. Simply put, no opt in list = no sales (at the most).
3. Bigger opt in list would mean bigger profits
The more customer's names and email addresses you have on your list, the more chances you have in increasing your online sales. Every name, every email address can be worth a hundred dollars that can be accumulated with each transaction
Hence, the bigger your list, the more money you will have.
Boiled down, opt in lists are not just ordinary mailing lists. It is the very core of an online business' existence and survival. That is why for people who value most their businesses, they extend the same value they give to their opt in list. No wonder why most people regard it as the best partnership available online.
Hopefully the sections above have contributed to your understanding of Opt In List. Share your new understanding about Opt In List with others. They'll thank you for it.
Both Dan Boudreau & Wirat Muenpan 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.
Dan Boudreau has sinced written about articles on various topics from Business Plan, Franchise and Partnerships. Dan Boudreau makes business planning achievable, fast and fun. Want to learn more about how to do your own business plan? Subscribe to the RiskBuster Newsletter and instan. Dan Boudreau's top article generates over 2900 views. Bookmark Dan Boudreau to your Favourites.