5 questions to ask before working with a business partner
There are sooooo many reasons to work with a business partner.
Maybe you went to health coaching school together and you want to create an online video course featuring both of you.
Maybe you met someone at the Traffic and Conversion Summit or JJ Virgin’s Mindshare Summit and you quickly realized that YOUR sales skills complement THEIR marketing skills and you want to join forces.
Maybe you met your biz bestie in Marie Forleo’s B-School and you want to start a podcast together.
Maybe you want to combine your skills because, well, two are better than one.
You love the idea that neither of you has to get out there and be visible on your own. It takes half the work to produce double the results. There’s someone to bounce ideas off of. You want to build something new and exciting together that will change the world.
It can feel so good at the start of your relationship. You’re Voxering each other at all hours of the day. You’re capturing your ideas in 6 different Google docs. Your dreams and ideas are flying high!
But, as you get deeper into determining which online platform to use, which logo design will be best, and who will collect the income, it may not pan out exactly how you expected…which can be heartbreaking, or even result in a lawsuit.
How can you avoid things going wrong with a biz partner?
Many people don’t realize that business relationships are like dating – or even a marriage. You need strong and clear communication skills, the ability to have difficult conversations, and the desire to give each other the benefit of the doubt.
It can be AMAZING working with your best friend or a colleague, but it can be a sticky situation when you aren’t clear about your expectations, you avoid talking about the “hard stuff”, or you aren’t on the same page.
You want to be clear about what each of you is bringing to the relationship, how your business will function on a day-to-day basis, and what happens if one of you wants out.
What questions should you be asking when you want to join forces with someone to prevent things from going sour later?
Listen to Episode 54 on iTunes here to learn 5 questions to ask before working with a business partner.
Don’t have iTunes? Listen on my website here.
In this episode you’ll learn
- The 3 P’s of Business Relationships
- What you need to think about regarding finances
- What to consider about operations
- Why you need to talk now about the ownership of your content
- What type of business structure is best – a Joint Venture or LLC?
- The pros and cons of a Joint Venture relationship
- The pros and cons of forming an LLC together
- What happens if you want to stop working together
- Why a Joint Venture Agreement supports your sacral chakra
- Why forming an LLC is aligned with the third eye chakra
And don’t forget to grab the Tip Sheet here to help you when you want to join forces with your biz bestie.
As always, I believe you’re set free to do your best work and create anything that you want when you get legally covered in a loving way.
I fully believe in the power of B-School based on my personal experience. In full disclosure (like a good lawyer!), I need to tell you that I’ll earn a referral fee if you choose to sign up for B-School through my link (thank you in advance) AND you will receive my legal course “get legally covered so you can go bare” for FREE (you’re most welcome!) #everybodywins. Please know that the course is AMAZING and I wouldn’t promote Marie’s work unless I fully believed in it. Promise.