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Watch Partners - They can take your Business
Before you decide to jump into a partnership with others, think about a few things:
- Investigate whether other partnerships you know of have been successful.
- Do your homework. Find out about your own strengths and weaknesses. Check whether your personal skills and resources are adequate or whether you'll need outside expertise. In other words, do your homework.
- Be careful of associates and relatives. Your partners should be selected based on the criteria such as; their reputation, financial stability and expertise. Be careful about bringing in friends and family.
Here are some things to look for. Identify whether the potential partner you have in mind will suit your business.